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During our trip to Hong Kong we didn't witness any sign of the protests which have shaken the city in recent months. However, based on our discussions with residents, the topic has become a huge divider between mainland Chinese and native Hong Kong people. One thing that they both agreed on were the challenges of living in the city. Hong Kong property is amongst the most expensive in the world and people have to reside in tiny apartments relatively far away from their work. The main reason for the high prices is the limited supply with only a tiny portion of the land in Hong Kong being residential. Expanding the residential land would help to alleviate the situation, though this is unlikely to happen given a handful of powerful families control the supply and benefit from higher prices and a tight market.

One impact of the protests has been the reduced lure of Hong Kong in terms of job prospects and entertainment, as people increasingly recognize the huge progress that has been made on mainland China. The quality of life on offer in some cities on the mainland is now arguably superior to Hong Kong due to dramatically improved infrastructure, while air quality and space are less of a luxury. Anecdotal evidence suggests that some Hong Kong residents are now choosing to spend their weekends on the mainland, while others are even considering moving. Just a short car or train journey away from Hong Kong, for example, is the mainland Chinese city of Shenzhen. A rural backwater only a few decades ago, the city has now become a technology hub, home to the likes of technology giants Huawei and Tencent.

Photo taken by the team during their visit to Shenzhen, January 2020. The photo shows the expansive green areas and space on offer in the city.

The ongoing rise of the internet sector coupled with the decline of the banking industry will probably accelerate this trend further, as young people no longer aspire towards a career in finance. Working for Alibaba, Tencent or a technology start-up is now the favoured career path.

As the finance hub of Asia, Hong Kong is now at a crossroads. As the technology sector continues to grow, Hong Kong will need to evolve in order to remain relevant. In particular, it will need to deal with the huge inequalities which has been the ultimate source of the recent protests.

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