Shih Wing-ching urges caution on lowering home prices
AM730 · 1 SOURCESabout 2 hours ago5 MIN
Summary
Centaline Group founder Shih Wing-ching (施永青) said he supports helping young people achieve home ownership and settle down, but argued that any attempt to reverse Hong Kong’s long-standing high-land-price environment should be preceded by thorough preparation. Speaking at the 19th anniversary dinner of civic group 107 Power, he said the government must think through whether it has other stable and reliable revenue sources if public finances no longer depend on property-related income. He also said officials should weigh how falling home prices would affect balance sheets, consumption sentiment and investment capacity, so that any transition is smoother for society
Key Points
- Shih said Hong Kong people have lived under a high-land-price environment for a long time, making personal wealth storage and corporate operating models closely tied to it
- He compared changing that environment to altitude sickness, saying people accustomed to the plains may struggle if moved suddenly to high mountains
- Recalling the government's earlier 85,000-home policy, Shih said it initially faced little doubt before a sharp property slump triggered broad calls for market rescue
- He said the government later halted land sales and introduced relief measures including the “Sun’s Nine Measures” after the downturn exposed many side effects
- Shih made the remarks at a 107 Power anniversary event where an am730 report on recovering 9,000 abused public rental flats over three years also won an award
Why It Matters
The comments go to the heart of a long-running Hong Kong debate: how to ease the burden on first-time buyers without destabilising public finances and household wealth tied to property. For readers, the issue is not only affordability, but whether any policy shift can avoid a disorderly adjustment in spending, investment and confidence