The book to read is Land and the Ruling Class in Hong Kong (2010) by Alice Poon, which explains how the lack of competition law created outrageous wealth for the tycoons. It’s a complex subject but the key point is that in Hong Kong all land is leasehold and ultimately owned by the government, which uses it as a means of raising revenue. This goes back to the days of empire when British policy required colonies to be self-funding. The system kept taxes down and attracted business – but one side-effect was that it gave the government an interest in rationing land to keep it expensive. That didn’t matter much when the local economy comprised a few traders but, in the modern technological world of 2012, it puts the government at odds with every person and business wanting affordable space. Indeed, it induces the government to distort and damage the economy, and indeed society. This system paved the way for a handful of Hong Kong families to become unimaginably wealthy by getting their hands on cheap land back in the days before the city started to boom.