With the hallucinogens kicking in, the South China Morning Post celebrates one of Hong Kong’s greatest – and surely insufficiently recognized – achievements of 2018. We refer, of course, to the city’s dazzling success in expertly managing its property bubble so it deflated calmly back to the comfortable, panic-over, where-it-should-be zone, and few people noticed, let alone got hurt. Phew! That could have been nasty, but everything’s fine now.
The paper rightly honours the heroes of this story. First, there’s Chief Executive Carrie Lam, whose dazzling insight, daring, skill and leadership enabled her to increase housing supply with breathtaking precision. Then there’s the HK Monetary Authority, which valiantly raised interest rates and pressured banks into tightening loans. Thanks to all these people’s tireless efforts, the property market did not ‘spiral into a horror show’.
Experts are swooning at this deliverance from, as one bank guy says, falling property prices that would cause lower consumption, higher unemployment, reduced property-sector investment, less wealth being sucked into the government’s slush-fund reserves black cesspit hell-hole, cheaper housing, etc.
The timing was superb. And yes – luck probably played a part. But it was mostly our leaders’ brilliant decision-making and cool determination to unswervingly control the situation that enabled us to escape what could have been a nightmare. Little wonder that Hong Kong may now, as the SCMP says, ‘become known as the model for how to slowly deflate a bubble and avert a painful burst’.
My reading is that this is to create a warm feeling that all is well, and getting better, so that Article 23 can be introduced this November, or then in December the latest.
What do we think the 160-strong delegation was lectured about by the communists?
Wow, that’s great news! So it’s safe for me to pile back into the market now?
‘Mercato’ on the 8th floor of California Tower in Lan Kwai Fong is closing after only 2 years. Apart from a rent rise, which they don’t accept, they are unhappy with the location in general. With other words: Lan Kwai Fong sucks.
BOYCOTT LAN KWAI FONG