Letters | As property prices in Hong Kong fall, public support for the government will rise
Morality aside, it is not surprising for businessmen to make such comments. Their intention is obvious, but the argument is ill-founded since property prices have only fallen moderately after a protracted increase over almost 10 years. The government has set the right course by focusing on increasing the housing supply and tightening regulation of the mortgage market. The general public is expecting the government’s measures to yield positive results in the coming year.
The proposed vacancy tax is a good initiative and should be implemented quickly. Also, all counter-cyclical measures should be maintained. The government must adhere to its principles as this is the only way to regain public support. A sudden policy U-turn will certainly lead to catastrophic consequences, both economically and politically.
Stanley Ip, Tseung Kwan O