[shipp02]

Land in HK is weird. The lease thing is true but there are massive national parks that have nothing built at all.

The buildings that do exist are ~50 stories even though that's not optimal because of the typhoon situation. So constructive cost is high because government does not release enough land for development.

The rents are high because someone wants it that way. It's not a land scarcity problem IMO.

Also the government and the upcoming merge with China is strange in itself.