From Sars to Snowden: Hong Kong has seen dramatic events since the 1997 handover to China

Hong Kong was hit hard by the Asian financial crisis that started in Thailand in 1997 and spread across the region, forcing the Hong Kong Monetary Authority to spend HK$120 billion buying up Hong Kong stocks and to use its foreign- ­currency reserves to defend the dollar peg, which came under speculative attack. Reforms to securities and futures markets were made to strengthen the city’s position as an international financial centre in the wake of the crisis. The city became the premier capital formation centre for the mainland and an offshore renminbi centre in 2004.

The way Hongkongers made daily payments was transformed when the Octopus card was launched on September 1, 1997.

The Kai Tak airport, which was considered one of the most difficult airports for pilots to navigate, closed on July 6,1998 after the final flight took off. Richard Siegel, the then director of civil aviation said “Goodbye Kai Tak and thank you”, before switching off the lights to mark the end of the airport’s 73-year history.