The land auction and property development system in China is a direct descendant of Hong Kong’s. The system, in which the government sells land to developers so they can build homes, has supported rapid urbanisation and improved the living conditions for hundreds of millions of urban Chinese.But Beijing is also rapidly realising the social costs of the system, including its chronic damage to entrepreneurship, a yawning wealth gap that depresses the ambitions of younger generations, and the…

Leave a Reply