Tung Chee Hwa
In 1998, the real estate bubble burst due to the government's housing policy, though the Asian financial crisis also had some influence. Upon the inauguration of Hong Kong SAR's first chief executive, Tung Chee Hwa announced the building of 85,000 flats a year, while reducing public housing wait time from 7 to 3 years. These factors combined to begin the most severe recession in Hong Kong since 1967, which was a year of ambitious government projects that used up fiscal reserves on infrastructure and structural deficit.