James Tien, chairman of the Hong Kong Wan Tai Group, said that Hong Kong property developers are like the Hong Kong government’s fortune boys, with their biggest expenses being the purchase of property from the government, and their income in the hands of the government (Photo by: Lam Yik Fei/Getty Images)
Hong Kong’s real estate industry has become the focus of attention after news broke that the Chinese Communist government had interviewed Hong Kong property developers and asked the industry to “change the rules”.
On October 11, Mr. Tian Beijun, chairman of Hong Kong Wantai Group, said that Hong Kong real estate developers have been like the Hong Kong government’s fortune boys for years, and their biggest expenses are buying properties from the government, and their income is all in the government’s hands. The news sparked a high degree of media attention.
James Tien said in an exclusive interview that the practice of capitalism in Hong Kong does not mean unfairness, and now public opinion is turning to condemn real estate developers for monopolizing Hong Kong’s social resources, but the problem cannot be fully blamed on real estate developers. Some of his friends who are big property developers believe that it is totally unfair that Hong Kong’s real estate industry, which has been contributing to society and generating revenue and transporting wealth for the government all year round, is now being criticized.
He said that in the Hong Kong government’s annual revenue, a large part of the land premium and profits tax are paid by property developers, and the Hong Kong government can spend these revenues on the grassroots, but the authorities have been unable to do so.
Tian Beijun also said that under the national security law and the current electoral system, the voice of the opposition has become unclimatic, the Hong Kong government has a high degree of administrative dominance, want to deal with the proposal, to do it can be done, the Legislative Council will certainly be able to pass, “if not doing a good job, you can not deny it in the future.
Although Tian Beijun expressed his support for former Chief Executive Leung Chun-ying’s urban planning and development policy in the exclusive interview, and said he expects the Hong Kong government to promote the development of the real estate industry, some netizens pointed out that Tian Beijun’s remarks directly involve the issue of the current political system, and such a statement may have touched the bottom line of the Hong Kong government and even the Beijing authorities.
Earlier in the year, media sources said that Chinese Communist Party officials met with Hong Kong property developers this year, asking the real estate sector to support Beijing and saying that the rules of the industry would be changed. Afterwards, a number of property developers came forward to dispel the rumors.
In this regard, Tian Beijun said he believes that the Beijing government will not intentionally target Hong Kong property developers, and he and his friends believe that “there is nothing to be afraid of” because mainland Chinese property developers themselves are “covered in ants” and have extremely high debts, and cannot afford to expand their power in Hong Kong, as evidenced by the Evergrande The crisis of Evergrande is an obvious example.
He said, in Hong Kong, the vast majority of real estate companies will not touch any of the “three red lines” policy, which he is very confident.