View Poll Results: How to end crony capitalism in Hong Kong?

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  • HK government should stop selling lands to the highest bidders.

    5 26.32%
  • Profit tax set at 40 to 45% for all property developers.

    8 42.11%
  • Capital Gain Tax for real estate transactions (but not for the stock market)

    7 36.84%
  • resinstate Rent Control

    7 36.84%
  • use the Land Resumption Ordinance to acquire private lands more aggressively

    5 26.32%
  • Use Competition Commission to break up the four largest developers

    9 47.37%
  • None of the above; please specify

    4 21.05%
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How to end crony capitalism in Hong Kong?

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  1. #1

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    How to end crony capitalism in Hong Kong?

    In my view, crony capitalism is one of the major underlying causes of current anti-ELAB and anti-government protests, and without any doubt, Hong Kong is the undisputed king of crony capitalism.



    How can the Hong Kong government end crony capitalism?

    (1) HK government should stop selling lands to the highest bidders.
    (2) Profit tax set at 40 to 45% for all property developers.
    (3) Capital Gain Tax for real estate transactions (but not for the stock market)
    (4) resinstate Rent Control
    (5) use the Land Resumption Ordinance to acquire private lands more aggressively
    (6) Use Competition Commission to break up the four largest developers
    (7) none of the above, please specify

    Last edited by nivek2046; 07-10-2019 at 01:43 PM.
    AsianXpat0, tf19, Skyhook and 1 others like this.

  2. #2

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    Institute a democratic government observing the One China principle and let them decide which solutions they prefer. Ends the civil servant/shoe-shiner collusion where all the vested interests keep getting to spiral land and property prices higher and higher as a good start.


  3. #3

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    In terms of my own personal opinion on effective solutions in the near-term, taking unused or underdeveloped land for (re)development would be the quick fix.

    Longer-term, there has to be a fair balance of all the interests of the different parties, hence a political solution needs to take place before an economic one. Believe me, once you don’t have all those overinvested in an ever-rising property market in charge, solutions could come.

    MandM! likes this.

  4. #4

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    Quote Originally Posted by AsianXpat0:
    In terms of my own personal opinion on effective solutions in the near-term, taking unused or underdeveloped land for (re)development would be the quick fix.

    Longer-term, there has to be a fair balance of all the interests of the different parties, hence a political solution needs to take place before an economic one. Believe me, once you don’t have all those overinvested in an ever-rising property market in charge, solutions could come.
    Agree with taking land, there is plenty of land and land that is not even deeded and used by squatters. Also lots of business/commercial squatting on private/govt land. The govt could reclaim the land, make those displaced an offer for a flat in the new development. Mind you its typically 1 family or less in the same space that could easily build 33 floors, developers bids could involve giving a flat in the new development or compensation.

    If HK did not get revenue from land, taxes would likely increase. Capital gains tax for property is not really relevant. Many properties are company owned and would not be considered a transaction when the company is transferred/sold. Also, many do not speculate with the 15/30% stamp duties. People are more using property as a bank to store cash/wealth.
    AsianXpat0 and Paxbritannia like this.

  5. #5

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    Original Post Deleted
    thanks..

    may I ask for the link please? thanks..

  6. #6

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    Original Post Deleted
    thanks, which articles?

  7. #7

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    Remove all industry influence in LegCo. All the decisions taken over the years which has been "in the best interest of the HK people" have clearly not been in the best interest of the HK people.

    Except housing, there are so many smaller examples as well: Not allowing Jetstar to operate out of Hong Kong. Banning Uber, No new tax licenses issued since the 1980's, No new mini-bus licenses either, Carrefour not being able to establish business in the city due to availability of places to rent and food distribution being controlled by the same companies running Welcome and Park n Shop. Setting up a mandatory MPF scheme where fees from all providers are insanely high even for index options. Not allowing doctors from other countries work in HK without passing an insanely difficult exam and at the same time tightly controlling the number of doctors who are let into the Uni. The list just goes on.


  8. #8

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    Well, Beijing obviously will not allow universal suffrage (whether for CE or LegCo election) in the foreseeable future. (Well, as long as Xi Jinping is in power.)

    But there are voices from the Beijing which say that the form of capitalism currently practised in Hong Kong is no longer viable.


  9. #9

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    Original Post Deleted
    thanks, great reading.

  10. #10

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    Quote Originally Posted by nivek2046:
    Well, Beijing obviously will not allow universal suffrage (whether for CE or LegCo election) in the foreseeable future. (Well, as long as Xi Jinping is in power.)

    But there are voices from the Beijing which say that the form of capitalism currently practised in Hong Kong is no longer viable.
    Perhaps, but I remain queasy about the idea of a top-down elite with an intolerance for dissent judging for everyone else what the best ideas are, look where we are in Hong Kong now...

    and basically they missed the boat for fixing economic problems 10 years ago, missed the one for moderate political reform 5 years ago, and now the only question seems to be whether they will mind being singed as the city burns. Seems quite clear the general sentiment is its the politics they want fixed.
    Jackie1 likes this.

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