published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Politics and Public Administration / Master / Master of Public Administration

published_or_final_version / Politics and Public Administration / Master / Master of Public Administration

After the Global Financial Crisis in 2008, the economy of Hong Kong has not fully recovered but the housing prices in Hong Kong market have been rising strongly after 2009. In the late of 2008, Hong Kong’s housing prices started to rebound and began to surge since early 2009 surpassing the peak in 1997. Government senior officials have issued their warnings for the increasing risk of a bubble forming in the housing market. In accordance with my study, the causes of the rapid growth in the housing prices could be generalized from three major factors which are 1) low interest rates, 2) Government housing policy and 3) hot money. It is found that the scenarios and backgrounds have resemblance to the Japan’s bubble economy in 1989. The bursting of the ‘Bubble Economy’ has led Japan’s economy to a serious recession of more than 20 years. In order to prevent the bursting of the housing bubble after the Global Financial Crisis in 2008, the Hong Kong Government has implemented a series of preventative measures to eliminate the boom of bubble in the housing market. Those measures are first started in 2009 and in 2010, other concerned measures have been released by Government continuously after the following years. However, the housing prices still ascending in the past few years. Mr. John Tsang, the Hong Kong Financial Secretary warned that the price of secondhand flats on Hong Kong Island hit record levels, surpassing the peak reached during the 1997 housing bubble. Nowadays, Hong Kong is facing the downturn of world economy and the bad debt problems in Europe which will weaken the people’s confidence on the housing market. In fact, the bursting of the housing bubble could be triggered by any adverse news or scandals. It will cause the housing prices begin to decline. The descending of the housing prices will further deteriorate the confidence of the people. It will generate a consequence so called the ‘The Herding Effect’ and will cause a huge amount of capital including the foreign investments retreated from the housing market within a very short period of time. The consequence will led the housing prices further collapse and trigger the bursting of housing bubble. In order to avoid the collapse of the Hong Kong housing market, the Government shall take much and more effectiveness preventative measures to tackle the booming of the housing bubbles. Otherwise, coupled with the consequence from ‘The Herding Effect’ and the continuously booming on the housing prices, once there is any adverse news or crashes come from internal or external, the housing bubble will be burst. The overall economic and financial stability in Hong Kong will face another serious impact and the Hong Kong Government, the home owners as well as the non-home owners have to experience another painful and bitter lesson since 1997 again. / published_or_final_version / Housing Management / Master / Master of Housing Management

Hong Kong, such an international metropolis, is well known for its free market with limited government interventions. In terms of the housing sector, the Hong Kong government always plays an important role to maintain the sustainable housing development. Thus, lots of housing policies were introduced in the past several decades. One of them was the Tenants Purchasing Scheme (TPS)released in 1998, which helped the tenants of Public Rental Housing to purchase their flats with a great discount. However, as being blamed by its adverse effect on the housing market, the TPS was suspended in 2002. Since the housing price kept growing in the last several years and the pursuit of home ownership became much more difficult, the feasibility of restarting TPS has been widely discussed. However, the Hong Kong government has clearly stated that it will not be restarted due to limited amount of PRH flats and the large number of applicants in the Waiting List (WL) of PRH. After series of investigation, it is assumed and proved that a new TPS can be an effective way to promote home ownership under Hong Kong’s special circumstance. If the payment of land premium is adjusted and more PRH tenants are able to purchase their flats, the conflict between housing supply and housing demand can be lessened. In this way, more citizens are to become property owners and the public housing recourses can be better used. / published_or_final_version / Urban Planning and Design / Master / Master of Science in Urban Planning

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published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Urban Design / Master / Master of Urban Design