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Financialization and the Role of Real Estate in Hong Kong’s Regime of Accumulation

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  • Alan Smart
  • James Lee

Abstract

The greater dominance of finance in the global economic system is widely considered to have increased instability and created difficulties in constructing modes of regulation that could stabilize post-Fordist regimes of accumulation. Heightened competition and the discipline of global finance restrict the use of Fordist strategies that expand social wages to balance production and consumption. Robert Boyer suggested a model for a possible stable finance-led growth regime. His hypothesis is that once there are sufficient stocks of property in a nation, expenditures that are based on capital gains, dividends, interest, and pensions can compensate for diminished wage-based demand. We contend that the neglect of real estate is a serious limitation, since housing wealth is more significant than other forms of equity for most citizens, and thus that it fails to capture the impact of the perceptions and choices of ordinary citizens. We then argue that features of a finance-led regime of accumulation and a property-based mode of regulation appeared in Hong Kong relatively early. A case study of Hong Kong is used to extend Boyer’s discussion, as well as to diagnose Hong Kong’s experience for its lessons on the impact of such developments.

Suggested Citation

  • Alan Smart & James Lee, 2003. "Financialization and the Role of Real Estate in Hong Kong’s Regime of Accumulation," Economic Geography, Taylor & Francis Journals, vol. 79(2), pages 153-171, April.
    • Handle: RePEc:taf:recgxx:v:79:y:2003:i:2:p:153-171
    DOI: 10.1111/j.1944-8287.2003.tb00206.x
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    Citations

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    Cited by:

    1. Joanna Wai Ying Lee & Wing-Shing Tang, 2017. "The hegemony of the real estate industry: Redevelopment of ‘Government/Institution or Community’ (G/IC) land in Hong Kong," Urban Studies, Urban Studies Journal Limited, vol. 54(15), pages 3403-3422, November.
    2. Shen, Jie, 2022. "Universities as financing vehicles of (sub)urbanisation: the development of university towns in Shanghai," Land Use Policy, Elsevier, vol. 112(C).
    3. Nicole Cook & Kristian Ruming, 2021. "The financialisation of housing and the rise of the investor-activist," Urban Studies, Urban Studies Journal Limited, vol. 58(10), pages 2023-2039, August.
    4. Jose Torres-Pruñonosa & Pablo García-Estévez & Josep Maria Raya & Camilo Prado-Román, 2022. "How on Earth Did Spanish Banking Sell the Housing Stock?," SAGE Open, , vol. 12(1), pages 21582440221, March.
    5. Jihwan Kim, 2018. "Dissonance between formal and informal housing capital: The case of Korea," Environment and Planning A, , vol. 50(6), pages 1171-1188, September.
    6. Natacha Aveline-Dubach & Guillaume Blandeau, 2019. "The political economy of transit value capture: The changing business model of the MTRC in Hong Kong [L'économie politique de la captation de valeur foncière (Land value capture): le nouveau modèle," Post-Print halshs-02100616, HAL.
    7. 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.
    8. Kockelkorn, Anne & Schmid, Christian & Streule, Monika & Wong, Kit Ping, 2023. "Peripheralization through mass housing urbanization in Hong Kong, Mexico City, and Paris," LSE Research Online Documents on Economics 118065, London School of Economics and Political Science, LSE Library.
    9. Natacha Aveline-Dubach & Guillaume Blandeau, 2019. "The political economy of transit value capture: The changing business model of the MTRC in Hong Kong," Urban Studies, Urban Studies Journal Limited, vol. 56(16), pages 3415-3431, December.
    10. Natacha Aveline-Dubach, 2020. "The financialization of real estate in megacities and its variegated trajectories in East Asia [La financiarisation de l'immobilier dans les mégapoles d'Asie orientale et leurs trajectoires différe," Post-Print halshs-02517518, HAL.
    11. Siu Ming Chan & Hung Wong, 2022. "Housing and Subjective Well-Being in Hong Kong: A Structural Equation Model," Applied Research in Quality of Life, Springer;International Society for Quality-of-Life Studies, vol. 17(3), pages 1745-1766, June.

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