This is one of my favorite black-and-white photos I shot recently on my Nikon FM2/T. It was a weekend afternoon and I wandered around Wan Chai, a traditional district on Hong Kong Island. I just bumped into this matchbox-like small shop, which is a very typical real estate broker office in Hong Kong.

Hong Kong has been known as the world’s most expensive property market for decades. You think property prices are expensive in New York, London, Tokyo, or Singapore? Hmm… Come to Hong Kong and check out.

Property is not just a business. Property also means politics in Hong Kong. Some analysts say HK property prices were already contributing factor to the social unrests in recent years.

Even if you get 1 million US dollar, what you can get in Hong Kong is most likely a matchbox-like flat. There are tens of thousands property brokers in Hong Kong. Some can become very rich almost overnight if they can sell ultra-expensive houses on the Peak quickly. Those buyers usually pay all in cash.

Nothing can really stop the rise of property prices in Hong Kong, from the 1997 handover, Asian financial crisis, 2003 SARS, 2008 global financial crisis, 2014 Umbrella Movement, 2019 Anti-extradition law protests, and now the ongoing Covid pandemic…

People say sky is the limit for HK properties.

If you want to understand Hong Kong, understand HK property business first.