There is, however, another version of history which is more sympathetic to the old building owners and the displaced communities.

These streets were part of government layouts used to sell building sites at full market value and provide government revenue. Purchasers were required to erect buildings in accordance with the prevailing buildings ordinance. Six to eight storeys without lifts were the norm and represented optimum development at that time.

The displaced communities have done nothing wrong. They bought their homes and business premises in accordance with the laws of Hong Kong, raised their families and contributed to the city's success. Theoretically their property ownership rights are guaranteed by the Basic Law, but officials are empowered to designate any locality for urban renewal. This discourages owners from renovating their buildings due to the uncertainty of when the community will be displaced. Often their lives are 'put on hold' waiting for the URA, in some cases for as long as 20 years.

In the 1960s with the rapidly expanding population a new buildings ordinance was introduced to encourage high-rise developments.

The government decreed that the URA (and its predecessor) must be self-financing and cross-finance its schemes. Therefore, the URA targets old buildings where, after demolition, the land can be used to make a profit by building and selling high-rises. A discriminatory tax system has been created. Instead of financing 'urban renewal' from government revenue, owners of old buildings are targeted. The URA becomes a predatory authority looking for land profit in localities where old buildings exist.

By inviting developers to join the party, the URA becomes a facilitator for major profit-motivated developers. The URA creates the impression of robbing the poor to give to the rich and it is not surprising that the local communities affected have become enraged by the autocratic system imposed on them.

T. Farnworth, Wan Chai

Tighter rules for banks needed

The article ('Public loses as bank watchdogs snooze', April 3) refers to the American market, but it could just as well relate to Hong Kong and the comment that 'they forgot their job is to protect us from the banks, not to protect the banks' is particularly pertinent.

In the aftermath of the minibond debacle those who quote 'caveat emptor' should consider that not many in our community will comprehend the inherent risk in many of the products that banks have been offering to retail customers. The bankers have been unable to assess the risks.

All investment products offered to the public by the commercial banks should be scrutinised annually by Hong Kong Monetary Authority regulators and be allocated a risk to capital rating of one to 10. The meaning of each rating should be spelt out simply and clearly in everyday language, not in investment banker jargon.

The regulators should take up this responsibility to better protect the public who after all are paying their large salaries.

Charlie Chan, Mid-Levels

Visa scheme has downside

Many Shenzhen residents have applied for the 12-month multi-entry visas so they can make unlimited visits to Hong Kong within a 12-month period ('Multi-entry visas a hit in Shenzhen', April 2).

I believe that the new scheme can boost Hong Kong's retail industry.

My cousins who are Shenzhen residents always ask me to buy skincare products and cosmetics for them. Many Shenzhen residents want to shop in Hong Kong, but until now they could not visit that often.

They will be a boost for the retail industry and will help ease the financial crisis. The only problem I can foresee is the problem of illegal workers.

I think some Shenzhen citizens with the multiple entry visas might take the chance to work illegally and this problem in Hong Kong might get worse.

Some employers who want cheap labour might be tempted to take on illegal workers, as more people chase fewer jobs.

This could lead to more Hong Kong residents being put out of work.

Lam Tung-fan, Sha Tin

We must ignite Games fever

I appreciate that the East Asian Games [to be held in Hong Kong in December] will not attract as much attention as the Olympics or the Asian Games. Few of the countries in the region have athletes of the calibre of David Beckham, Kobe Bryant, Rafael Nadal or Michael Phelps, all household names.

What is more, many argue that because China will dominate the medals table people will lose interest.

To try to get people interested, we must do more to promote the event.

Videos should be made to be broadcast on television, with local celebrities urging Hongkongers to support the Games.

These could include pop singers, top government officials or regional sports stars. They could also feature the mascots.

The organisers at the Beijing Olympics made extensive use of the mascots.

We also need to come up with a catchy slogan that get people more interested in the East Asian Games.

Finally, we have to ensure that all the elite athletes who are eligible will take part in the Games.

Phyllis Li Lu, Sham Shui Po

Cathay could easily cut costs

I agree with the letter by C. M. Ho ('Let pilots live in home base cities', April 3).

Perhaps then Cathay Pacific passengers would actually benefit by receiving more reasonably priced fares and a better service.

Everyone is suffering in these economic times but Cathay pilots still seem to be buying properties in South Lantau with few worries, while adding pollution on the island with their numerous four wheel drives.

Cathay, like every other company in Hong Kong and the world at present, needs to look at how to cut costs and ensure that it continues to serve the people of Hong Kong and it would seem that Mr Ho has come up with the right way to do it.

N. Jordan, Lantau

Scheme good for graduates

I think the internship scheme announced in the budget will be good for fresh graduates.

It will help these young people gain valuable work experience.

Secondly, some of these graduates will be taken on full time by a firm after the internship scheme is finished.

For those who are not kept on at least they will have gained the sort of work experience that will stand them in good stead when they seek a full-time appointment with another firm.

In spite of the criticism lodged against the scheme, I would encourage our young graduates to join it.

Vivien Chiu, Yau Tong