Greed and profit driving developers
The property developers' recent lobbying for the SAR Government to scrap its Home Ownership Scheme reflects nothing but the selfishness and greed of a privileged section of the business community in Hong Kong.
Developers have been cashing in on the housing boom brought about by the former colonial government's high land-and-property-price policy, which took the edge off Hong Kong's competitiveness and widened the adverse effect of the regional financial crisis.
Since the handover, the Chief Executive, sensing the crux of the problem, introduced the enlightened policy of having 85,000 government flats built each year. Unfortunately, it fell through under pressure from property developers and those with vested interests, such as property speculators.
Now that property prices have reached a more or less realistic level - which is still far higher than in other countries - it would be seriously wrong for the Government to revert back to the former colonial administration's erroneous housing policy, which would be curtains for the local industry.
Considering the gap between the haves and have-nots in Hong Kong, Mr Tung should adopt a policy of balancing the interests of every facet of society, instead of bowing to the wishes of unscrupulous merchants.