The North Point Estate is on a prime piece of waterfront land.
Despite this the Government is determined to destroy its value with a mixed development (private and public flats).
Such a proposal defies logic and common sense. If the land was auctioned exclusively for private development, it would fetch a much higher price and bring additional revenue to the Government's coffers.
The socialist inclination of this administration is dragging down the whole economy. Overly generous welfare handouts destroy the incentive of poorer people to strive. The Government's housing policy is in disarray. Despite the best intentions, enormous sums of money were wasted with the ill-conceived 85,000 units-a-year policy. When Robin Hood robbed the rich of GBP100, the poor received GBP100 worth of benefits. However, when the Hong Kong Government 'robs' the rich and the middle class, the poor do not find themselves better off. In fact, employment opportunities have deteriorated markedly.
Thanks to the Government's housing policy, more than 100,000 formerly middle-class households are now suffering from negative equity.
Their net worth is now lower than that of the so-called poor.
