To What Extent Has Hong Kong's Urbanization Process and Housing Policies Contributed to Its Inability to Provide Sufficient Affordable Housing?

Abstract

With a population of 7.5 million and the most unaffordable housing market in the world, Hong Kong is known for its high-density forms of development. Despite the many housing policies introduced by the Hong Kong government and its deep understanding of the importance of solving the housing problem, progress has been slow and even somewhat unsuccessful. The purpose of this paper is to explore the reasons for Hong Kong, China's inability to provide sufficient affordable housing by analyzing its urbanization process and housing policies. The main conclusion reached in the end is that Hong Kong's housing problems are largely a result of its history and urbanization; the biggest flaw in Hong Kong's land development mechanism has led to its lack of land for residential development; and entanglements between vested interests and different groups have hindered the change of the mechanism.