Since the establishment of the University of Hong Kong in 1911, higher education in Hong Kong has been transformed from an elitist system to one that supports the Hong Kong government's vision of a highly educated workforce and widely accessible lifelong learning. Between the late 1970s and 1994 the system expanded from admitting 2% of college-age students annually to 18%. The government's goal of providing postsecondary education and training to 60% of college-age students and adult learners by 2010 offers a glimpse of the continued transformation. The trajectory of transformation often meets with unexpected challenges and opportunities. For Hong Kong, the challenges and opportunities came together in a "Perfect Storm" in 1997--the handover of Hong Kong to China by the British government on July 1 was immediately followed by the start of the Asian economic crisis. This historical study tells the story of how the leaders of three Hong Kong universities navigated the storm. Information was gathered in a literature review, including an extensive search of newspaper articles, and personal interviews conducted with senior administrators from each university. Through the lenses of the universities, this study explored the role played by the Hong Kong government, the University Grants Committee, and the leaders at each institution in guiding higher education through economic, social, and political challenges. The institutions chosen--the University of Hong Kong, Hong Kong Polytechnic University, and Hong Kong Baptist University--exemplify contrasting missions, cultures, and histories. The study revealed three critical success factors for higher education in Hong Kong--the triennial funding cycle, the disciplined and structured planning and review processes imposed by the UGC, and the role of individual leadership at the universities. The story presented here is one of leadership in trying circumstances helping three universities to succeed, in many instances beyond all expectation. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://www.proquest.com/en-US/products/dissertations/individuals.shtml.