> In the 1950s and ‘60s, as Hong Kong grew as an industrial hub, many people migrated to the rapidly expanding urban centers for better working opportunities. “It’s hard farming and fishing out there in these remote areas, so a lot of people moved to the city to work in the factories,”
The short answer seems to be corruption: a cabal of property developers colludes with the government to ensure prices are sky-high and nobody outside the system (like, say, whoever owns the land in these abandoned villages) gets building permits.
Where are you getting this? Do you have a source?
It’s a lot of effort and high risk. Much easier to buy out active villages where you can knock on a door, show them a check and do it that way.
Edit: actually it may be even more difficult than that as the inheritance right appears limited to the heir building one house. I’m not sure the plots even can be sold. https://en.wikipedia.org/wiki/Small_House_Policy