OpinionCare required over purchase plan for social care facilities
- Proposal to buy private properties to look after children and the elderly may be well-intentioned, but concerns regarding business collusion and the impact on prices should be addressed
A well-intentioned policy measure still needs to be carefully thought through before implementation. A case in point is the HK$20 billion funding for buying private properties to use as social care facilities.
No sooner had the financial chief announced the plan than concerns were raised, and with some justification. It would do well for officials to proceed carefully, taking into account the feedback to ensure the measure does not become misguided.
The plan is certainly rare but not unprecedented. A similar step was made by the colonial government in 1995, with HK$2.5 billion set aside to buy 86 private sites for use as facilities for children and the elderly.
But the worries over business collusion and the impact on property prices were not as strong as today.
The barrage of criticism against Financial Secretary Paul Chan Mo-po and Secretary for Labour and Welfare Law Chi-kwong speaks volumes of the changing sentiments.
With HK$20 billion set aside for an estimated 60 properties, questions have been raised as to whether the government is eyeing some top-grade commercial properties and, if so, would it be value for money? Although acquisitions are to be spread out across three years, the potential impact on property prices remains a valid concern.