The Link Reit listing has sparked fierce controversy and numerous problems. Some shops and restaurants have been forced out of business because of the drastic rent increases or The Link Management's marketing strategy. Clinics have been forced to move to sites with fewer customers. The responsibility for compensation of losses for Hau Tak market vendors in Tseung Kwan O, following a fire on April 11, remains unclear. Similar conflicts are certain to arise in the future.
The privatisation of the Housing Authority's commercial space concerns the legitimate rights of 3 million public housing tenants. It may someday evolve into a serious political crisis, harming social harmony and security.
In 2004 I opposed, against all the odds, the sale of the authority's shopping centres and car parks, and supported elderly public housing tenant Lo Siu-lan's move to seek a judicial review in an attempt to prevent the sale of assets at a cut-price rate. I also expected that The Link Reit, as a market-driven company, would try its best to pursue profit and safeguard shareholders' interests at the expense of public housing tenants. That would be a breach of Section 4 of the Housing Ordinance, which stipulates that the provision of housing and ancillary amenities for public housing tenants should be secured.
Even if the government was determined to get The Link Reit listed, it should have followed the MTR Corporation's example in appointing the financial secretary, along with a team of financial officials, to take charge of the listing. It should also have retained a strategic stake, instead of selling off entire holdings. It was unfortunate that former housing secretary Leung Chin-man, who had little financial knowledge and even tried to bypass the Legislative Council, took full charge of The Link Reit listing.
The media, which often labels itself as the government and legislature watchdog, should be held culpable for The Link Reit controversy, too. Its one-sided support for the privatisation of public assets, as well as indiscriminate attacks and filthy smears on those against the listing, especially Ms Lo, are outrageous.
Unscrupulous reporting on The Link Reit affair could only be explained by the greed of the heads of some media organisations anxious to reap great profits by buying shares regardless of press ethics.