A high-rise bust

Article Abstract:

Hong Kong has high real estate prices because land with building rights is controlled by a cartel, and the government restricts the supply of land, pushing up prices. Corporation and income taxes are low, but the cost of a home is high, and has remained high despite a drop in residential real estate prices as a result of the Asian financial crisis. Stock prices have also dropped. Demand for real estate has fallen and banks are less keen to lend for real estate purchases. The government has halted land sales from Jun 22 1998 to spring 1999, but real estate prices may continue to drop. A budget deficit is likely due to income foregone from land sales.

Real Estate, Real Estate and Rental and Leasing, Legislative Bodies, Budget, Economic aspects, Fiscal policy

---

Onwards and upwards

Article Abstract:

United Kingdom welfare spending has always risen by more than planners had expected, and there are doubts that the government can control social security spending. A report by the Joseph Rowntree Foundation expresses this view, including education as part of welfare. The report sees welfare as redistributive and means tested benefits as tending to create work disincentives. The authors also see private insurance as inefficient and expensive.

United Kingdom, Administration of Human Resource Programs (except Education, Public Health, and Veterans' Affairs Programs), Social Security, Finance, Social policy, Welfare state

---

Heading upwards: Hong Kong property

Article Abstract:

The office property market in Hong Kong is experiencing rapid growth, and the capital value of office property has risen 53% since 1991. The high prices of office property are being driven by a high inflation rate and cheap currency.

Office buildings

Similar abstracts:

• Abstracts: First mover. Loud and clear
• Abstracts: Central America opens for business. Birds and bees. GATTery v greenery
• Abstracts: Coming unstuck: Russia. Swords and ploughshares: Russia. Russia on the line
• Abstracts: Left revived: Canada. Canada's wilting flowers
• Abstracts: Ill fed in ignorance. No place to be a woman: Poland

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.