Hong Kong and Singapore.

The article presents information on Hong Kong and Singapore. There are many similarities between Hong Kong and Singapore. They have both enjoyed high rates of economic growth over the past three decades, averaging six percent a year in real terms. The two have become known as "East Asian Tigers," having made the transition from poverty to newly industrialized economies in a relatively short time. Both started off as British colonies, with British legal and administrative systems, and made their living as trading ports serving their respective regions. Singapore has been an independent republic since 1965, Hong Kong was returned to China on July 1, 1997. Hong Kong and Singapore are both densely populated cities. Hong Kong and Singapore capture economic rent primarily by nationalizing land and leasing it out. In 1998, Hong Kong's land area of 1,095 square kilometers and her population of 6.6 million were both approximately twice those of Singapore. Owing to historical reasons, Hong Kong's land- tenure arrangements produce an effect comparable to that of straightforward land-value taxation.