1970s in Hong Kong
Encyclopedia
1970s in Hong Kong underwent many changes that shaped its future. Economically, it reinvented itself from a manufacturing base into a financial centre. The market also began leaning toward corporations and franchises.
Political talks about the Second Convention of Peking
resurfaced in the early 70s. The New Territories
land lease agreement would end within 27 years in 1997. Then-Governor of Hong Kong
Murray MacLehose began visiting Beijing
to talk about the future of Hong Kong with PRC
leaders.
The British government envisioned the possibility of extending the land lease agreement for many more years, thus shelving the problem for a long time. The fact was far from the vision, as the British and the PRC were engaged in a long and uncompromising negotiation eventually involving Margaret Thatcher
. What was supposed to be a negotiation on extending the lease deal became a post-colonial framework timeline.
was adopted under the 1976 Metrication Ordinance
. Subsequently many of the wet market
s and traditional Chinese medicine
shops used the old Chinese system
for at least another decade.
in 1971, and expanded it to 9-year in 1978. Companies were also seeking highly educated employees for complex projects. 72% of overseas graduates between 1962 and 1976 would come back to Hong Kong to take on highly skilled domestic positions.
was established. It provided competition for the other two other companies: Rediffusion Limited
and Television Broadcasts Limited
. Failing to compete against the others, Commercial TV closed down in 22 August 1978 after only three years.
The 1970s was the first decade in Hong Kong with daily news broadcasts. The news programs ranked top 10 continuously for a decade. Other segments of the ratings
included TV dramas, which averaged 80 to 120 episodes, usually broadcasting at 7:00 pm. 66% of the population tuned in regularly covering 2 to 3 million viewers nightly. Popular series finales would empty out streets and restaurants. Most series did not contain much if any Chinese traditionalism. The theme songs of these dramas also helped revived Cantonese music - the term Cantopop
was indeed coined during this period of time.
and The Beatles
were getting exposure in the music industry. Toys from Japan have arrived in Hong Kong via random and inconsistent shipments in the past. But the first big waves of Japanese products with staying power in the market place were mainly super robot
toys. Gordian Warrior
and Baxinger
were some that were commonly available.
The 1975 Japanese series Ultraman
(Chinese: 咸蛋超人) was aired, and was named as such since the protagonist had eyes resembling eggs. The children were fascinated. Kids tried to "fly" in the air, imitating their heroes. Two kids (aged 3½ and 4½) attempted a flight jumping off a 7-storey building in Kowloon City
on 26 July 1975. The younger brother was killed on the spot, while the elder was miraculously saved. The broadcast of the series was suspended for a while after the accident.
s starred by Bruce Lee
, including the 1971 The Big Boss
(唐山大兄) and Fist of Fury
(精武門) the following year, were sensational. Cornered for some times by Western and Mandarin films, Cantonese films were much revived in the 1970s, with the great success of 1976 The Private Eyes (半斤八兩), directed by Michael Hui
, which is said to remain the all-time box-office king of Hong Kong cinema
when inflation
is taken into account.
passed over Hong Kong causing extensive damage, forcing the hoisting of Hurricane Signal
No. 10 on 16 August. A total of 5,664 people from 1,032 families became homeless. The typhoon also destroyed 653 wooden huts and damaged 24 buildings, six beyond repair.
In August 1979, Typhoon Hope reached Hong Kong but has weakened considerably from the 150 mph wind earlier.
In June 1972, torrential rains caused two serious landslides in Sau Mau Ping
and the Mid-levels
respectively. The Mid-levels case happened at Kotewall Road. A large area of a slope collapsed, demolishing a 12-storey apartment block and taking the top floors off a block next to it. In the Sau Mau Ping case, shanty town
dwellers refused to evacuate despite warning; a road embankment partially collapsed and the debris buried those in their dwelling. Together there were over 150 deaths, 110 injured and more than 5000 people were left homeless.
detective superintendents amassed incredible wealth from their corrupt dealings with triads and corporations. Their names have been seared into the memories of the older generations, their stories adapted into several popular movies such as To be Number One (跛豪) in 1991. That is not to say British officers were entirely clean in their dealings.
In 1974, Hong Kong Governor Lord MacLehose of Beoch, realising the seriousness of the problem, founded the Independent Commission Against Corruption
(ICAC). The investigations and arrests of many police officers created a furore among the police, who protested against the ICAC and even tried to overrun the headquarters in one protest.
The governor, who was afraid of a police strike or even a rebellion, at last issued a pardon, preventing arrests in cases committed before 1977. However, the pardon was not extended to higher-level detective superintendents. Those high-level Chinese officers, famous for their riches, left for exile to Taiwan with no extradition treaties with Hong Kong. The efforts of the ICAC in time changed the habits of an entire population and turned Hong Kong into one of the least corrupt cities in the world.
and Diaoyutai Islands (known as the Senkaku Islands to Japan). The act stirred up campaigns for defending the Diaoyutai Islands among Chinese societies all around the world. The "Hong Kong Federation of Students" (香港專上學生聯會) requested a protest at Victoria Park
in Causeway Bay
on 7 July 1971. Having been frightened by the 1967 riots
, the police tried to prevent the protest. Unnecessary violence erupted, leading to the arrests of students. The media criticised the violation of democracy
. The British police officers involved were sent back to the UK
and went unpunished. Protests concerning the defence of Diaoyutai Islands continued to be held the following months.
became the new business. Land originally reserved for factories were now converted to houses or shopping malls. Along with the opening up of global trade in China via the 1978 economic reform, factories were gradually re-located to the mainland for even cheaper labour.
At the same time, Singapore, South Korea and Taiwan underwent similar developments to those of Hong Kong. The competitiveness of manufacturing similar products led to protectionism
to shelter local companies. As a result, there was less demand for Hong Kong goods.
and relieve overcrowded conditions, the government announced the Ten-year Housing Program (十年建屋計劃) in 1972, with the goal of providing quality housing for 1.8 million people in 10 years. The Hong Kong Housing Authority
was thus formed to spearhead the program. The government also introduced the Home Ownership Scheme
(居者有其屋計劃) in 1976, building houses and selling them at below-market prices to help people own property.
, the first supermarket
in Hong Kong, was opened in Central
in 1970. It was called "Gweilo
market" by some locals, as most customers were westerners during the initial period of its operation. Though Chinese citizens would soon embrace this new kind of store. By 1975, more than 200 big- and small-scaled supermarkets could be found in the city. These new stores eliminated most traditional rice dealers (米舖), wine shops (辦館) and convenient stores (See Dor) (士多). Wellcome
and PARKnSHOP
did not take long to capture the market. The front and full page ads of these two mega franchises aided in their increase in popularity where smaller traditional stores couldn't
. The first McDonald's
restaurant opened on Paterson Street, Causeway Bay
in 1975.
Hong Kong's first underground railroad, the Mass Transit Railway (MTR) was opened in October 1979. The first line served eastern Kowloon from Shek Kip Mei
to Kwun Tong
. In December, services were extended to Tsim Sha Tsui
, and by 1980, it was possible to ride from Kwun Tong to the central business district in Central on the other side of the harbour on Hong Kong Island.
The Cross-Harbour Tunnel
, the first underwater tunnel in Hong Kong, opened in 1972 . For the first time in the region's history, people could travel between Hong Kong and Kowloon without taking ferries. As a result, small electrical boats like sampans (小電船) were gradually eliminated.
5 million and liquidity ratio of 25% and limitation on loans and investments became the new requirements to open a legit institution. People began to have more trust in their banks, and the accumulation of savings led to people's willingness to invest.
Soon, the stock rush began. New stocks were on sale every day; brokerage houses mushroomed; some people quit their own jobs to become full-time investors, suffering a kind of urban disease which the doctors simply named "stock illness". It is said that the investors during this period numbered to 500,000. The Hang Seng Index
kept soaring, but not for long. Partly thanks to the foreign manipulators,dubious claim the Stock market crash
ed, in March 1973. Many people were left bankrupt. Urban legend
had it that the Castle Peak
psychiatric hospital
s became full-house once the market crashed. The Hong Kong economy recovered only slowly over the next few years.
In 1976, a "Deposit-taking Companies Ordinance" was also passed to enforce non-licensed bank institutions to register with the government. A minimum paid up capital requirement of HKD 2.5 million was also required. The strategy was to mirror the Deposit Trust concept in the U.S.
riots in Hong Kong, the government responded with a desalination plant at Lok On Pai, Castle Peak
in 1975. The High Island Reservoir
construction went from 1969 to 1979, and was expected to be the same size as Plover Cove
. The construction, contracted by a Japanese company cost more than HKD
400 million.
, or the "Kowloon Emperor", began his career of calligraphy graffiti in 1970.
Background
Convention for the Extension of Hong Kong Territory
The Convention Between Great Britain and China Respecting an Extension of Hong Kong Territory or the Second Convention of Peking was a lease signed between Qing Dynasty and the United Kingdom in 1898.-Background:...
resurfaced in the early 70s. The New Territories
New Territories
New Territories is one of the three main regions of Hong Kong, alongside Hong Kong Island and the Kowloon Peninsula. It makes up 86.2% of Hong Kong's territory. Historically, it is the region described in The Convention for the Extension of Hong Kong Territory...
land lease agreement would end within 27 years in 1997. Then-Governor of Hong Kong
Governor of Hong Kong
The Governor of Hong Kong was the head of the government of Hong Kong during British rule from 1843 to 1997. The governor's roles were defined in the Hong Kong Letters Patent and Royal Instructions...
Murray MacLehose began visiting Beijing
Beijing
Beijing , also known as Peking , is the capital of the People's Republic of China and one of the most populous cities in the world, with a population of 19,612,368 as of 2010. The city is the country's political, cultural, and educational center, and home to the headquarters for most of China's...
to talk about the future of Hong Kong with PRC
People's Republic of China
China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
leaders.
The British government envisioned the possibility of extending the land lease agreement for many more years, thus shelving the problem for a long time. The fact was far from the vision, as the British and the PRC were engaged in a long and uncompromising negotiation eventually involving Margaret Thatcher
Margaret Thatcher
Margaret Hilda Thatcher, Baroness Thatcher, was Prime Minister of the United Kingdom from 1979 to 1990...
. What was supposed to be a negotiation on extending the lease deal became a post-colonial framework timeline.
Metrication
The Metric SystemMetric system
The metric system is an international decimalised system of measurement. France was first to adopt a metric system, in 1799, and a metric system is now the official system of measurement, used in almost every country in the world...
was adopted under the 1976 Metrication Ordinance
Metrication Ordinance
The Metrication Ordinance was enacted in 1976 in Hong Kong. The law allowed a gradual replacement of the Imperial units and Chinese units of measurement in favor of the International System of Units Metric System. The adoption was facilitated under the government's Metrication Committee....
. Subsequently many of the wet market
Wet market
A wet market is generally an open food market. Some of the common names include "Cultural Markets", "traditional markets", "Gaai Si", "Gaai See".-Terminology:...
s and traditional Chinese medicine
Traditional Chinese medicine
Traditional Chinese Medicine refers to a broad range of medicine practices sharing common theoretical concepts which have been developed in China and are based on a tradition of more than 2,000 years, including various forms of herbal medicine, acupuncture, massage , exercise , and dietary therapy...
shops used the old Chinese system
Chinese units of measurement
Chinese units of measurement are the customary and traditional units of measure used in China. In the People's Republic of China, the units were re-standardised during the late 20th century to make them approximate SI units. Many of the units were formerly based on the number 16 instead of 10...
for at least another decade.
Education
The Hong Kong government introduced the 6-year free compulsory educationPrimary education
A primary school is an institution in which children receive the first stage of compulsory education known as primary or elementary education. Primary school is the preferred term in the United Kingdom and many Commonwealth Nations, and in most publications of the United Nations Educational,...
in 1971, and expanded it to 9-year in 1978. Companies were also seeking highly educated employees for complex projects. 72% of overseas graduates between 1962 and 1976 would come back to Hong Kong to take on highly skilled domestic positions.
Domestic entertainment
In 7 September 1975, Commercial TelevisionCommercial Television
Commercial Television was the third free-to-air broadcast television station in Hong Kong. It first went on air in 1975, and ceased transmissions in 1978.-History:...
was established. It provided competition for the other two other companies: Rediffusion Limited
Asia Television Limited
Asia Television Limited is one of the two free-to-air television broadcasters in Hong Kong, the other being rival Television Broadcasts Limited . It launched in 1957 under the name Rediffusion Television as the first television station in Hong Kong...
and Television Broadcasts Limited
Television Broadcasts Limited
Television Broadcasts Limited, commonly known as TVB, is the second over-the-air commercial television station in Hong Kong. It commenced broadcasting on 19 November 1967...
