Many people in Hong Kong are not optimistic about the future. They are unhappy with the government and the unaffordable home prices.
This discontent is not surprising as the lives of many seem to revolve around owning or buying property as a means of wealth creation, and to give them a sense of achievement.
Many young Hongkongers find that if their parents cannot help them with a down payment on a flat, they must put off getting married and having children. It is no wonder we have an ageing population.
Wealth inequality is getting worse; those with property are set apart from those without.
By limiting land supply, the government inflates land prices and increases its revenue. This form of wealth creation can backfire and officials will always try to ensure property owners and banks are not affected by negative equity brought about by a huge price correction. Vested interests ensure property prices remain high.
Landlords increase rents, businesses suffer and the cost of living and other prices rise disproportionately, as salaries cannot keep pace with inflation.
