The lease referred to the New Territories not Hong Kong Island itself, and was made with the imperial government not the communistshttps://twitter.com/Mozyiddo/status/1168265015360655360 …
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I agree technically, but practically negotiating with Taipei over Hong Kong is a non-starter, and the non-start status of that negotiation can and would be enforced by the Chinese military. It might cost too much to invade Taiwan, but it costs WAY more to defend Hong Kong.
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In 2019, sure
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