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!
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!
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?
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.
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!