Opinion | Does housing plan really care about trying to cool market?
Albert Cheng says many alternative plans exist to help increase public housing, yet the chief executive and his team are not tapping them
Chief Executive Leung Chun-ying won the election and got to where he is because of the support from Beijing's liaison office in Hong Kong. After six months in office, he has made no contributions to show for it. To be honest, he is merely a "paper general", which means he's all talk and no action.
Being a paper general, he will disappoint us with his empty promises on policies such as his long-term housing strategy. Most of us will remember the notorious plan to build 85,000 flats annually that he proposed to former chief executive Tung Chee-hwa in 1997.
During the chief executive election, Leung tried to rally public support by saying Hong Kong had an ample supply of land to satisfy local demand. He blamed the previous administration for dragging its feet in developing sufficient public housing.
He gave the impression that he would not side with the rich and powerful property developers. He even hinted that he would challenge their power on behalf of the people. All these won him favourable public opinion and support, especially from the middle class and professionals.
In fact, Leung only knows how to talk the talk but not walk the walk.
Bearing the brunt of Leung's conflicting policies will be the plan to allow qualified candidates to buy second-hand subsidised public flats without having to pay any land premium. This will not benefit the low-income homebuyers, and will undoubtedly push up prices and encourage market speculation. Increased market speculation will offset measures such as extra stamp duty aimed at curbing speculation and stabilising property prices.