XN000022-1994-06-09 — Page 6

5

10

THURSDAY, JUNE 9, 1994

IT'S

PRIES HAVE

ABLE

זי]'

NOW

OF COPESE

TO HAVE

WHAT ONE CAN SER IN THIS COMMUNITY IS THAT WHILE PROPERTY CONF UT OVER THE YEARS THE PROPORTION OF PROPLE WHO'VE BEEN PURCHASE THEIR OWN ACCOMMODATION HAS ALSO GONE UP! BOX AND 1 HOPE THAT WE'LL REACH OUR TARGET OF 60% BY 1997. WE HAVE TO GO ON MAKING SURE THAT THOSE WHO DON'T WISH TO BROOD OWNERS OR CAN'T AFFORD TO BECOME HOME OWNERS STILL ARE ABLE ACCESS TO GOOD QUALITY PUBLICLY RENTED ACCOMMODATION AND THAT I

RUT I CERTAINLY WAS

IN OUR STATEMENT YESTERDAY. UNDERLINED THINK THAT THIS ADMINISTRATION OR ANY SENSIBLE ADMINISTRATION SFRK TO SO INTERVENE IN THE PROPERTY MARKET AS TO MAKE

IT

1 DON'T THINK ANY GOVERNMENT THAT

CAN PINE TUNE PRICES.

THAT, NOT EVEN GOVERNMENTS IN TOTALITARIAN SYSTEMS

EFFRTIVE IN DOING THAT WHEN THEY'VE TRIED.

HOPE

DON'T SHOULD PEOPLE THINK CAN DO HAVE BEEN VFRY

CAN I JUST ADD ONE OTHER THING.

I

VE EXPERIENCED AS A POLIT

IS

PROPERTY PRICES SLUMPING DRAMATICALLY AND PROPERTY PRICES AND I'M SURE THIS COUNCIL WILL UNDERSTAND IT WHEN I SAY THAT THERE

PROPERTY PRICES A LOT MORE PUBLIC ANXIETY WHEN YOU HAVE A SLUMP IN

INCREASES ARE. HOWEVER THE DIFFICULT THE PROBLEMS OF PROPERTY PRICE IF HONOURABLE MEMBERS DOUBT THAT THEY SHOULD CONSIDER THE PROBLEM WHEN OF THEIR YOU'RE EXPLAINING TO HOME OWNERS WHY IT IS THAT THE VALUE

LESS THAN HOME, THE VALUE OF THEIR ASSET, HAS SUDDENLY BECOME WORTH

I THINK THAT THE COST OF THE MORTGAGE THEY'VE TAKEN OUT ON IT. IS A PROBLEM WHICH WE SHOULD SEEK AT ALL COSTS TO AVOID HERE IN KONG. SO WHILE WE WANT TO MODERATE THE INCREASE IN PROPERTY WHILE I'M PLEASED THAT WE'VE SEEN 10 TO 15% COME OFF PROPERTY IN THE LAST COUPLE OF MONTHS, I DON'T THINK THAT WE SHOULD WANT TO DO THE PROPERTY ANYTHING WHICH MIGHT RISK KNOCKING THE PINS FROM UNDER MARKET.

MR KK FUNG (THROUGH INTERPRETER):

THAT

HONG

PRICES, PRICES

A SHORT POLLOW-UP. BRCAUSE I DO

MY ANSWERED

QUESTION, NOT BELIEVE THAT THE GOVERNOR HAS DIRECTLY

CAN WE USE YESTERDAY'S PROPERTY MAYBE I SHOULD REPHRASE MY QUESTION. PRICES AS A BOTTOM LINE OR AS AN INDICATOR IF IN THE COMING FEW MONTHS THEN THE WE CAN'T SER PROPERTY PRICES COMING DOWN EVEN MODERATELY, GOVERNMENT WOULD PROCEED TO THE SECOND STAGE OF THE PROPOSALS, SAY THAT?

CAN WE

GOVERNOR:

WHAT

YOU CAN

SAY.

AN

THE

SKRETARY

FOR

PLANNING

1 N DECIDING

LOOKING AT PUNITIVE NUMBER

ENVIRONMENT AND LANDS SAID SO WISELY YESTERDAY, IS THAT WHETHER OR NOT WE NEED TO TAKE FURTHER ACTION AND WE'RE OTHER OPTIONS, AS THE HONOURABLE GENTLEMAN KNOWS, INCLUDING FISCAL MEASURES, WHAT WE WOULD HAVE TO TAKE INTO ACCOUNT IS A OF FACTORS, AS WE DID LAST MARCH. YOU'RE LOOKING AT, ON THE ONE HAND, THE THE LEVEL OF PERCEIVED SPECULATION AND THE AMOUNT OF VACANCIES IN HOUSING MARKET, THE NUMBER OF PROPERTIES THAT HAVE BEEN OWNED BUT HAVE BERN LEFT VACANT. YOU'RE ALSO LOOKING RIGHT ACROSS THE BOARD AT WHAT'S YOU'RE ALSO LOOKING AT SOMETHING HAPPENING TO THE INCREASE IN PRICES. WHICH IS PERHAPS RATHER MORE IMPONDERABLE WHICH IS MARKET BUT IT WOULD BE LESS THAN SENSIBLE FOR GOVERNMENT, TO CLAIM THAT THERE IS SOME SORT OF WHICH CAN DETERMINE WHETHER OR NOT PRICES ARE AT THINK WE'D BE VERY FOOLISH TO DO THAT AND I'M MEMBER WHO KNOWS A VERY GREAT DEAL ABOUT HOUSING WOULD PROBABLY IN DUE COURSE CRITICISK US IF WE DID TRY TO DO THAT.

SENTIMENT, THE GOVERNMENT, FOR ANY MECHANISTIC FORMULA THE RIGHT LEVEL AND I SURK THE HONOURABLE

/MR STEVEN POON: