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inflated by speculation, and little, if anything at all, has been done to curb such speculation. Perhaps few people in the world have ever seen advertisements in the newspapers offering ballot application forms for sale at a price of '$50 if unsuccessful, $8,000 if successful'! Mr Chairman, this is neither fantasy nor stretching the imagination, but fact which occurred here in Hong Kong only four months ago. The end result is that many people in 1978 have seen their ability to buy a flat shrink in size day by day, and the proportion of their salary which is needed to buy a flat grow in size day by day. I must add that I speak from personal and bitter experience.
While the genuine home-seeker at the end of the line suffers from an over-inflated price, the numerous speculators in between reap enormous returns, and this is done without paying a fair share of the profits to the public in the form of taxes. I think it can only be healthy in the long run if habitual traders of undeveloped flats are sought out and at least taxed heavily if not damped down altogether. It is not enough to brush aside the problem just because purchasers of incomplete flats do not have assignments registered at the land office, for development companies must have knowledge and records of when and between whom sale and purchase agreements change hands. When there is a will, there is a way to compel disclosure of such transactions.
Capital Fund for Recreation and Sport
Secondly, recreation and sport. In 1974, an anonymous donor pledged $10 million to the Governor for charity and the Governor directed that this be used for recreational services for young people, hence the Governor's Special Fund for Recreation and Sport. Since then, the Special Fund has sponsored many worthwhile long-term capital projects, not only Government projects, but also numerous projects by voluntary agencies and other reputable and deserving youth organizations and local associations.
Although open to challenge, I do personally think that Hong Kong has more youth organizations, clubs and local associations per square inch than anywhere else in the world. I also feel that the various activities organized by these organizations, either on their own or in conjunction with the authorities do make a positive social contribution, therefore they ought to be encouraged. Up to now, the Special Fund is nearly exhausted, and there is no other fund available exclusively for capital projects in the field of recreation and sport. In order to maintain the impetus created by the generous donor of the $10 million, it is seriously worth Government considering matching that donation dollar for dollar. Another possibility is to apportion a share of the Lotteries Fund to be managed and allocated through the Council for Recreation and Sport instead of the Social Welfare Department, as the latter will always tend to look at projects from the pure social welfare and charity point of view and not enough from the recreation and sport aspect.
On this sporting note, Sir, I support the motion.
ADJOURNMENT—4.45pm
CHAIRMAN (in English):—Thank you. Are there other members who may not have spoken but may wish to do so now? If not, the debate is adjourned until Tuesday, 13 February 1979, at 4.00pm when the Chair will exercise the right of reply under Standing Order 21, Section 17. The Council stands so adjourned.
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