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

published_or_final_version / Urban Design / Master / Master of Urban Design

published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Real Estate and Construction / Doctoral / Doctor of Philosophy

published_or_final_version / Real Estate and Construction / Master / Master of Science in Real Estate and Construction

published_or_final_version / Real Estate and Construction / Master / Master of Science in Real Estate and Construction

published_or_final_version / Business Administration / Master / Master of Business Administration

by Ding Yong Biao, Kong Lai Ha. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1994. / Includes bibliographical references (leaves 106-108). / abstract --- p.iii / TABLE OF CONTENTS --- p.iv / LIST OF ILLUSTRATIONS --- p.vii / LIST OF TABLES --- p.viii / ACKNOWLEDGMENT --- p.x / Chapter / Chapter I. --- introduction --- p.1 / Background --- p.1 / Statement of the Problems --- p.6 / Purpose of the Study --- p.7 / Scope of the Research --- p.7 / Research Methodology --- p.7 / Research Procedure --- p.7 / Secondary Data Source --- p.8 / Primary Data Source --- p.8 / Limitations --- p.9 / Chapter II. --- CHINA'S LAND AND PROPERTY MARKET IN PERSPECTIVE --- p.10 / China in Different Dimensions --- p.10 / National Background --- p.10 / Land Resources --- p.11 / Population --- p.12 / Urbanization --- p.12 / Numbers of Household --- p.13 / National Income and Gross National Product --- p.14 / Foreign Investments --- p.16 / Internatinal Trade --- p.18 / Retail Sales --- p.20 / Savings --- p.20 / Historical Development of Land and Property Market in China --- p.22 / From 1949 to 1978 --- p.22 / From 1979 to 1987 --- p.24 / From 1987 --- p.27 / Foreign Investment in Property --- p.31 / Chapter III. --- LAND USE REFORM AND URBAN PUBLIC HOUSING REFORM --- p.39 / Concept of Land Value Before Reform --- p.39 / Old Concept of Land Value Began to Change --- p.41 / "Revision to Clause 4, Article 10 of Constitution and Amendment to the ""Land Administration Law of the People's Republic of China""" --- p.41 / Provisional Regulations on the Granting and Transferring of the Land Use Rights over the State-owned Land in Cities and Towns --- p.43 / Regulations of Guangdong Province Special Economic Zone for the Administration of Secured Loans --- p.45 / "New Forthcoming Legislation ""The Law of Land and Property""" --- p.46 / characteristics of the New Land Use System --- p.46 / Land Use Reform in Practice --- p.49 / "Private Contracts, Tender and Auction" --- p.49 / Granting Authorities and Procedures --- p.50 / Fees and Rights --- p.51 / Mortgages and Leases --- p.53 / Ownership- of .Buildings --- p.53 / Unlawful Transfers --- p.54 / Difficulties in Implementation --- p.57 / Urban Public Housing Reform --- p.58 / Chapter IV. --- CURRENT SITUATIONS AND PROBLEMS ---AN EVALUATION --- p.62 / Land Market --- p.62 / Market Structure --- p.62 / Oversupply --- p.64 / """Invisible Land Market""" --- p.66 / Land Developers --- p.66 / Overseas Land Market --- p.67 / Property Market --- p.68 / Market Structure --- p.68 / Rural housing --- p.68 / Urban housing --- p.68 / "Non-marketable,semi-marketable and marketable segments" --- p.68 / Three levels in housing market --- p.69 / Domestic and overseas marekt --- p.69 / Market Demand --- p.70 / Poor living conditions and huge needs --- p.70 / Needs may not become real demand in the near future --- p.71 / Customers --- p.72 / Long-term projection --- p.73 / Overseas demand is vital --- p.74 / Market Supply --- p.76 / Low project development rate --- p.76 / Unreasonable structure of supply --- p.77 / Oversupply in some sectors --- p.78 / Project Financing --- p.79 / Problems --- p.82 / High Construction Costs --- p.82 / Lack of Secondary Market --- p.83 / Other Problems --- p.84 / Chapter V. --- VIEWS FROM DIFFERENT PARTICIPANTS IN THE MARKET --- p.87 / Views of Government Officials and Experts --- p.87 / Appeal of Oversupply and Over-investment --- p.87 / Austerity Program --- p.88 / Property Gain Tax --- p.90 / Conflicts between Central and Local Governments --- p.92 / Lack of Market Information --- p.92 / Regulations Exist but are not Strictly Enforced --- p.93 / Legal framework not well-developed --- p.94 / Lack of professional expertise --- p.95 / Views of Developers --- p.95 / Rough Feasibility Study and Decision --- p.96 / Low Investment Risk --- p.96 / Chapter VI. --- CONCLUSIONS AND RECOMMENDATIONS --- p.98 / Summary and Conclusions --- p.98 / Factors Contributing to the Growth of China Land and Property Market --- p.98 / Land Use Reform --- p.99 / Market Evaluation --- p.99 / Analysis of Strategies for Governments and Developers --- p.101 / Recommendations --- p.102 / To Government --- p.102 / To Developers --- p.104 / BIBLIOGRAPHY --- p.106

Wong Chun-sing, Wong Tsz-kin. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 65-66). / ACKNOWLEDGEMENT --- p.iii / ABSTRACT --- p.iv / TABLE OF CONTENTS --- p.v / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- LITERATURE REVIEW --- p.4 / Chapter III. --- METHODOLOGY --- p.7 / Demand side variables --- p.8 / Demographic factors --- p.8 / Economic factors --- p.9 / Governmental factors --- p.10 / Supply side variables --- p.11 / Chapter IV. --- ROLE OF HONG KONG IN CHINA AFTER1997 --- p.13 / Chapter V. --- DEMAND SIDE FACTORS --- p.15 / Population --- p.15 / Population Growth --- p.15 / Change in Population Structure --- p.17 / Migration --- p.19 / Income and Affordability --- p.22 / Inflation --- p.25 / "Inflation, Interest rate and Pegged rate system" --- p.25 / Relationship between anticipated inflation and property price --- p.25 / Major causes of inflation in Hong Kong --- p.26 / Major causes of inflation in China --- p.27 / Future Trend of Inflation in Hong Kong --- p.31 / Interest Rate and Pegged Rate System --- p.31 / Interest Rate --- p.31 / Pegged Rate System --- p.31 / Chapter VI. --- SUPPLY SIDE FACTORS --- p.34 / Housing Supply --- p.34 / Chapter VII. --- QUANTITATIVE ANALYSIS --- p.39 / Chapter VIII. --- POSSIBLE SCENARIOS --- p.50 / Purpose --- p.50 / Optimistic View --- p.50 / Pessimistic View --- p.51 / Semi-Optimistic View --- p.52 / Analysis with factors --- p.54 / Chapter IX. --- CONCLUSION --- p.55 / APPENDIX I --- p.56 / BIBLIOGRAPHY --- p.65

published_or_final_version / Housing Management / Master / Master of Housing Management