. Failing to compete against the others, Commercial TV closed down in 22 August 1978 after only three years.
The 1970s was the first decade in Hong Kong with daily news broadcasts. The news programs ranked top 10 continuously for a decade. Other segments of the ratings
Television rating system
Television content rating systems give viewers an idea of the suitability of a television program for children or adults. Many countries have their own television rating system and each country's rating process may differ due to local priorities...
included TV dramas, which averaged 80 to 120 episodes, usually broadcasting at 7:00 pm. 66% of the population tuned in regularly covering 2 to 3 million viewers nightly. Popular series finales would empty out streets and restaurants. Most series did not contain much if any Chinese traditionalism. The theme songs of these dramas also helped revived Cantonese music - the term Cantopop
Cantopop
Cantopop is a colloquialism for "Cantonese popular music". It is sometimes referred to as HK-pop, short for "Hong Kong popular music". It is categorized as a subgenre of Chinese popular music within C-pop...
was indeed coined during this period of time.
Foreign entertainment
Hong Kong also found itself at a unique geographical and cultural crossroads. Many of the western artists like Elvis PresleyElvis Presley
Elvis Aaron Presley was one of the most popular American singers of the 20th century. A cultural icon, he is widely known by the single name Elvis. He is often referred to as the "King of Rock and Roll" or simply "the King"....
and The Beatles
The Beatles
The Beatles were an English rock band, active throughout the 1960s and one of the most commercially successful and critically acclaimed acts in the history of popular music. Formed in Liverpool, by 1962 the group consisted of John Lennon , Paul McCartney , George Harrison and Ringo Starr...
were getting exposure in the music industry. Toys from Japan have arrived in Hong Kong via random and inconsistent shipments in the past. But the first big waves of Japanese products with staying power in the market place were mainly super robot
Super Robot
is a term used in manga and anime to describe a giant robot or mecha, with an arsenal of fantastic super-powered weapons, extreme resistance to damage unless the plot calls for it, sometimes transformable or combined from two or more robots and/or vehicles usually piloted by young, daring heroes,...
toys. Gordian Warrior
Gordian Warrior
was a popular anime series aired in 1979 to 1981 in Japan. There were 73 episodes aired at 30 minutes each. It is also referred to as Champion of Gordian or Gardian.-Original Story:...
and Baxinger
Baxinger
was an anime series aired from 1982 to 1983 in Japan. There were 39 episodes aired. Other loosely translated names include "Baxingar", "Galactic Stormwind Baxinga", "Cosmo Rangers". It is the sequel to Braiger and the second series of the J9 Series...
were some that were commonly available.
The 1975 Japanese series Ultraman
Ultraman
is Japanese television series that first aired in 1966. Ultraman, the first and best-known of the "Ultra-Crusaders," made his debut in the tokusatsu SF/kaiju/superhero TV series, , a follow-up to the television series Ultra Q...
(Chinese: 咸蛋超人) was aired, and was named as such since the protagonist had eyes resembling eggs. The children were fascinated. Kids tried to "fly" in the air, imitating their heroes. Two kids (aged 3½ and 4½) attempted a flight jumping off a 7-storey building in Kowloon City
Kowloon City
Kowloon City is an area in Kowloon, Hong Kong. It is named after the Kowloon Walled City, and is administratively part of Kowloon City District....
on 26 July 1975. The younger brother was killed on the spot, while the elder was miraculously saved. The broadcast of the series was suspended for a while after the accident.
Cinema
The martial arts filmMartial arts film
Martial arts film is a film genre. A sub-genre of the action film, martial arts films contain numerous fights between characters, usually as the films' primary appeal and entertainment value, and often as a method of storytelling and character expression and development. Martial arts are frequently...
s starred by Bruce Lee
Bruce Lee
Bruce Lee was a Chinese American, Hong Kong actor, martial arts instructor, philosopher, film director, film producer, screenwriter, and founder of the Jeet Kune Do martial arts movement...
, including the 1971 The Big Boss
The Big Boss
The Big Boss, previously known by its U.S. title Fists Of Fury is a 1971 Hong Kong martial arts action crime thriller film. The Big Boss was Bruce Lee's first major film. It was written to star James Tien; however, Lee's strong performance relegated Tien, already a star in Hong Kong, to second...
