I have been to Hong Kong a number of times over the past over two decades or so, but I have not been there for the past few years.
When I went last week, should I say I was impressed? Yes, nothing much has changed in terms of efficiency and fast movement. By efficiency, I mean that almost everything happens in clockwork fashion. The train from the airport is the most efficient way to transport yourself to the heart of town, and I wonder why people, especially many foreigners, continue to use the expensive taxis. I could purchase a return ticket from airport to Kowloon and back for less than SGD 20, which I thought was a very reasonable fare for a very effective use of one’s time.
By fast movement, I mean the people who are moving through the subway system, malls and everywhere else. I could not see a single slacker anywhere. For Hong Kong people, time is money, and they appear on an everlasting mission to make money all the time. Even more than the Singaporeans. People were on a rush, moving in and out of activities everywhere – I could feel the buzz in the air. The escalators were overloaded. It appeared to me that people did not wish to miss a “trade” – they were all traders in a sense.
With a GDP per capita of over USD 44,000 Hong Kong is one of the most prosperous countries (Sorry! – it is now part of China as a special administrative region) in the world. You can see wealth everywhere, in the malls which are glitzier than those of Singapore, in the cars zooming along the roads, in the real estate prices (the most expensive in the entire world), in the high-end restaurants, and finally in the prices which cabbies charge you! At an average of USD 3,000 per sq foot of condominium space, and still climbing, it is hard to buy anything more than 500 Sq Ft and most Hong Kong folks make do with very small apartments. Cars are expensive but much cheaper than in Singapore. Parking space is priced the worst – there have been reports that car parking spaces have been sold for more than USD 1M.
If you recall, the Eighties saw the emergence of four economic tigers – South Korea, Taiwan, Hong Kong and Singapore. All these countries have been successful due to their early recognition of the fact that people need bread foremost, and nations need free trade. They also recognized the importance of manufacturing in building up their economic bases. The fundamental premise that economics should take precedence over everything else constituted the foundation of these economies. It proved to be prescient and hugely successful.
Hong Kong is also the city with the most skyscrapers in the world. They continue to build very tall buildings, and have not stopped building. The influx of people from China with huge amounts of cash has driven prices up. A decent meal for two in a nice restaurant is likely to set you back by SGD 120 to 150. A more advanced meal in an elegant restaurant with drinks et al, is likely to cost you in the range of SGD 300 to 400. I do not believe Singapore is the most expensive city in all of Asia Pacific, after seeing taxi and restaurant prices in Tokyo and Hong Kong recently.
With a relentless focus on the pursuit of perfection and efficiency, Hong Kong has built one of the most resilient economies in the world which is still growing. Of course, I complained about lack of credit card payment facility in taxis which is highly inconvenient for tourists who are forced to convert their respective currencies to Hong Kong Dollars. Uber is not that prevalent, though I used it and got a Tesla electric car to ride which was fabulous. The famous Didi taxi app from China works in Hong Kong, but there was no English version and the map was portrayed inaccurately so I could not use it. The powerful taxi union of Hong Kong is stopping the Hong Kong Government from introducing modern technologies – that was the only conclusion I could draw. When I used Uber, it was not cheaper than using the normal taxi, leading me to conclude that the taxi union has forced Uber to raise prices (which happened indeed).
British legacy can be witnessed in several areas including trade unionism!
That Hong Kong is very expensive can also be seen when you use a taxi to cross the tunnel under the sea. It can cost upwards of SGD 12 per crossing, which is very high. If everything is added, one can see the reason why Hong Kong is much more expensive than Singapore. Taxis, tolls, restaurants, and real estate are cheaper in Singapore. Only cars are more expensive. So I do not understand how Singapore is the most expensive city in the world (as some reports have stated).
Overall, Hong Kong is a great city with unrivalled business efficiency and fabulous views across the harbour (and almost from any high tower). In the night, it provides an unbeatable view – the glitziest in the world.
Have a wonderful weekend,
9th June 2018