HONG KONG

Hong Kong is one of the two special administrative regions of the People's Republic of China; the other is Macau. Situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour. With land mass of 1,104 km2 (426 sq mi) and a population of seven million people, Hong Kong is one of the most densely populated areas in the world. Hong Kong's population is 95% ethnic Chinese and 5% from other groups. Hong Kong's Han majority originate mainly from Guangzhou and Taishan, both cities in neighbouring Guangdong province. 

According to Emporis, there are 7,650 skyscrapers in Hong Kong, putting the city at the top of world rankings. The high density and tallskyline of Hong Kong's urban area is due to a lack of available sprawl space, with the average distance from the harbour front to the steep hills of Hong Kong Island at 1.3 km (0.81 mi), much of it reclaimed land. This lack of space causing demand for dense, high-rise offices and housing, has resulted in 36 of the world's 100 tallest residential buildings being in Hong Kong, and more people living or working above the 14th floor than anywhere else on Earth, making it the world's most vertical city.

As a result of the lack of space and demand for construction, few older buildings remain, and the city is instead becoming a centre for modern architecture. The International Commerce Centre (ICC), at 484 m (1,588 ft) high, is the tallest building in Hong Kong and also the third tallest in the world, by height to roof measurement. The tallest building prior to the ICC is Two International Finance Centre, at 415 m(1,362 ft) high. Other recognisable skyline features include the HSBC Headquarters Building, the triangular-toppedCentral Plaza with its pyramid-shaped spire, The Center with its night-time multi-coloured neon light show, and I. M. Pei's Bank of China Tower with its sharp, angular façade. According to the Emporis website, the city skyline has the biggest visual impact of all world cities. Notable remaining historical assets include the Tsim Sha Tsui Clock Tower, theCentral Police Station, and the remains of Kowloon Walled City.

Like many luxury real estate markets, Hong Kong's is driven by financial markets, the fact that there is a finite amount of space and, some would say, pure optimism. Record prices were set for properties in Hong Kong (and other luxury markets) throughout 2007, but in Hong Kong's case, prices tend to fluctuate more wildly, based on financial booms and busts that come thick and fast thanks to almost no regulations in the market place. Hong Kong has been ranked as "the most free economy in the world," for 14 years in a row, by the Index of Economic Freedom. The most desirable areas include "The Peaks," and the up-scale "Mid-level," district. 2007 saw a record price per square foot not only in Hong Kong, but Asia in Branksome Crest Towers, over looking Victoria Harbor.