Tag Archives: property ownership

Property-Owning Democracy Latest: Economic System ‘Breaking at the Seams’!

Advertisements

Leave a comment

Filed under Economics, Parenting, Political Science

地產大亨! Chinese Purchasers ‘Treating USA Like Monopoly Board’!

Leave a comment

Filed under Economic Development, Urban Life

Made In Hong Kong: Protests Against Property ‘Hegemony’

2011 is barely 50% over, and it already seems that future generations are likely to look back upon this year as being synonymous with protest, and not merely in the Middle East and North Africa: Mediolana has already noted the emerging anti-corruption movement in India, a development of potentially huge long-term significance. But yesterday’s demonstrations in Hong Kong reveal another dimension to the dissatisfaction with political and economic elites that is being expressed in many parts of the world. Hong Kong – a Special Administrative Region of the PRC – would not appear to be a place primed for protest: its GDP per capita grew 87-fold between 1961 and 1997, with its economy having performed robustly despite the ongoing global financial crisis.

However, an estimated 200,000+ demonstrators jammed the streets of the former British colony (1842-1997) bearing a whole host of grievances, including one of particular broader salience: a rallying cry against real estate magnates. Chanting ‘Down, down with property tycoons’, protestors decried the ‘hegemony’ imposed by über-capitalists such as Li Ka-shing acting in conjunction with the government: a highly-concentrated market has seen both residential and commercial rents and purchase prices rise to unbearable levels in recent years.

Such a protest prompts one obvious question: why is this phenomenon not happening elsewhere? London currently has a rich-poor gap seemingly inspired by Monte Carlo, with property ownership the stuff of dreams for many; couchsurfing is often the only viable accommodation option for many in Manhattan; cities such Abu Dhabi and Moscow are notable for their extortionate real estate prices. The corrupt nexus of government and property developers is a problem from Istanbul to Beijing. There is every incentive for people to make themselves heard in these respects; will others follow where Hong Kong has led?

2 Comments

Filed under Economic Development, Economics, Political Science, Politics, Urban Life