Friday, March 30, 2012

Pledging land for cheaper public housing

Sun Hung Kai dives as billionaire Kwok brothers arrested

The arrests on Thursday come just days after Hong Kong elected Beijing-loyalist Leung Chun-ying as its next leader, pledging land for cheaper public housing, and as soaring property prices, the most expensive in the world, have stirred public discontent

Posted by mark @ 10:16 AM (1204 views)
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3 thoughts on “Pledging land for cheaper public housing

  • mark wadsworth says:

    In some countries, high rents and prices are seen as a bad thing; in some countries, income tax is only 15%, there is no sales tax and the government gets half its income from the rental value of land.

    Absolutely crazy, it’ll never work, which is why economic growth in these places has always lagged behind far more sophisticated economies like the UK.

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  • Growth is itself crazy in a finite world. But anyways, I thought LVT would ease “property prices” … How have they implemented it in HK?

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  • There is no sales tax because the people protested against it. Land is expensive because one plot used to contain a two-storey house under the British, which was then expanded to an 8-floor block for wealthy Chinese in the 1900s, then rebuilt as a housing estate with 30 floors for poor refugees in the 1960s, and now can be extended to 50 floors with 4 flats per floor.

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