Housing Policies in Hong Kong, China and the People’s Republic of China
Li, Victor Jing | April 2016
Abstract
This paper analyzes the housing markets and housing policies in Hong Kong, China and the People’s Republic of China (PRC). Both markets face housing affordability problems due to limited land supply, for which the solutions vary considerably. Hong Kong, China has adopted a railway and property development model, which involves close collaboration between the government and property developers in compact urban areas, while leaving most greenbelts and surrounding islands underdeveloped. Although the PRC has pledged to maintain a minimum level of basic farmland to feed its large population, this target has often been compromised due to local governments’ fiscal constraints and growth concerns. The targets and outcomes of housing policies in both markets are in line with their social welfare systems. Hong Kong, China favors the elderly and the poor, thus housing policies tend to support the lower-income band. The PRC focuses on the young and the rich; hence, most regulative housing policies for the higher-income band have turned out to be unsuccessful. Hong Kong, China also aims to assist public housing tenants to become private homeowners, but its policies help provide housing subsidies, a less effective measure to access owner-occupied housing. On the contrary, the success of Housing Provident Fund in providing mortgage interest rate reduction, which is a more effective measure to access owner-occupied housing, accounts for the high homeownership rate in the PRC
Citation
Li, Victor Jing. 2016. Housing Policies in Hong Kong, China and the People’s Republic of China. © Asian Development Bank Institute. http://hdl.handle.net/11540/6500.Keywords
Cultural Development
Development Economics
Development Issues
Financial Sector Development
Infrastructure Development
Urban Development Finance
Financing
Financial System
Financial Sector Reform
Financial Institution
Bank Financing
Rural planning
Economic development
Economic indicators
Standard of living
Development projects
Development policy
Housing projects
Development models
Social reform
Urban planning
Public Borrowing
Credit Policy
Banks
Real estate development
Housing development
Community banks
Mortgage banks
Housing policy
Tax administration and procedure
Real property and taxation
Property tax
Credit control
Banks and banking
Title companies
Tax deductions
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Citable URI
http://hdl.handle.net/11540/6500Metadata
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