It is becoming increasingly clear what will happen to Hong Kong’s economic and legal foundations at midnight on June 30th, 2047, when the transition period to being part of China comes to an end. Nothing.
The calendar will flip over to July 1, but the private property-based capitalistic legal/ commercial model on which Hong Kong is founded won’t change.
And though this is being billed as “the second handover”, it will be less of a change than the transfer of sovereignty in 1997. Even the flag won’t have to be switched.
‘Land leases are already being renewed long past 2047’
What’s the evidence for this? The bedrock of Hong Kong’s economy is private property. The government has been quietly renewing land leases to stretch beyond the period long seen as a deadline.
In 2020, the Lands Department granted a 50-year lease on a piece of land in Tai Po, taking the development through to AD 2070. Eight companies bid for the lease, showing that Hongkongers are confident enough to bet literally hundreds of millions on the community’s post-2047 continuation.
That property deal is one of many which have stretched past that date.
For the full article by True Report – click here.