The History of Hong Kong – Part II

Following World War II, Hong Kong quickly industrialized and become a major manufacturing center and leading exporter. During the 1980s and 1990s, the economy of Hong Kong shifted from being primarily manufacturing-based to one that was service-based, becoming one of the world’s leading financial and banking centers.

Great Britain’s lease of the New Territories was to expire in 1997, and negotiations began between the United Kingdom and the People’s Republic of China, to discuss Hong Kong’s sovereignty. In 1984 the Sino-British Joint Declaration was signed. The United Kingdom agreed to transfer Hong Kong to the People’s Republic of China in 1997, with the stipulation that Hong Kong would become a special administrative region, with its own laws and autonomy for 50 years at least following the transfer. Hong Kong also maintained its capitalist economy.

Hong Kong’s skyline has been rated as the greatest skyline in the world. Due to its lack of space, dense population, and highly capitalist economy, the region has seen the construction of a multitude of skyscrapers to accommodate the residential and commercial needs of the region. Hong Kong is home to 6,439 skyscrapers, with 38 of the world’s tallest 100 residential buildings. It is a center for modern architecture, with few older buildings remaining. International Finance Center is the tallest building in Hong Kong, measuring in at 415 meters (1360 feet) high. Some of the other prominent skyscrapers in Hong Kong include the HSBC Headquarters Building, the Central Plaza with its distinct pyramid-shaped spire, world renowned architect I.M. Pei’s Bank of Chinese Tower, and The Center which hosts a nightly multi-colored light show. There are quite a few development plans for new construction, as Hong Kong continues to be one of the leading financial centers in the world.