IDEAS home Printed from https://ideas.repec.org/a/sae/urbstu/v37y2000i12p2241-2256.html
   My bibliography  Save this article

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1080/00420980020002797
    Download Restriction: no
    File URL: https://libkey.io/10.1080/00420980020002797?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. 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.
    2. Renato Cirillo, 1984. "Léon Walras and Social Justice," American Journal of Economics and Sociology, Wiley Blackwell, vol. 43(1), pages 53-60, January.
    3. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. 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.
    2. 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.
    3. 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.
    4. Anne Haila, 2017. "Institutionalization of ‘The Property Mind’," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 41(3), pages 500-507, May.
    5. 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.
    6. 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.
    7. Parnreiter Christof, 2009. "Global-City-Formation, Immobilienwirtschaft und Transnationalisierung: Das Beispiel Mexico City," ZFW – Advances in Economic Geography, De Gruyter, vol. 53(1-2), pages 138-155, October.
    8. 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.
    9. 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.
    10. 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.
    11. 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.
    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. 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.
    14. 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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. lain Deas & Alex Lord, 2006. "From a New Regionalism to an Unusual Regionalism? The Emergence of Non-standard Regional Spaces and Lessons for the Territorial Reorganisation of the State," Urban Studies, Urban Studies Journal Limited, vol. 43(10), pages 1847-1877, September.
    2. Gillian Bristow & Tom Entwistle & Frances Hines & Steve Martin, 2008. "New Spaces for Inclusion? Lessons from the ‘Three‐Thirds’ Partnerships in Wales," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 32(4), pages 903-921, December.
    3. Ioannis Chorianopoulos, 2002. "Commenting on the Effectiveness and Future Challenges of the EU Local Authority Networks," Regional Studies, Taylor & Francis Journals, vol. 36(8), pages 933-939.
    4. Noguera Joan, 2013. "A more efficient match between firms’ demand, VET supply and human capital capacities through bottom-up, participative governance," Bulletin of Geography. Socio-economic Series, Sciendo, vol. 21(21), pages 79-96, September.
    5. Lesley Hemphill & Stanley McGreal & Jim Berry & Siobhan Watson, 2006. "Leadership, Power and Multisector Urban Regeneration Partnerships," Urban Studies, Urban Studies Journal Limited, vol. 43(1), pages 59-80, January.
    6. Tuna Taşan‐Kok, 2010. "Entrepreneurial Governance: Challenges Of Large‐Scale Property‐Led Urban Regeneration Projects," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 101(2), pages 126-149, April.
    7. Gualini Enrico, 2000. "Networking the Urban Policy Arena: Local Governance and the Regionalisation of Territorial Policy-making in Northrhine-Westphalia," ZFW – Advances in Economic Geography, De Gruyter, vol. 44(1), pages 201-216, October.
    8. N.A. Phelps & N. Parsons, 2003. "Edge Urban Geographies: Notes from the Margins of Europe's Capital Cities," Urban Studies, Urban Studies Journal Limited, vol. 40(9), pages 1725-1749, August.
    9. James Wesley Scott, 1999. "European and North American Contexts for Cross-border Regionalism," Regional Studies, Taylor & Francis Journals, vol. 33(7), pages 605-617.
    10. Julián Tole Martínez, 2021. "Empresas en el conflicto armado : aportes a la construcción de la paz en Colombia," Books, Universidad Externado de Colombia, Facultad de Derecho, number 1326.
    11. Annalisa Stacchini & Andrea Guizzardi & Sergio Brasini, 2024. "A Non-Compensatory Index of Community Participation in Cross-Border Tourism Development Processes," Land, MDPI, vol. 13(9), pages 1-23, September.
    12. Wafaa Nasser & Myriam Donsimoni, 2012. "Local governance, decentralization and local economic development," Post-Print hal-00973763, HAL.
    13. Anna Cento Bull & Bryn Jones, 2006. "Governance and Social Capital in Urban Regeneration: A Comparison between Bristol and Naples," Urban Studies, Urban Studies Journal Limited, vol. 43(4), pages 767-786, April.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:urbstu:v:37:y:2000:i:12:p:2241-2256. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: http://www.gla.ac.uk/departments/urbanstudiesjournal .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.