https://www.channelnewsasia.com/news/asia/hong-kong-carrie-lam-housing-livelihoods-protest-11902048
The HK's housing problem was caused by the British administration and Tung Chee Hwa was trying to resolve it during his term by releasing more land sales and building more public houses. However, he was forced to step down because his housing policies would bring down property prices and rentals.
https://sg-stock.blogspot.com/2019/08/the-hongkongers-have-everything-to-lose.html
Will Carrie Lam face the same backlash as Tung Chee Hwa? Let's see.
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Majority of HK severe housing price push occured in last 10 years under China rule:
https://asia.nikkei.com/Economy/Hong-Kong-s-highflying-home-market-shows-signs-of-topping-out
https://medium.com/@edwardyiu/hong-kong-housing-market-is-globally-the-most-unaffordable-one-in-the-past-9-years-b128011601f1
Beijing knows this is the main issue & CCP officials have been complaining about it for couple years already, but HK govt & tycoons had continuously assured Beijing that there was no immediate problem & that they were going to improve the situation.
With the current blow up, CCP officials are even more fedup now but have refrained from openly criticising the HK govt & the elites (most of whom have strong connections to the CCP elites themselves). So now Beijing has given approval for certain newspapers & Chinese business leaders / personalities to do the criticising on Beijing's behalf.
The UK administration was the one setting up the rule to allow foreigners to buy and own lands in HK. This was a wrong policy in a small country and LKY realized it in the late 60s because of Far East organization. Thereafter, LKY disallowed foreigners to buy and own lands.
The UK forced China to sign the 1-country-2-system pact so that the British could continue to take advantage of HK for the next 50 years.
LIke I said, no HK CE dared to change the housing policy after Tung Chee Hwa was forced to step down after trying to revamp it. It's funny that the current protestors are trying to protest against their previous protestors.
https://sg-stock.blogspot.com/2019/08/the-hongkongers-have-everything-to-lose.html
This was exactly why LKY didn't believe in democracy and I shared his thinking too. Democracy is not meant for mediocre people and will be used to rationalize and legalize the wrong policies and wrong moral values.
Tung Chee Hwa is often blamed for reneging on his 85,000 public flats-a-year promise in 1998, after HK kena whacked by the Asian Financial Crisis causing HK property prices to collapse 40%-50%. Many Hongkies, including many property tycoons with strong connections to Beijing, forced Tung to shelf his public flats plan, fearing that such plans will cause HK properties to collapse even more.
But after HK recovered & property prices & rentals started shooting up again .... who & what was stopping subsequent CEs from re-implementing the 85K or 100K a-year-public flats plan?!?!
The former CEs know, the property tycoons & their family dynasties know, many powerful former-CCP-officials-now-retired know, many current CCP & State Council & National People's Congress officials also know.
Like I said, all the CEs dared not changed the housing policy after TCH upon seeing his downfall.
Foreign parties will take the opportunity to create troubles in HK whenever they can seize the chance.
Let's see whether Carrie Lam will face the same backlash or not when she changes the housing policy to deflate the property prices and rentals.
FYI, HK is a battleground between foreign parties and China.
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