2019-08-26 Bloomberg Businessweek

E C O N O M I C S

August 26, 2019

25

Edited by

Cristina Lindblad

● Foryoungpeople in thecity,

aneraofopportunitygivesway

toaneraofrage

BillyTung,a 28-year-oldaccountant,livesonHong

KongIslandina tinyroominanapartmentthat’s

beenpartitionedtoaccommodatesixrenters.His

bossesexpecthimtoworkmostSaturdaysand

Sundays,butrecentlyhe’shadanotherweekend

activity:takingtothestreetstojointhousandsof

otherHongKongersinprotests.Thedemonstra-

tionsweretriggeredbya governmentproposal

thatwouldallowChinatoextraditethoseaccused

ofcrimesbuthavesincemorphedtoincludea

broadersetofdemands,includingtherightforuni-

versalsuffrage.

Theprotestshaveswampedthestreetsofthis

formerBritishcolonysinceJune,intensifyingas

thelong,hotsummerdragson,withpolicefre-

quentlyusingteargasandrubberbulletstoclear

demonstratorswho’veturnedtoviolenceattimes

todemandthatChiefExecutiveCarrieLamfor-

mallywithdrawthelegislation.“Citizensarewilling

tosacrificetheeconomytofight,”saysTung,who

representsa generationforwhomhomeownership

is increasinglyoutofreach.HongKonghashadthe

world’sleastaffordablerealestatefornineyearsin

a row.Propertydeveloperswieldenormousmar-

ketpower,controllingeverythingfromelectricity

supplierstomobilephonecarriers.

LikemanyHong Kongersofhisgeneration,

Tungfindsit hardtosaveevenwhilehecarefully

watcheshisspending,whichis whyhe’sbeentoy-

ingwiththeideaofmovingtoTaiwan.“Idon’twant

tospendthenext 10 years working just to give it all

away to Hong Kong real estate developers,” he says.

This has long been a land of contrasts in which

glittering skyscrapers and chauffeur-driven Rolls-

Royces are juxtaposed with decrepit apartment

◀ Tung at home

and at a protest

The

Anger of

Hong Kong’s

Youth ...

PHOTOGRAPHS: CHAN LONG HEI/BLOOMBERG