Three weeks before the change of sovereignty, the booming stock market and rocketing property prices cannot hide the uncertainties and tensions faced by Hong Kong.
China's appointment of Ma Yuzhen, a former ambassador to Britain, as head of its foreign affairs office in the Hong Kong Special Administrative Region (SAR), is a poignant reminder there will be different centres of power.
Besides the Foreign Ministry, there will be the People's Liberation Army Garrison, headed by General Liu Zhenwu and possibly a new director for the local branch of Xinhua (the New China News Agency) who will replace Zhou Nan.
Since none of these agencies will be answerable to the Chief Executive-designate, Tung Chee-hwa, and each has its own powerful backers in Beijing, it remains to be seen how they can co-exist in harmony and not undermine the SAR's 'high degree of autonomy'.
Until now, the Xinhua director has been the general secretary of the local branch of the Chinese Communist Party (CCP), which is known as the Hong Kong Macau Work Committee. The committee provides leadership to the tens of thousands of CCP members here.
With the emergence of the new players, many are watching to see who will be appointed party secretary and what his relationship would be with Mr Tung.
Mr Tung has said there are no CCP members in his Executive Council. This is hard to believe. It has been said not all the members were Mr Tung's choices. Some were forced on him by various factions in Beijing.
