published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Public Administration / Master / Master of Public Administration

It has been claimed by some that Hong Kong, the world’s freest economy, is without corruption or other kinds of white-collar crime. Statistical sources suggest that these crimes are indeed rare in the city. This study examined those claims by looking at the practices of Hong Kong’s real estate industry, specifically through the lens of a case study on 39 Conduit Road. The property development known as 39 Conduit Road became the centre of controversy in June 2010 when the developer, Henderson Land, was accused of market manipulation. The study found that many common practices in the real estate industry, such as intimidation and deception, could constitute an abuse of power by real estate developers. The abuse of power, especially when done in the course of an occupation, is a fundamental part of the sociological discourse of white-collar crime. The study concluded therefore that it was not that white-collar crime did not exist in Hong Kong but more that these behaviours were structurally rendered invisible. The study located the failure to observe these abuses in the city’s power structure where the local government used its economic policy of laissez faire to turn issues into non-issues, and in its legal culture where ambiguity in the law was construed as a right to act. / published_or_final_version / Sociology / Doctoral / Doctor of Philosophy

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 / 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

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