(唐山大兄) and Fist of Fury
Fist of Fury
Fist of Fury, formerly known as The Chinese Connection and The Iron Hand in the United States, is a 1972 Hong Kong martial arts film directed by Lo Wei. It starred Bruce Lee in his second major film after The Big Boss...
(精武門) the following year, were sensational. Cornered for some times by Western and Mandarin films, Cantonese films were much revived in the 1970s, with the great success of 1976 The Private Eyes (半斤八兩), directed by Michael Hui
Michael Hui
Michael Hui Koon-Man is a Hong Kong comedian, scriptwriter and director. He is the eldest of the four Hui brothers who remain three of the most prominent figures in the Hong Kong entertainment circle during the 1970s and the 1980s...
, which is said to remain the all-time box-office king of Hong Kong cinema
Cinema of Hong Kong
The cinema of Hong Kong is one of the three major threads in the history of Chinese language cinema, alongside the cinema of China, and the cinema of Taiwan...
when inflation
Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
is taken into account.
Natural disasters
In August 1971, Typhoon RoseTyphoon Rose (1971)
Typhoon Rose was Category 4 typhoon that struck the northern Philippines and later eastern China in August 1971...
passed over Hong Kong causing extensive damage, forcing the hoisting of Hurricane Signal
Hong Kong Tropical Cyclone Warning Signals
The Hong Kong tropical cyclone warning signals or informally typhoon signals are a set of signals used to indicate the threat or effects of a tropical cyclone. The Hong Kong Observatory issues the warning signal if a tropical cyclone is centred within of Hong Kong and may affect Hong Kong later...
No. 10 on 16 August. A total of 5,664 people from 1,032 families became homeless. The typhoon also destroyed 653 wooden huts and damaged 24 buildings, six beyond repair.
In August 1979, Typhoon Hope reached Hong Kong but has weakened considerably from the 150 mph wind earlier.
In June 1972, torrential rains caused two serious landslides in Sau Mau Ping
Sau Mau Ping
Sau Mau Ping is an area in eastern New Kowloon, Hong Kong.Its Chinese name was formerly So Mau Ping , but this was often mis-rendered So Mo Ping , meaning a place to 'visit one's ancestors'. In fact, during World War II, much of the area was used as a cemetery...
and the Mid-levels
Mid-levels
Mid-levels is an expensive residential area on Hong Kong Island in Hong Kong. It is located halfway up Victoria Peak, directly above Central...
respectively. The Mid-levels case happened at Kotewall Road. A large area of a slope collapsed, demolishing a 12-storey apartment block and taking the top floors off a block next to it. In the Sau Mau Ping case, shanty town
Shanty town
A shanty town is a slum settlement of impoverished people who live in improvised dwellings made from scrap materials: often plywood, corrugated metal and sheets of plastic...
dwellers refused to evacuate despite warning; a road embankment partially collapsed and the debris buried those in their dwelling. Together there were over 150 deaths, 110 injured and more than 5000 people were left homeless.
Anti-corruption campaigns
In the 1970s, corruption was a way of life in Hong Kong, being the norm in all government departments. Policemen would often extract bribes (popularly called "tea fee") before they investigated a crime, as did firemen before they rescued people and put out fires. Many ChineseHan Chinese
Han Chinese are an ethnic group native to China and are the largest single ethnic group in the world.Han Chinese constitute about 92% of the population of the People's Republic of China , 98% of the population of the Republic of China , 78% of the population of Singapore, and about 20% of the...
detective superintendents amassed incredible wealth from their corrupt dealings with triads and corporations. Their names have been seared into the memories of the older generations, their stories adapted into several popular movies such as To be Number One (跛豪) in 1991. That is not to say British officers were entirely clean in their dealings.
In 1974, Hong Kong Governor Lord MacLehose of Beoch, realising the seriousness of the problem, founded the Independent Commission Against Corruption
Independent Commission Against Corruption (Hong Kong)
The Independent Commission Against Corruption of Hong Kong was established by Governor Murray MacLehose on 15 February 1974, when Hong Kong was under British rule. Its main aim was to clean up endemic corruption in the many departments of the Hong Kong Government through law enforcement,...
(ICAC). The investigations and arrests of many police officers created a furore among the police, who protested against the ICAC and even tried to overrun the headquarters in one protest.
