Title

Institutional mediation, the Hong Kong residential housing market and the Asian Financial Crisis

Document Type

Journal article

Source Publication

Housing Studies

Publication Date

3-1-2002

Volume

17

Issue

2

First Page

189

Last Page

207

Publisher

Routledge

Keywords

Hong Kong, Asian Financial Crisis, Housing Market, Developers

Abstract

While there has been considerable commentary and analysis on the origins and aftermath of the Asian Financial Crisis there have been few studies which focus on the housing markets of the countries most directly affected. This is surprising given the importance of housing investment in many Asian economies and that over-inflated real estate was deeply implicated in the crisis. This paper explores the particular dynamics of the Hong Kong housing market and its institutional structure during the Asian Financial Crisis. The paper focuses specifically on the relationship between the development structure and the shaping of the policy process and on the interconnections between the housing market and the wider economy. It explains the apparent resilience of the giant developers during the crisis. More generally, the paper emphasises the importance of endogenous institutional dynamics in mediating the impact of the crisis in Hong Kong.

DOI

10.1080/02673030220123180

Print ISSN

02673037

E-ISSN

14661810

Publisher Statement

Copyright © 2002 Taylor & Francis Ltd

Access to external full text or publisher's version may require subscription.

Additional Information

An earlier version of this paper was presented at the Conference on Managing Housing and Social Change: Building Social Cohesion, Accommodating Diversity, City University of Hong Kong, April 2001.

Full-text Version

Publisher’s Version

Recommended Citation

Fung, K. K., & Forrest, R. (2002). Institutional mediation, the Hong Kong residential housing market and the Asian Financial Crisis. Housing Studies, 17(2), 189-207. doi: 10.1080/02673030220123180