Jake's View | Flats for a million apiece: why did the bureaucrats reject it?

The government has turned down property tycoon Lee Shau-kee's offer to donate land for homes and urged landowners with similar plans to work with non-profit organisations such as the Housing Society instead.

I may be wrong about this but nowhere in all the reports of this rejection have I seen any sign of the government offering a word of thanks to Mr Lee for his public spirit in offering to build 10,000 flats for young people at only HK$1 million each.

You would think he was due at least a thank you. For a long time now we have heard legislators bemoan the impossible entry cost to young people of owning a home while bureaucrats wring their hands and do no more than hint that it is the fault of speculators and developers.

Then along comes a prime example of the nefarious developer with an offer to build flats for young people at prices representing construction costs alone, at no profit to himself, if only the government would do its part by waiving land premiums. And what do our bureaucrats say?

They say no. They don't even say thank you to Mr Lee for his offer. They just say no and then a day later offer a regurgitation of an earlier scheme to build several towns of misery that will be filled by social security recipients alone, as the locations are too remote to attract anyone who has the choice. Not another mention is made of flats for HK$1 million each.

Thus it comes down to a scurrilous journalist to offer that well deserved thank you to Mr Lee and I do it not only for his demonstration of public spirit but for the fact that he showed up all the bureaucrats' lamentations on housing prices as just so many crocodile tears.