The Visible Hand In Housing Market: Singapore’s Housing Model And Its Implications On Hong Kong
Some scholars believe that there exists a distinctive East Asian model of integrating social welfare and economic development, as witnessed in the four “Asian Tigers”, that sets itself apart from the “three worlds of capitalism” (liberal, conservative, social democratic) suggested by Esping-Anderson. Specifically, Singapore and Hong Kong, despite being bastions of laissez-faire policies, have some of the world’s largest government-backed public housing markets, with 81% and 46% of residents residing in public housing respectively. Yet, Singapore is seen as a model for housing policymaking while Hong Kong remains the most unaffordable housing market in the world for 9 consecutive years. This paper discusses the housing outcomes of these two cities and their seemingly similar yet diverging housing policies, exploring what implications the Singapore model has on East Asian cities such as Hong Kong.