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The development of Hong Kong has often been explained by the liberal attitude of its government. The article analyses this myth through urban planning policies since the 1950s. A definition of liberalism (on which the authorities rely) is first provided. Then, the heavy influence of government on housing, with indirect subsidy for about half the housing stock in Hong Kong, is assessed. This allowed the promotion of an export-led policy and, later, the growth of a consumer society. Paradoxically, this interventionist attitude did not question the liberal myth, since the modes of public intervention adopted fell outside of the current definition of liberalism. Finally, the changes in terms of urban planning after 1997 have provoked economic strain which Hong Kong has difficulties in overcoming.