Abstract
Land is a mandatory factor for production. The method of land disposal is particularly crucial in high-density populated areas. In Hong Kong, the land supply was once constrained by a quota of 50 ha per year under the Joint Declaration. This quota was removed after the return of Hong Kong to mainland China. The Asian Financial Crisis and the implementation of the 85,000 housing policy led to a significant drop in the demand for land. The Lands Department then announced the new land disposal policy, which included a land application system. This policy allows the developer to play a much more active role in the land acquisition process. This chapter mainly focuses on the land market in Hong Kong before and after the introduction of the land application system.
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Acknowledgments
This chapter was originally presented as Changes from visible hand to invisible hand: Land market in Hong Kong before and after the land application system, Sixth Annual Conference of the Asian Studies Association of Hong Kong, 4–5 May 2011.
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Li, R.Y.M. (2014). Changes from the Visible Hand to the Invisible Hand: The Land Market in Hong Kong Before and After the Asian Financial Crisis. In: Law, Economics and Finance of the Real Estate Market. SpringerBriefs in Economics. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-54245-9_9
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DOI: https://doi.org/10.1007/978-3-642-54245-9_9
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