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Premise: The economic conditions that underpin youth restiveness in Hong Kong should persuade the Chinese government to boost affordable housing across the country.  

There are many reasons for unrest in Hong Kong. Economics is an important one that rarely features in the media.

Assuring the means for people to afford a house and build savings is part of the basic economic model of rich countries. Demographia has named Hong Kong the world’s least affordable housing market for nine years in a row. According to Hong Kong’s Midland Reality, average property prices have risen almost five times since their trough in 2003. It costs a median Hong Kong family 19.4 years of gross pre-tax income to buy an apartment. That’s up from 11.4 years in 2011 and it’s much higher than anywhere else in the world. In Sydney – the second least affordable – that multiple would be 12.9.

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AUTHOR

Leo Austin

Senior Advisor, The China Center for Economics & Business
The Conference Board