The return of Hong Kong to China is the first global news item I really remember from my childhood (the death of Princess Dianna shortly thereafter being the second). One really felt a shift in england that day: this then is the final nail in the coffin of the british empire.
I wish the whole thing had gone better for the folks on the receiving end. I was at university with a crowd who had grown up there seeing themselves as british, suddenly thrust into a strange nationality they didn't match their internal identity, and with no say in the matter.