Culture, History, and Business
With a history that dates over 2000 years back, dynasties after dynasties; Tong, Yang, Mongol Yuan, Qing, Hong Kong has seen the rise and fall of many dynasties. Thus, it was already a multi diversified society before the British colonization in 1842. As a British colony, it became the wealthiest colonial outpost in the world, and after it regained independence in 1997, it became China’s first Special Administrative Region.
Hong Kong’s culture is a mix of its traditional Chinese beliefs of Confucianism and the ancient practice of Feng Shui. The modern Hong Kong cultural scene, however, is a lot different than that, as there has been a deep-rooted interaction with western culture and civilization over the years.
Hong Kong is a highly developed free-market economy characterized by low taxation. It’s a well established international financial market that is second to none. The city’s economy depends on a sound banking system, a strong legal system, virtually no public debt, ample foreign exchange reserves at around the US $408 billion as of mid-2017, rigorous anti-corruption measures and close ties with mainland China. Its economy is governed under strict positive non-interventionism and is highly dependent on international trade and finance.
Hong Kong is famous real-estate wise for being one of the most expensive places in the world. The city has the highest number of high-rise buildings in the world with a good amount of luxurious condos and apartment buildings. People live in tiny apartments to save on the expenses. The real estate market in Hong Kong grew due to the city’s high industrialized nature. Hong Kong is well known to have served as an essential gateway between the East and West for over a hundred years. Its financial stability further strengthened its stakes in the real estate market.
However, there is a current boom in the real estate market as prices are gradually falling since the last quarter of 2019. House prices dropped 3.96% in 2019; this fall is due to slow demand from Chinese investors, deteriorating affordability, rising mortgage rates, as well as the adverse impact of the ongoing US-China trade war. Apartment costs in Hong Kong around $28,570 per sq. m. while the average rent per month is around $7,267.
Hong Kong’s real estate market is booming currently as residential construction continues to rise, thereby neutralizing the costs imposed due to the unavailability of property.