Parents face way too much pressure from schools. Even primary schools conduct admission interviews on kids and parents. I tend to dismiss this factor but it is important to some (well-qualified, internationally mobile) individuals.

Immigrants who originally came from impoverished background probably won’t complain. but their 2nd/3rd generations experience decline in livelihood (esp. housing), and complain. I told German that HK is still a wealthy city, but
the complaint could be more than 无病呻吟.

HK Government is seen as 无能(wu2neng2)/incapable. Used to be an effective middleman negotiating with central gov and with the HK residents, but the current gov is bending towards one side only.

Driven by central gov, the HK gov introduced many changes (filling gaps in legal system). They were implmeneted too fast, not well-thought-out. The authorities don’t seem to learn from mistakes.

HK is traditionally a place people came to make money. If the residents lose some freedoms but still experience improving livelihood, then protests would not gain support. I doubt democrasy is that important to HK residents.

LKY said international competition is talent competition. HK is slowly becoming just another Chinese city, and losing non-Chinese talents. At the same time, it is attracting more mainland Chinese talent but I think this is not good enough as a compensating factor. In the long run, it would lose to Shanghai.

I guess the property boom is fueled by mainland hot money, similar to Shanghai?