There is a great deal of public concern over high property prices and soaring rents in Hong Kong.
The government, in collusion with the property tycoons, has made these prices possible and has no interest in seeing a downward correction.
Market forces should set prices in a society but this does not happen in Hong Kong, where the market is biased. The government curtails land supply in a drip-by-drip fashion, with no appropriate intervention when prices skyrocket.
It is a myth created by the bureaucrats that there is a shortage of land here.
The problem is also exacerbated by the Hong Kong dollar's peg to the US, which, not surprisingly, the administration and the tycoons stoutly defend.
It was introduced because of political uncertainty arising from the transition of power to China, but is no longer needed.
