Works in Progress Podcast The underrated economics of land with Mike Bird
12 snips
Aug 15, 2025 
In this engaging discussion, Mike Bird, Wall Street editor at The Economist and host of Money Talks, delves into the intriguing economics of land. He examines why China's housing remains costly despite oversupply and traces the historical roots of land reforms that sparked the Bolshevik Revolution. Mike also highlights the complexities of leasehold systems in regions like Hong Kong and Singapore and underscores the intricate ties between land ownership and credit access. His insights open a window into the past while spotlighting present economic challenges.
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Land's Unique Durability
- Land is unusually long-lived and resists depreciation compared with other capital assets.
- That longevity makes land fundamentally different as a financial asset and driver of inequality.
Colonial Roots Of Leasehold Cities
- Singapore and Hong Kong kept leasehold systems inherited from British colonial land auctions.
- The governments used lease sales to fund ports and public revenue without complex taxation.
Land Sales Fund Chinese Local Governments
- Chinese local governments fund themselves heavily by selling land-use leases.
- A 1994 tax change left local governments cash-strapped and reliant on land-sale revenue.