The governor, who was afraid of a police strike or even a rebellion, at last issued a pardon, preventing arrests in cases committed before 1977. However, the pardon was not extended to higher-level detective superintendents. Those high-level Chinese officers, famous for their riches, left for exile to Taiwan with no extradition treaties with Hong Kong. The efforts of the ICAC in time changed the habits of an entire population and turned Hong Kong into one of the least corrupt cities in the world.
Defend Diaoyutai Islands campaigns
In 1970 , the American government returned to Japan the sovereignty of Ryukyu IslandsRyukyu Islands
The , also known as the , is a chain of islands in the western Pacific, on the eastern limit of the East China Sea and to the southwest of the island of Kyushu in Japan. From about 1829 until the mid 20th century, they were alternately called Luchu, Loochoo, or Lewchew, akin to the Mandarin...
and Diaoyutai Islands (known as the Senkaku Islands to Japan). The act stirred up campaigns for defending the Diaoyutai Islands among Chinese societies all around the world. The "Hong Kong Federation of Students" (香港專上學生聯會) requested a protest at Victoria Park
Victoria Park, Hong Kong
Victoria Park is a public park in Hong Kong, named after Queen Victoria of the United Kingdom. It is located in Causeway Bay, on the north of Hong Kong Island, between Causeway Bay and Tin Hau MTR stations...
in Causeway Bay
Causeway Bay
Causeway Bay is a heavily built-up area of Hong Kong, People's Republic of China, located on the Hong Kong Island, and covering parts of Wan Chai and Eastern districts. The Chinese name is also romanized as Tung Lo Wan as in Tung Lo Wan Road...
on 7 July 1971. Having been frightened by the 1967 riots
Hong Kong 1967 riots
The Hong Kong 1967 riots began in May 1967. They were caused by pro-communist leftists in Hong Kong, inspired by the Cultural Revolution in the People's Republic of China , who turned a labour dispute into large scale demonstrations against British colonial rule. Demonstrators clashed violently...
, the police tried to prevent the protest. Unnecessary violence erupted, leading to the arrests of students. The media criticised the violation of democracy
Democracy
Democracy is generally defined as a form of government in which all adult citizens have an equal say in the decisions that affect their lives. Ideally, this includes equal participation in the proposal, development and passage of legislation into law...
. The British police officers involved were sent back to the UK
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and went unpunished. Protests concerning the defence of Diaoyutai Islands continued to be held the following months.
Economy
Manufacture
Many factors contribute to the decline of manufacturing. The late 1970s saw an increase in land prices. Real estateReal estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
became the new business. Land originally reserved for factories were now converted to houses or shopping malls. Along with the opening up of global trade in China via the 1978 economic reform, factories were gradually re-located to the mainland for even cheaper labour.
At the same time, Singapore, South Korea and Taiwan underwent similar developments to those of Hong Kong. The competitiveness of manufacturing similar products led to protectionism
Protectionism
Protectionism is the economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow "fair competition" between imports and goods and services produced domestically.This...
to shelter local companies. As a result, there was less demand for Hong Kong goods.
Real estate
To improve the quality of public housingPublic housing
Public housing is a form of housing tenure in which the property is owned by a government authority, which may be central or local. Social housing is an umbrella term referring to rental housing which may be owned and managed by the state, by non-profit organizations, or by a combination of the...
and relieve overcrowded conditions, the government announced the Ten-year Housing Program (十年建屋計劃) in 1972, with the goal of providing quality housing for 1.8 million people in 10 years. The Hong Kong Housing Authority
Hong Kong Housing Authority
The Hong Kong Housing Authority is the main provider of public housing in Hong Kong. It was established in 1973 under the Housing Ordinance and is an agency of the Government of Hong Kong...
was thus formed to spearhead the program. The government also introduced the Home Ownership Scheme
Home Ownership Scheme
The Home Ownership Scheme is a subsidized-sale programme of public housing in Hong Kong managed by the Hong Kong Housing Authority...
(居者有其屋計劃) in 1976, building houses and selling them at below-market prices to help people own property.
Emerging businesses
WellcomeWellcome
Wellcome is a supermarket chain owned by Jardine Matheson Holdings via its Dairy Farm subsidiary. The Wellcome supermarket chain is one of the two largest supermarket chains in Hong Kong, the other being PARKnSHOP. Wellcome also operates supermarkets in Taiwan under the Wellcome name...
