How about a ‘Hong Kong first’ housing agenda for Carrie Lam’s 2018 policy address?

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Applications open for Home Ownership Scheme flats in Lok Fu, Kowloon, in March 2017. When Chief Executive Carrie Lam took office in July last year, she pledged to help more Hongkongers, especially young families, become homeowners. Photo: Nora Tam

Published: 11:45pm, 24 Aug 2018Updated: 11:45pm, 24 Aug 2018

I am writing in response to the government consultation on the 2018 policy address.

I advocate a “Hong Kong first” agenda to drive the government’s vision. A responsible government should always take care of the interests of citizens first, and use all possible methods to prevent their future from being compromised.

Speculation activities have contributed a lot to Hong Kong’s skyrocketing property prices. Despite the imposition of double stamp duty and buyer’s stamp duty targeting second-time and foreign buyers, respectively, speculators from mainland China have not been deterred from investing in Hong Kong property, which has contributed to record highs in recent land sales and property transactions. As of June, resale prices for private flats had risen for 26 straight months.

Chief Executive Carrie Lam Cheng Yuet-ngor can follow in the footsteps of New Zealand’s Prime Minister Jacinda Ardern, by radically banning home sales to most foreigners.

“It’s the birthright of New Zealanders to buy homes at a fair price,” Associate Finance Minister David Parker was quoted as saying. Eventually, it is expected that speculation activities will be halted and property prices cannot be driven up further.

Travellers cross the border at Lo Wu. With 150 one-way permits being issued every day, the influx of immigrants into Hong Kong intensifies competition for housing. Photo: Felix Wong