WHAT AILS HONG KONG?
People in Hong Kong want more democracy... And that’s become the shorthand of the international media’s explanation of the protests. But it’s a lot more than that... If Hong Kong’s political leaders had been listening, they’d understand that China- ization is a big part of the story. Another dimension of it is that a lot of people in Hong Kong feel like the island’s prosperity has left them behind. In the world’s most expensive real estate market, the average home – a shoebox-sized apartment – costs $1.2 million. That’s more than anywhere else in the world and nearly double what it costs in New York City (according to real estate services and investment firm CBRE). For all of its apparent wealth, most people in Hong Kong – including those with well- paying professional jobs – can barely make ends
For weeks on end, pillaged malls, debris- strewn streets, smashed metro stations, and shattered stores that people thought were linked to mainland Chinese businesses all became part of the new Hong Kong scenery. The steel skyscrapers and Rolex shops of cosmopolitan Hong Kong were shown to be just a façade. In September, the Hong Kong government finally tabled the ill-conceived extradition measure. But that had long since become an afterthought. Then in November, scheduled elections for district councils – usually more focused on dull local issues – saw a resounding victory for pro-democracy parties, which was in stark contrast to their barely- there showing four years ago. Though the practical impact of the elections is limited, the message was clear.
Welcome to Hong Kong real estate… a noth- MRKWTIGMEPWUYEVI JSSXETEVXQIRXMRE RMGIFYXRSXKVIEXTEVX SJXS[RGERFI]SYVWJSV U.S. $1.55 million...
American Consequences
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