Advertisement
Hong Kong stamp duty
OpinionLetters

Letters to the Editor, December 18, 2012

Your Monday Face interviewee Lui Che-woo projects the usual hackneyed tycoon opinion that Hong Kong must remain "business as usual" and nothing must get in the way of property company profits ("Capitalising on opportunity" December 10).

Reading Time:5 minutes
Why you can trust SCMP
A memorial to the victims of the shooting. Photo: Reuters

Your Monday Face interviewee Lui Che-woo projects the usual hackneyed tycoon opinion that Hong Kong must remain "business as usual" and nothing must get in the way of property company profits ("Capitalising on opportunity" December 10).

His forthright views are that luxury projects within the city must be open to elite outsiders, and that locals should be decanted to the New Territories and Lantau. Goodbye our beautiful countryside in exchange for extreme profit into the pockets of the same small group of businessmen.

Advertisement

Mr Lui's company K. Wah International is one of the joint developers of Marinella in Shum Wan.

His director of sales and marketing is complaining bitterly that because of the new buyer's stamp duty, he is having difficulty in offloading the 20 remaining units ("Stamp duty 'a drag' on sales at luxury project", December 12).

Advertisement

He should be so lucky, as 95 per cent of this project has already been sold. I venture that most of these were sold as investment vehicles to mainland buyers, and not as (much-needed) homes for Hongkongers.

There is an obvious and gathering campaign by the property industry to coerce the government to withdraw the recent measures, but Chief Executive Leung Chun-ying's administration must stand firm on behalf of the community to control the selfish bubble-blowing excesses of the property industry.

Advertisement
Select Voice
Choose your listening speed
Get through articles 2x faster
1.25x
250 WPM
Slow
Average
Fast
1.25x