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Divestment in Hong Kong: Critical Issues and Lessons

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  • Yeung

Abstract

Contrary to the conventional beliefs about the laissez faire nature of Hong Kong, the government owns and provides many essential goods and services of public importance. The colonial government did not follow the global trend of privatisation in the 1980s because of a lack of budgetary pressure and opposition from China during the political transition. Since 1997, however, the political and economic conditions have changed. The HKSAR government has started to divest public assets mainly by way of listing, an approach generally welcomed in this international financial centre. Three major exercises have involved one of the two railway corporations, five tunnels and a bridge, and the retail and car-parking facilities in public housing estates. Using these three cases, along with historical and international developments, this article examines the key issues and characteristics of the divestment process and post-divestment situation in Hong Kong, and explores lessons for the future.

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  • Yeung, 2005. "Divestment in Hong Kong: Critical Issues and Lessons," Asia Pacific Journal of Public Administration, Taylor & Francis Journals, vol. 27(2), pages 141-162, December.
    • Handle: RePEc:taf:rapaxx:v:27:y:2005:i:2:p:141-162
    DOI: 10.1080/23276665.2005.10779305
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