Hong Kong Government tightens mortgage rules as property market overheatsI can't work it out, what is driving this property market that the Government is so desperate to cool??Henderson Land Development has bought the world’s most expensive commercial land plot in downtown Central from the Government
Add a higher property tax and raise taxes. That will lower the housing values. But I am content with the housing values where they are. Given the safe ownership and cheap upkeep of property. It's great to have a solid cash asset. There's demand for a safe market to buy property with low taxes. The government provides that. Hence the demand.
These should be the majority as public housing rents should be linked to market rents.Original Post Deleted
To answer your question.
It is not for me to say how much land, and it should not be for a politician.
It is hard to see how releasing a significant amount of land to build large, high quality apartments would lower the quality of life over the city. If anything, improving the housing stock would improve the quality of life. It would take years to implement, but this doesn't mean it shouldn't be done.
One of the best things about leaving HK is we don't have to live in the crappy accommodation available here anymore. There is no reason why this needs to persist in perpetuity. It is a colossal policy failure that successive Governments have lacked the fortitude to fix. Carrie Lam will be no different.
There is plenty of land in Hong Kong to build flats but nonsense like country parks takes everyone attention and will take years to make no difference.
A cynic would think that making accommodation very un-affordable is a ploy to make the city less attractive and to create social tension.
CY's talk of releasing more land is also very dubious as net floor space released for private land hasn't really gone up that much. Cutting the cake into smaller pieces doesn't feed more people it just means more people share less. Also if people are hungry they will pay stupid prices for cake so adding restrictions and taxes makes little difference.
Baking another cake is the answer.
Last edited by East_coast; 20-05-2017 at 07:05 AM.
Yeah, a disaster where there was more than enough good housing for everyone to live in cheaply.. What a fucking disaster that would have been. Good job he avoided it.Original Post Deleted