Leung, Charles Ka YuiCharles Ka YuiLeungNg, Cho-yiu, JoeCho-yiu, JoeNgDr. TANG Chi Ho, EdwardEdwardDr. TANG Chi Ho2020-07-032020-07-032020Economic and Political Studies, 2020, vol. 8(1), pp. 6-20.2095-48162470-4024http://hdl.handle.net/20.500.11861/5904The house price in the Hong Kong SAR of China is well-known to be 'unaffordable'. This paper relates the macroeconomy with the housing market of Hong Kong and argues that the housing supply plays a vital role in explaining the phenomenon. This paper also shows that there are some practical challenges in understanding the housing supply of Hong Kong, including the potentially complicated ownership structure of real estate development. While the discussion centres on the situation of Hong Kong, its lesson may also apply to housing markets in other small open economies.enPeer Reviewed Journal Article10.1080/20954816.2019.1691705