© Reuters. People wave Chinese and Hong Kong flags during an event to celebrate the 25th anniversary of Hong Kong’s handover to China from Britain, in Hong Kong, China June 26, 2022. Photo taken June 26, 2022. REUTERS / Lam Yik
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HONG KONG (Reuters) – Hong Kong returned to China in 1997 after 156 years of British colonization. Here are some of the major transformations the financial center has seen over the past 25 years.
ORIGINAL BY MAINLAND CHINA
While Hong Kong remains a dominant, indirect contributor to China’s economic growth as China’s only financial center that is not subject to capital controls, its own growth rate has been eclipsed. by the growth of the mainland.
Interactive image: Hong Kong’s GDP as a percentage of China’s GDP: https://graphics.reuters.com/HONGKONG-ANNIVERSARY/klpykrbebpg/index.html
GLITZY TOWERS
However, Hong Kong has benefited greatly from China’s dizzying growth in recent decades. One aspect of that transformation is visible at the height of its horizon.
Interactive graphics: The number of buildings built in Hong Kong is more than 150m tall: https://graphics.reuters.com/HONGKONG-ANNIVERSARY/egvbkglzlpq/index.html
INCREDIBLE HOUSING
One of the side effects of the huge influx of money into this gateway city for investment is that the real estate market has partially absorbed it.
This leaves many of its residents unable to pay, which cannot keep up with home prices.
Interactive Image: Hong Kong Housing Price Index and Real Wage Index: https://graphics.reuters.com/HONGKONG-ANNIVERSARY/myvmnrjdrpr/index.html
Hong Kong is currently one of the most expensive real estate markets in the world.
Interactive graphic: Hong Kong housing price index and real wage index: https://graphics.reuters.com/HONGKONG-ANNIVERSARY/gdvzygbrrpw/index.html
MANY OTHER LEADERS LIVE IN HONG KONG
In part due to Hong Kong’s relative freedoms relative to mainland China, more than 1 million mainland citizens have moved to the former British colony in the past 2-1/2 decades. More recently, COVID-19 and other factors have slowed such arrivals, but also accelerated departures for longtime Hong Kong residents and expats frustrated with the stringent restrictions.
Interactive Image: One-Way License Flow (end of year): https://graphics.reuters.com/HONGKONG-ANNIVERSARY/lgpdwbawnvo/index.html
