|  | Harbour Place
| Status: | | | Construction Dates | | Finished | 2002 | | Floor Count | 40 | | Units / Rooms | 2,470 |
|  | | Building Uses | | - residential | | - parking garage | | - retail | | - unused | | Structural Types | | - highrise | | - bridge | | - hole |
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Description
This fiasco of a project is a case study in the problems of bust-and-boom real estate development, as well as the odd things that happen when land prices get unreal.
Under a government contract, private developers constructed seven public housing blocks for sales. However, around the time of completion, the real estate market tanked, and to stabilize the market, government officials kept these units off the market by selling them to the private developer(Sun Hung Kai Properties Ltd.) .
A couple years later, the economy has reversed direction, and the developers decided that the prime waterfront land could be made more profitable by demolishing the existing buildings and putting up luxury flats.
When words got out, public outrage broke out both from neighbors and environmental groups. Activists protested the developers, and the cause has been taken up by pro-democracy groups as well.
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