Institutional mediation, the Hong Kong residential housing market and the Asian Financial Crisis
Hong Kong, Asian Financial Crisis, Housing Market, Developers
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.
Copyright © 2002 Taylor & Francis Ltd
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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.
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