Trying to look on the bright side, the SCMP Business section asks whether this is a good time to go bargain-hunting for undervalued stocks. While it may not be in the best of taste to talk about it during a deadly disease outbreak, there is nothing ghoulish about attending to your long-term retirement needs. Those of us who bought during SARS and the 2008 crash did OK and hurt no-one. Just don’t be silly…
Lockdowns have created a pent-up demand for travel, Tam argues, which will also eventually help battered Macau casino stocks, of which she especially likes Galaxy Entertainment.
Over in the Op-Ed pages, however, they are being more philosophical.
Mild-mannered and innocuous Mike Rowse drifts towards raving pan-dem sloganizing, calling for economic restructuring away from vested interests and, most of all, fundamental political reform. He doesn’t say what that means, but he contrasts Carrie Lam’s dismal leadership with the sensible, capable working-mom style of New Zealand’s Jacinda Ardern. Moderate commentators of this sort are supposed to mumble politely about having to be realistic, accommodate Beijing, gradual and orderly, blah blah.
And with all the vehemence of Bernie Sanders, Andy Xie blasts the ruling Davos elites who ‘should go to jail for criminal negligence’ for focusing on asset-bubble-creating bailouts rather than the health and well-being of the people. Hong Kong’s real-estate scam comes in for special attention…
Hong Kong’s property market is a small but extremely egregious example of screwing people over for the benefit of the rich … [It] is at best a screw-the-poor and rob-the-middle-class plot to benefit the rich and powerful, often in the guise of an everybody-can-get-rich casino. This crisis has exposed it as a bloodsucking conspiracy against the people. Is a revolution avoidable?
So far, even a serious correction in Hong Kong’s gravity-oblivious property market seems ‘avoidable’. But it will take an exceptionally strong stomach to scoop up apparently cheap stocks this time round.