Hong Kong housing market: where greed knows no bounds and socialism starts looking good
The greed of Hong Kong developers and the government has no limit. The quest for affordable homes in Hong Kong is blighted by the greed of developers, huge demand and, above all, the basic policy of our government of selling to the highest bidder and making maximum profit out of our scarce commodity – available land.
Despite knowing full well that land must be used for housing the middle class or working class, as they are struggling to afford a home and being squeezed into shoeboxes that affect quality of life and mental health, the government continues to sell to the highest bidder (“Residential land sale at Kai Tak hits record HK$25.1 billion price tag as Sun Hung Kai wins tender” May 15).
So the developer also tries his best to get the highest return, without considering the adverse effects on the community. The mission of both the government and the builders is to simply provide a roof over the heads of the needy and get away with the highest return, and still make a show of responsibility.
Though the administration appears to have somewhat realised that housing is now the primary need of the community, the benefits of that are yet to be seen.
The government coffers have been overflowing with surplus for the past few years but land is still not sold at a special subsidised price for housing or allotted for hospitals, and much-needed flyovers, underpasses or highways in some areas.
No ceiling has as yet been set on the selling price of housing or land allotted for middle-class homes, because of our defective and impractical open-market policy which brings negative social effects. This is why communist or socialist policies of a government are sometimes appreciated by people.
A. L. Nanik, Tsim Sha Tsui