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Real Estate in Global Cities: Singapore and Hong Kong as Property States

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  • Anne Haila

    (Department of Social Policy, PO Box 18 (Snellmaninkatu 10), 00014 University of Helsinki, Finland, haila@helsinki.fi)

Abstract

Land and buildings form a significant portion of the national wealth in most economies, but in Singapore and Hong Kong, two small city-states where land is scarce, real estate has an important role in the functioning of the whole economy. Transnational property and development companies are important players in Singapore and Hong Kong. They form an important part of the local stock market and have enjoyed considerable growth while providing substantial revenue for governments and wealth for individuals. Because of this important role, the paper redescribes Singapore and Hong Kong as property states, not rent-seeking economies as the term rent is usually used in discussing Asian capitalism. The importance of real estate, an immobile asset, is not only surprising in a global era defined in part by the mobility of capital, but also because in Singapore and Hong Kong land is publicly owned. The paper attempts to explain the anomaly by analysing the land allocation mechanisms in Singapore and Hong Kong. In spite of their similarities, real estate markets in Singapore and Hong Kong exhibit several differences, linked in turn to different policy options for their management.

Suggested Citation

  • Anne Haila, 2000. "Real Estate in Global Cities: Singapore and Hong Kong as Property States," Urban Studies, Urban Studies Journal Limited, vol. 37(12), pages 2241-2256, November.
    • Handle: RePEc:sae:urbstu:v:37:y:2000:i:12:p:2241-2256
    DOI: 10.1080/00420980020002797
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    References listed on IDEAS

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    1. Renato Cirillo, 1984. "Léon Walras and Social Justice," American Journal of Economics and Sociology, Wiley Blackwell, vol. 43(1), pages 53-60, January.
    2. Si†Ming Li, 1990. "The Sino†British Joint Declaration, 1997, And The Land Market Of Hong Kong," Review of Urban & Regional Development Studies, Wiley Blackwell, vol. 2(1), pages 84-101, January.
    3. Patrick Le Galès, 1998. "Regulations and Governance in European Cities," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 22(3), pages 482-506, September.
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    Citations

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    Cited by:

    1. Murakami, Jin, 2010. "The Transit-Oriented Global Centers for Competitiveness and Livability: State Strategies and Market Responses in Asia," University of California Transportation Center, Working Papers qt44g9t8mj, University of California Transportation Center.
    2. David Ley & Sin Yih Teo, 2014. "Gentrification in Hong Kong? Epistemology vs. Ontology," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 38(4), pages 1286-1303, July.
    3. Natacha Aveline-Dubach, 2017. "Centrality of Land in the Capital Accumulation Regime in China [La centralité du foncier dans le régime d’accumulation du capital en Chine]," Post-Print halshs-01556558, HAL.
    4. Diane E. Davis & Kian Tajbakhsh, 2005. "Globalization and Cities in Comparative Perspective," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 29(1), pages 89-91, March.
    5. Jianfu Shen & Frederik Pretorius & Xin Li, 2019. "Does Joint Bidding Reduce Competition? Evidence from Hong Kong Land Auctions," The Journal of Real Estate Finance and Economics, Springer, vol. 58(1), pages 111-132, January.
    6. Gavin Shatkin, 2014. "Reinterpreting the Meaning of the ‘Singapore Model’: State Capitalism and Urban Planning," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 38(1), pages 116-137, January.
    7. Parnreiter Christof, 2009. "Global-City-Formation, Immobilienwirtschaft und Transnationalisierung," ZFW – Advances in Economic Geography, De Gruyter, vol. 53(1-2), pages 138-155, October.
    8. Anne Haila, 2017. "Institutionalization of ‘The Property Mind’," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 41(3), pages 500-507, May.
    9. Diane E. Davis, 2005. "Cities in Global Context: A Brief Intellectual History," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 29(1), pages 92-109, March.
    10. Thierry Theurillat & Pierre-Yves Donzé, 2015. "Retail Networks and Real Estate: the case of Swiss luxury watches in China and Southeast," Discussion Papers in Economics and Business 15-28, Osaka University, Graduate School of Economics.
    11. Samuel Liang, 2010. "Property-driven Urban Change in Post-Socialist Shanghai: Reading the Television Series Woju," Journal of Current Chinese Affairs - China aktuell, Institute of Asian Studies, GIGA German Institute of Global and Area Studies, Hamburg, vol. 39(4), pages 3-28.
    12. Wing-Shing Tang, 2017. "Beyond Gentrification: Hegemonic Redevelopment in Hong Kong," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 41(3), pages 487-499, May.
    13. Murakami, Jin, 2010. "The Transit-Oriented Global Centers for Competitiveness and Livability: State Strategies and Market Responses in Asia," University of California Transportation Center, Working Papers qt19034785, University of California Transportation Center.
    14. Xu Guo & Xuejun Jiang & Wing-Keung Wong, 2017. "Stochastic Dominance and Omega Ratio: Measures to Examine Market Efficiency, Arbitrage Opportunity, and Anomaly," Economies, MDPI, vol. 5(4), pages 1-16, October.

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