It’s becoming clearer now that the Hong Kong government is pushing more actively to resume its process of reclaiming land from big property developers under the Land Resumptions Ordinance. Why else would the city’s largest property developer, Sun Hung Kai Properties, be invoking the Basic Law?
Mike Wong Chik-wing, SHKP’s deputy managing director, gave a textbook example of how to take a bullet for the family, telling reporters the company would cooperate with the government, but only on land parcels it had been collecting – for “30 to 40 years” – which had already been zoned for social housing. Otherwise, he asked the government to respect the Basic Law, which protects private property. (SHKP is owned by the Kwok family, one of the city’s five richest, who between them control nearly half of the market.)
SCMP has a good story on it, and has also started a series on the land and housing mess, beginning with a look at how land auctions subsidize the cost of pretty much everything in Hong Kong. The story has some great stats, including a table of the richest CPPCC members from Hong Kong.
Draw up a chair and grab the popcorn, folks. There will undoubtedly be plenty of drama and intrigue to come.