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Article: Ontology, policy and the market: Trends to home-ownership in Hong Kong

TitleOntology, policy and the market: Trends to home-ownership in Hong Kong
Authors
Issue Date2000
PublisherSage Publications Ltd.. The Journal's web site is located at http://usj.sagepub.com/
Citation
Urban Studies, 2000, v. 37 n. 9, p. 1561-1582 How to Cite?
AbstractAn important trend in housing delivery internationally has been rising rates of home-ownership. In Hong Kong, owner-occupation has expanded rapidly over the past two decades, and this is expected to continue. This paper seeks to account for trends to home-ownership in Hong Kong. It is proposed that two principal factors account for rates of home-ownership internationally: the interaction and combined outcome of housing affordability and household preferences-the 'market explanation' for tenure choice; and the 'ontological explanation' of home-ownership as a preferred household tenure choice, which assumes that ownership is the innately preferred tenure form. On face value, Hong Kong presents a relatively persuasive case for the ontological explanation for trends to home-ownership. Yet the findings of this paper suggest that the decision to buy appears to be systematically explicable by market factors: in the private sector, primarily by investment considerations, namely high returns to residential property investment and favourable user cost of housing capital; and, in the public sector, by a very fine-grained approach to household affordability with publicly assisted home-ownership initiatives. Hong Kong demonstrates again how carefully families weigh the bundle of services associated with their tenure options. The government plans to expand home-ownership further, yet there are major systemic implications for such an expansion.
Persistent Identifierhttp://hdl.handle.net/10722/81905
ISSN
2015 Impact Factor: 1.934
2015 SCImago Journal Rankings: 1.567
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorLa Grange, Aen_HK
dc.contributor.authorPretorius, Fen_HK
dc.date.accessioned2010-09-06T08:23:17Z-
dc.date.available2010-09-06T08:23:17Z-
dc.date.issued2000en_HK
dc.identifier.citationUrban Studies, 2000, v. 37 n. 9, p. 1561-1582en_HK
dc.identifier.issn0042-0980en_HK
dc.identifier.urihttp://hdl.handle.net/10722/81905-
dc.description.abstractAn important trend in housing delivery internationally has been rising rates of home-ownership. In Hong Kong, owner-occupation has expanded rapidly over the past two decades, and this is expected to continue. This paper seeks to account for trends to home-ownership in Hong Kong. It is proposed that two principal factors account for rates of home-ownership internationally: the interaction and combined outcome of housing affordability and household preferences-the 'market explanation' for tenure choice; and the 'ontological explanation' of home-ownership as a preferred household tenure choice, which assumes that ownership is the innately preferred tenure form. On face value, Hong Kong presents a relatively persuasive case for the ontological explanation for trends to home-ownership. Yet the findings of this paper suggest that the decision to buy appears to be systematically explicable by market factors: in the private sector, primarily by investment considerations, namely high returns to residential property investment and favourable user cost of housing capital; and, in the public sector, by a very fine-grained approach to household affordability with publicly assisted home-ownership initiatives. Hong Kong demonstrates again how carefully families weigh the bundle of services associated with their tenure options. The government plans to expand home-ownership further, yet there are major systemic implications for such an expansion.en_HK
dc.languageengen_HK
dc.publisherSage Publications Ltd.. The Journal's web site is located at http://usj.sagepub.com/en_HK
dc.relation.ispartofUrban Studiesen_HK
dc.titleOntology, policy and the market: Trends to home-ownership in Hong Kongen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0042-0980&volume=37 9&spage=1561&epage=1582&date=2000&atitle=Ontology,+Policy+and+the+Market:+Trends+to+Home+Ownership+in+Hong+Kongen_HK
dc.identifier.emailPretorius, F:fredpre@hkucc.hku.hken_HK
dc.identifier.authorityPretorius, F=rp01018en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1080/00420980020080261-
dc.identifier.scopuseid_2-s2.0-0033836724en_HK
dc.identifier.hkuros61024en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0033836724&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume37en_HK
dc.identifier.issue9en_HK
dc.identifier.spage1561en_HK
dc.identifier.epage1582en_HK
dc.identifier.isiWOS:000088778700005-
dc.publisher.placeUnited Kingdomen_HK
dc.identifier.scopusauthoridLa Grange, A=6602464526en_HK
dc.identifier.scopusauthoridPretorius, F=35616801000en_HK

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