With regard to Hong Kong, from a poor place forty years ago, it has turned into a place with a higher standard of living than the U.S. According to the Pope, this is not possible because the poor people of the world are waiting for the rich people to redistribute their wealth to them. People who wait and stay poor are the good people of the world. The Pope loves them. But people who adopt the “trickle down” economics, which is “naive”, which “kills”, and become rich, they would be the evil people. But, they don’t exist according to the Pope because “trickle down” only enriches the few and leaves the masses at the subsistence level. Hong Kong, therefore, doesn’t actually exist.
As to property rights in Hong Kong, it scores a 90 on a scale of 100, tied with Singapore for the highest in Asia:
Technically, land isn’t owned by private parties (or corporations). Land is owned by the government and leased to private parties. The leases, however, are very long-term. Because the leases are very long-term, they effectively create property rights in land:
Possibly the law of land ownership in Hong Kong will change with the adoption of the new basic law (or, Constitution) of the People’s Republic of China, which authorizes private property in land. But, I have no knowledge of this.