Word: hong
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Dates: during 1960-1969
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Land prices are nearing record levels, and choice industrial sites sell for $23 per square foot, more than ten times the price of comparable U.S. industrial sites. About 140 U.S. firms have moved their offices from Japan to Hong Kong, and foreign investors have been attracted by the fact that the colony has no capital gains tax and a maximum tax on gross income of only 15%. Wages remain low, averaging $13.50 for a 50-hour week, but per capita annual income has risen in three years from...
Among the major new construction projects, the 800-room Hong Kong Hotel will open this year, bringing the colony's number of hotel rooms...
...visitors a year. The local government is arranging financing for a $17 million runway extension that will open Kai Tak Airport to jumbo jets; it is also planning a $500 million subway and a $350 million road improvement, including a tunnel to connect the mainland Kowloon peninsula with Hong Kong Island...
Reason for Optimism. Hong Kong's ultimate fate depends on two unpredictable factors: the behavior of its neighbor, Red China and, to a lesser degree, the import policies of its best customers, the U.S. and Britain...
...China can take over the "New Territories," an essentially agricultural area that makes up four-fifths of the 400-sq.-mi. colony, when a 99-year lease expires in 1997. That will reduce the colony to Kowloon and Hong Kong Island, the two centers of business and tourism that were ceded to Britain in perpetuity by China's emperors. Legalities aside, Red China could overrun Hong Kong in 24 hours whenever it wished. What permits business optimism is the belief that Peking finds the status quo alluring. Red China earns nearly half of its foreign exchange-upwards...