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House Buying as Hope Mechanism: The ...

Tsang, Chung-kin.

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House Buying as Hope Mechanism: The Culture of Homeownership in Hong Kong (1970s - 2010s).

Record Type:	Electronic resources : Monograph/item
Title/Author:	House Buying as Hope Mechanism: The Culture of Homeownership in Hong Kong (1970s - 2010s)./
Author:	Tsang, Chung-kin.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2018,
Description:	214 p.
Notes:	Source: Dissertations Abstracts International, Volume: 80-12, Section: A.
Contained By:	Dissertations Abstracts International80-12A.
Subject:	Asian Studies. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10846550
ISBN:	9781392199299

House Buying as Hope Mechanism: The Culture of Homeownership in Hong Kong (1970s - 2010s).
Tsang, Chung-kin.

House Buying as Hope Mechanism: The Culture of Homeownership in Hong Kong (1970s - 2010s). - Ann Arbor : ProQuest Dissertations & Theses, 2018 - 214 p.

Source: Dissertations Abstracts International, Volume: 80-12, Section: A.

Thesis (Ph.D.)--The University of North Carolina at Chapel Hill, 2018.

This item must not be sold to any third party vendors.

Hong Kong, a global financial hub, is well-known for being the world's "freest" economy, and the least affordable city for housing. The rapid and stable financialization process through which Hong Kong was transformed from a light industrial city in the 1970s to a financial hub with real estate as the engine of growth since the 1980s was not only a top-down imposition; it also relied on securing the consent across the population, albeit temporarily and contingently, in a unique context. By piecing academic and non-academic literatures together, this research proposes that homeownership and financialization were articulated jointly by the British colonial state and the local population from the 1970s to the 1990s into a cultural mechanism of hope - House Buying.This hope mechanism requires: 1. a self-reliant subject acting through the market, 2. a narrative of life-goals that characterize a middle-class way of living; 3. a temporal mapping of the future based on the social route of a "housing ladder" from public rental, subsidized homeownership to private homeownership, and a social plane with a relatively open opportunity structure. The formation of House Buying was part of, and reinforced the depoliticization of the local population from the 1970s to the 1990s through producing "hope in the tunnel".After the 1997 handover, Hong Kong became the Special Administrative Region (HKSAR) under the rule of China. The context changed dramatically, and the hope mechanism was seriously challenged. People's individual effort was unable to keep up with the booming property market when the housing ladder collapsed, and the objective opportunity structure was narrowing. Through conducting focus group interviews among 73 relatively better educated young adults, this research finds that the hope mechanism of House Buying is still dominant yet with a different formula. These young adults remain self-reliant in the individual level, and attach a sense of safety net to homeownership as both a shelter and a financial tool to secure their own future. They gain hope through "waiting for the coming crisis" (like SARS or terrorist attack) as the connection to the future. The supposedly devastating crisis is now domesticated as an excellent homeownership and real estate investment opportunity for being a "normal" part of the market economic cycle.

ISBN: 9781392199299Subjects--Topical Terms:

1669375
Asian Studies.

House Buying as Hope Mechanism: The Culture of Homeownership in Hong Kong (1970s - 2010s).
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520 $a Hong Kong, a global financial hub, is well-known for being the world's "freest" economy, and the least affordable city for housing. The rapid and stable financialization process through which Hong Kong was transformed from a light industrial city in the 1970s to a financial hub with real estate as the engine of growth since the 1980s was not only a top-down imposition; it also relied on securing the consent across the population, albeit temporarily and contingently, in a unique context. By piecing academic and non-academic literatures together, this research proposes that homeownership and financialization were articulated jointly by the British colonial state and the local population from the 1970s to the 1990s into a cultural mechanism of hope - House Buying.This hope mechanism requires: 1. a self-reliant subject acting through the market, 2. a narrative of life-goals that characterize a middle-class way of living; 3. a temporal mapping of the future based on the social route of a "housing ladder" from public rental, subsidized homeownership to private homeownership, and a social plane with a relatively open opportunity structure. The formation of House Buying was part of, and reinforced the depoliticization of the local population from the 1970s to the 1990s through producing "hope in the tunnel".After the 1997 handover, Hong Kong became the Special Administrative Region (HKSAR) under the rule of China. The context changed dramatically, and the hope mechanism was seriously challenged. People's individual effort was unable to keep up with the booming property market when the housing ladder collapsed, and the objective opportunity structure was narrowing. Through conducting focus group interviews among 73 relatively better educated young adults, this research finds that the hope mechanism of House Buying is still dominant yet with a different formula. These young adults remain self-reliant in the individual level, and attach a sense of safety net to homeownership as both a shelter and a financial tool to secure their own future. They gain hope through "waiting for the coming crisis" (like SARS or terrorist attack) as the connection to the future. The supposedly devastating crisis is now domesticated as an excellent homeownership and real estate investment opportunity for being a "normal" part of the market economic cycle.
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