Institutional mediation, the Hong Kong residential housing market and the Asian Financial Crisis

K.K. Fung, Ray Forrest

Research output: Contribution to journalJournal articlepeer-review

33 Citations (Scopus)


While there has been considerable commentary and analysis on the origins and aftermath of the Asian Financial Crisis there have been few studies which focus on the housing markets of the countries most directly affected. This is surprising given the importance of housing investment in many Asian economies and that over-inflated real estate was deeply implicated in the crisis. This paper explores the particular dynamics of the Hong Kong housing market and its institutional structure during the Asian Financial Crisis. The paper focuses specifically on the relationship between the development structure and the shaping of the policy process and on the interconnections between the housing market and the wider economy. It explains the apparent resilience of the giant developers during the crisis. More generally, the paper emphasises the importance of endogenous institutional dynamics in mediating the impact of the crisis in Hong Kong
Original languageEnglish
Pages (from-to)189-207
Number of pages19
JournalHousing Studies
Issue number2
Publication statusPublished - Mar 2002

Scopus Subject Areas

  • Social Sciences(all)
  • Economics, Econometrics and Finance(all)
  • Arts and Humanities(all)
  • General

User-Defined Keywords

  • Hong kong
  • Asian financial crisis
  • Housing market
  • developers


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