Tycoon city : political economy, real estate and the super-rich in Hong Kong

Bart WISSINK, Sin Yee KOH, Ray FORREST

Research output: Book Chapters | Papers in Conference ProceedingsBook ChapterResearchpeer-review

Abstract

Hong Kong is highly unequal. In this chapter, we first show that wealth and inequality are structured by a political economy centring on small government and real estate profits. The underlying urban development model contains urbanisation, while restricting access to land to a small group that is fabulously rich. Next, we discern three reasons for the initial acceptance of this political economy: a mixed coalition reached sustained agreement on core policies; an ideology ‘sold’ these policies to the larger public; and social welfare policies redistributed benefits. Third, we argue that this support has now disappeared, because the government has been reluctant to face the consequences of domestic and foreign real estate investments for the non-rich. Unfortunately, a new social contract seems out of reach in the current political climate.
Original languageEnglish
Title of host publicationCities and the super-rich : real estate, elite practices, and urban political economies
PublisherPalgrave Macmillan
Pages229-252
Number of pages24
ISBN (Print)9781137557155
Publication statusPublished - 1 Jan 2017
Externally publishedYes

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real estate
political economy
Hong Kong
development model
social welfare
urban development
small group
social policy
urbanization
coalition
profit
ideology
acceptance
climate

Cite this

WISSINK, B., KOH, S. Y., & FORREST, R. (2017). Tycoon city : political economy, real estate and the super-rich in Hong Kong. In Cities and the super-rich : real estate, elite practices, and urban political economies (pp. 229-252). Palgrave Macmillan.
WISSINK, Bart ; KOH, Sin Yee ; FORREST, Ray. / Tycoon city : political economy, real estate and the super-rich in Hong Kong. Cities and the super-rich : real estate, elite practices, and urban political economies. Palgrave Macmillan, 2017. pp. 229-252
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WISSINK, B, KOH, SY & FORREST, R 2017, Tycoon city : political economy, real estate and the super-rich in Hong Kong. in Cities and the super-rich : real estate, elite practices, and urban political economies. Palgrave Macmillan, pp. 229-252.

Tycoon city : political economy, real estate and the super-rich in Hong Kong. / WISSINK, Bart; KOH, Sin Yee; FORREST, Ray.

Cities and the super-rich : real estate, elite practices, and urban political economies. Palgrave Macmillan, 2017. p. 229-252.

Research output: Book Chapters | Papers in Conference ProceedingsBook ChapterResearchpeer-review

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WISSINK B, KOH SY, FORREST R. Tycoon city : political economy, real estate and the super-rich in Hong Kong. In Cities and the super-rich : real estate, elite practices, and urban political economies. Palgrave Macmillan. 2017. p. 229-252