Views: 57386|Replies: 19

Hong Kong's Property Tycoons Are Responsible for Current Turmoil. [Copy link] 中文

Rank: 8Rank: 8

Post time 2019-9-15 13:15:56 |Display all floors
Hong Kong's property tycoons have for ages controlled the property market, (with the connivance of the SAR Govt), hoarding land for future development, and asking sky high prices for their houses which the average HKers can't afford.  Therein lies the seed of the current turmoil in Hong Kong.  When the masses can't afford a roof over their head, they feel they don't have a stake in their city, and their frustrations with the SAR Govt grow by the day, as they see the Govt unwilling to rein in the greed of those property tycoons, hence they take out their anger on the Govt with riots and destruction of public properties, even after the withdrawal of the Extradition Bill!  The SAR Govt should expropriate all undeveloped land and use them to build cheap affordable housing for the masses, and immediately impose the Vacancy Tax on all properties which do not have leases of more than six months!

Use magic tools Report

Rank: 8Rank: 8

Post time 2019-9-15 16:38:56 |Display all floors
HK property tycoons are up in arms against the Vacancy Tax, they have asked the weak-kneed SAR Govt to defer that as it would eat into their already declining profits due to the riots, proof yet again, that they are more concerned about their wealth than the well being of their fellow compatriots!

Use magic tools Report

Rank: 8Rank: 8

Post time 2019-9-16 10:37:26 |Display all floors
This post was edited by pnp at 2019-9-16 11:38

The Land Resumption Act which has been in existence since colonial times should be used to acquire undeveloped land hoarded by property tycoons, to build cheap housing for the masses!

Use magic tools Report

Rank: 3Rank: 3

Post time 2019-9-16 11:19:59 |Display all floors
I read somewhere that SAR govrt under Dong Jian Hua once developed new land and tried to lower house prices through this, but it caused strong resistance, not just from the house developers, but more vigorously from those house owners who don't want their hard-earned asset devalued. So it would be puzzling if HKers started this riot against SAR govrt based on this?

Use magic tools Report

Rank: 8Rank: 8

Post time 2019-9-16 14:19:16 |Display all floors
pnp Post time: 2019-9-15 16:38
HK property tycoons are up in arms against the Vacancy Tax, they have asked the weak-kneed SAR Govt  ...

re: "HK property tycoons are up in arms against the Vacancy Tax"

Indeed, they pushed prices to unrealistic levels;

   However;
      Most smart builders would do so because they only care about their own purse, regardless which Country we're talking about...

     But WE should never forget, the buck stops at the top...after Colonial power surrendered H.K. to its rightful owner; supervision ala Singapore should have kicked in...

   Mr.Tung did the right thing, but to much of a kind-hearted person he is...

     Now is the time to rectify this mess.
         From the judicial all the way down to education, financial and religious departments...

The buck stops at the top, for the sake of ordinary people...


   Foreigners and their agencies should and must have no say in internal affairs

Use magic tools Report

Rank: 8Rank: 8

Post time 2019-9-16 14:57:31 |Display all floors
vlwow Post time: 2019-9-16 11:19
I read somewhere that SAR govrt under Dong Jian Hua once developed new land and tried to lower house ...

There will always be one section of any society opposed to anything the Govt does, for their own selfish interest, such as property tycoons opposing the Land Resumption Act or the Vacancy Tax, but the common good  of the majority must prevail.

Use magic tools Report

Rank: 8Rank: 8

Post time 2019-9-19 15:41:12 |Display all floors
emanreus Post time: 2019-9-16 14:19
re: "HK property tycoons are up in arms against the Vacancy Tax"

Indeed, they pushed prices to u ...

"supervision ala Singapore should have kicked in..."

Yes, Singapore govt would not hesitate to take measures to cool down the property market, HK SAR govt on the other hand is beholden to property tycoons, and won't act, so prices go sky high benefiting tycoons  but impoverishing the ordinary folks who are now fighting back in the most destructive ways!

Use magic tools Report

You can't reply post until you log in Log in | register

BACK TO THE TOP
Contact us:Tel: (86)010-84883548, Email: blog@chinadaily.com.cn
Blog announcement:| We reserve the right, and you authorize us, to use content, including words, photos and videos, which you provide to our blog
platform, for non-profit purposes on China Daily media, comprising newspaper, website, iPad and other social media accounts.