, the first supermarket
Supermarket
A supermarket, a form of grocery store, is a self-service store offering a wide variety of food and household merchandise, organized into departments...
in Hong Kong, was opened in Central
Central, Hong Kong
Central is the central business district of Hong Kong. It is located in Central and Western District, on the north shore of Hong Kong Island, across Victoria Harbour from Tsim Sha Tsui, the southernmost point of Kowloon Peninsula...
in 1970. It was called "Gweilo
Gweilo
Gweilo or Gwailo is a common Cantonese slang term for foreigners, and has a long history of racially deprecatory use. If there is some racially deprecatory meaning or it is expressive of hate, it is shown by the addition of the adjective, sei or as a prefix: seigwailo...
market" by some locals, as most customers were westerners during the initial period of its operation. Though Chinese citizens would soon embrace this new kind of store. By 1975, more than 200 big- and small-scaled supermarkets could be found in the city. These new stores eliminated most traditional rice dealers (米舖), wine shops (辦館) and convenient stores (See Dor) (士多). Wellcome
Wellcome
Wellcome is a supermarket chain owned by Jardine Matheson Holdings via its Dairy Farm subsidiary. The Wellcome supermarket chain is one of the two largest supermarket chains in Hong Kong, the other being PARKnSHOP. Wellcome also operates supermarkets in Taiwan under the Wellcome name...
and PARKnSHOP
PARKnSHOP
PARKnSHOP is one of the two largest supermarket chains in Hong Kong, the other being Wellcome. PARKnSHOP operates more than 260 outlets in Hong Kong, Macau, and Mainland China....
did not take long to capture the market. The front and full page ads of these two mega franchises aided in their increase in popularity where smaller traditional stores couldn't
Economies of scale
Economies of scale, in microeconomics, refers to the cost advantages that an enterprise obtains due to expansion. There are factors that cause a producer’s average cost per unit to fall as the scale of output is increased. "Economies of scale" is a long run concept and refers to reductions in unit...
. The first McDonald's
McDonald's
McDonald's Corporation is the world's largest chain of hamburger fast food restaurants, serving around 64 million customers daily in 119 countries. Headquartered in the United States, the company began in 1940 as a barbecue restaurant operated by the eponymous Richard and Maurice McDonald; in 1948...
restaurant opened on Paterson Street, Causeway Bay
Causeway Bay
Causeway Bay is a heavily built-up area of Hong Kong, People's Republic of China, located on the Hong Kong Island, and covering parts of Wan Chai and Eastern districts. The Chinese name is also romanized as Tung Lo Wan as in Tung Lo Wan Road...
in 1975.
Infrastructure
Shek Kip Mei
Shek Kip Mei, originally known as Kap Shek Mi, is an area in New Kowloon, the North Eastern Kowloon Peninsula of Hong Kong.-History:A major fire on 25 December 1953, destroyed the Shek Kip Mei shantytown of immigrants from Mainland China that had fled to Hong Kong, leaving 53,000 people...
to Kwun Tong
Kwun Tong
Kwun Tong is an area in Kwun Tong District, situated at the eastern part of the Kowloon Peninsula, and its boundary stretches from Lion Rock in the north to Lei Yue Mun in the south, and from the winding paths of Kowloon Peak in the east to the north coast of the former Kai Tak Airport runway in...
. In December, services were extended to Tsim Sha Tsui
Tsim Sha Tsui
Tsim Sha Tsui , often abbreviated as TST, is an urbanized area in southern Kowloon, Hong Kong. The area is administratively part of the Yau Tsim Mong District. Tsim Sha Tsui East is a piece of land reclaimed from the Hung Hom Bay now east of Tsim Sha Tsui...
, and by 1980, it was possible to ride from Kwun Tong to the central business district in Central on the other side of the harbour on Hong Kong Island.
The Cross-Harbour Tunnel
Cross-Harbour Tunnel
The Cross-Harbour Tunnel is the first tunnel in Hong Kong built underwater. It has become one of the most congested roads in Hong Kong and the world...
, the first underwater tunnel in Hong Kong, opened in 1972 . For the first time in the region's history, people could travel between Hong Kong and Kowloon without taking ferries. As a result, small electrical boats like sampans (小電船) were gradually eliminated.
Finance
People grew richer entering the 1970s. Not surprisingly, people started to look for some means of investment. The passing of Banking Ordinance of 1964 would begin the tightening up of banks. A minimum capital of HKDHong Kong dollar
The Hong Kong dollar is the currency of the jurisdiction. It is the eighth most traded currency in the world. In English, it is normally abbreviated with the dollar sign $, or alternatively HK$ to distinguish it from other dollar-denominated currencies...
