Even Hong Kong’s luxury apartment complexes are relentlessly uniform, though often more colorful than public housing. – Credit: Michael Wolf/Courtesy of Bruce Silverstein Gallery in New York

HONG KONG (The New York Times) — Hong Kong is a famously efficient city. Residents pride themselves on the flawless operation of the subway system and the airport. For 21 years in a row, the Heritage Foundation has ranked Hong Kong as the world’s freest economy.

But free markets come at a cost. Easy access to capital, years of record-low interest rates and an acute shortage of supply have made Hong Kong the most expensive place in the world to buy a home. Continue reading →