Only reclamation can give Hong Kong the space it needs for a bright future
- Allan Zeman says the future of Hong Kong lies in reclamation and greater connectivity to the mainland via the Greater Bay Area
- Young mainlanders with expertise in tech should be allowed to move to Hong Kong, just as young Hongkongers are free to go north to pursue opportunities
When young people graduate from university, their starting salary is low. It might take them 10 years, maybe more, to afford a property. This doesn’t give hope, but saps confidence and stifles progress. There is something very wrong with a system where neither the young nor the old can see a future for themselves.
Unfortunately, there was a lapse of reclamation for some time in Hong Kong and, under previous administrations, we stopped building subsidised flats for years when we should have built more. That caused the housing problem we have now. Worse, property prices go up when interest rates are low. So, the haves have more, and the have-nots have less.
Meanwhile, some of the improvised solutions to our worsening housing problem – subdivided flats – are immoral. A city like Hong Kong should not have subdivided flats. Given our gross domestic product and the money in our banks and the government’s reserves, we’re not a poor city. Use that money!