5 million and liquidity ratio of 25% and limitation on loans and investments became the new requirements to open a legit institution. People began to have more trust in their banks, and the accumulation of savings led to people's willingness to invest.
Soon, the stock rush began. New stocks were on sale every day; brokerage houses mushroomed; some people quit their own jobs to become full-time investors, suffering a kind of urban disease which the doctors simply named "stock illness". It is said that the investors during this period numbered to 500,000. The Hang Seng Index
Hang Seng Index
The Hang Seng Index is a freefloat-adjusted market capitalization-weighted stock market index in Hong Kong. It is used to record and monitor daily changes of the largest companies of the Hong Kong stock market and is the main indicator of the overall market performance in Hong Kong...
kept soaring, but not for long. Partly thanks to the foreign manipulators,dubious claim the Stock market crash
Stock market crash
A stock market crash is a sudden dramatic decline of stock prices across a significant cross-section of a stock market, resulting in a significant loss of paper wealth. Crashes are driven by panic as much as by underlying economic factors...
ed, in March 1973. Many people were left bankrupt. Urban legend
Urban legend
An urban legend, urban myth, urban tale, or contemporary legend, is a form of modern folklore consisting of stories that may or may not have been believed by their tellers to be true...
had it that the Castle Peak
Castle Peak, Hong Kong
Castle Peak or Pui To Shan is a 583 m high peak in the western New Territories of Hong Kong.In contrast to its Chinese name, which means green hill, Castle Peak is notorious for its severe loss of vegetation and weathering of its Granite surface.The area to the west of the hill was also named...
psychiatric hospital
Psychiatric hospital
Psychiatric hospitals, also known as mental hospitals, are hospitals specializing in the treatment of serious mental disorders. Psychiatric hospitals vary widely in their size and grading. Some hospitals may specialise only in short-term or outpatient therapy for low-risk patients...
s became full-house once the market crashed. The Hong Kong economy recovered only slowly over the next few years.
In 1976, a "Deposit-taking Companies Ordinance" was also passed to enforce non-licensed bank institutions to register with the government. A minimum paid up capital requirement of HKD 2.5 million was also required. The strategy was to mirror the Deposit Trust concept in the U.S.
Resource
As a result of the water shut-down by mainland China during the Cultural RevolutionCultural Revolution
The Great Proletarian Cultural Revolution, commonly known as the Cultural Revolution , was a socio-political movement that took place in the People's Republic of China from 1966 through 1976...
riots in Hong Kong, the government responded with a desalination plant at Lok On Pai, Castle Peak
Castle Peak, Hong Kong
Castle Peak or Pui To Shan is a 583 m high peak in the western New Territories of Hong Kong.In contrast to its Chinese name, which means green hill, Castle Peak is notorious for its severe loss of vegetation and weathering of its Granite surface.The area to the west of the hill was also named...
in 1975. The High Island Reservoir
High Island Reservoir
The High Island Reservoir , located in the far south eastern part of the Sai Kung Peninsula, was opened in 1978 helping to alleviate water shortage problems in Hong Kong. Its water capacity is approximately 273 million cubic metres...
construction went from 1969 to 1979, and was expected to be the same size as Plover Cove
Plover Cove
Plover Cove or Shuen Wan Hoi is a cove in the Tai Po area of Hong Kong, near Tolo Channel and Tolo Harbour.It is encircled by the hills Pat Sin Leng and Wan Leng , the Yim Tin Tsai, Ma Shi Chau and Tung Tau Chau island ranges, and a long peninsula extending from Fu Tau Sha...
. The construction, contracted by a Japanese company cost more than HKD
Hong Kong dollar
The Hong Kong dollar is the currency of the jurisdiction. It is the eighth most traded currency in the world. In English, it is normally abbreviated with the dollar sign $, or alternatively HK$ to distinguish it from other dollar-denominated currencies...
400 million.
Trivia
Tsang Tsou ChoiTsang Tsou Choi
Tsang Tsou Choi , or the "King of Kowloon" was a Hong Kong citizen known for his calligraphy graffiti.-Early years:...
, or the "Kowloon Emperor", began his career of calligraphy graffiti in 1970.