in China Environment Hong Kong
After spinning the Liaison Office's Scrooge McCY as a man of the people and someone to shake up HK's tycoons prior to taking office last July, the United Front is back with a vengeance on the day after his inaugural Policy Address.
Of course the actual Policy Address was a potpourri of goodies and subsidies for HK's tycoons with no asset checks, while the few benefits for the poor and middle-class individual were attached with massive strings and major asset checks.
Since housing is the major complaint of locals it's only natural to find Scrooge McCY addressing the problem. Of course his bosses at the Liaison Office and friends use Hong Kong property as a stable depository of questionable wealth, so this limits Scrooge McCY's options, but rest assured Scrooge McCY has maintained the belief system of property flipping as Hong Kong's primary personal economic ladder, which ensures HK's wealth will properly be diverted in to the pockets of the few HK and mainland developers that monopolise the market.
When faced with a problem of too much money (due to the CCP's binge spending on non-productive assets flooding Hong Kong with cheap cash) chasing a limited amount of assets, you either have to limit the cash or increase the amount of assets that can chased. Scrooge McCY diverted the cash from residential property at least temporarily in to parking spaces, commercial property, milk formula and the rest of Hong Kong life, while experts were figuring a way to work around the special stamp tax on mainland money. The real Hong Kong government way though is to create more opportunities for big profits for Hong Kong's tycoons. And Scrooge McCY's Policy Address delivered land, land, and more land for property development. Underground land to survey and turn into concrete. Sea to survey and turn into concrete. Greenspace to survey and turn into concrete. Must have MORE CONCRETE to sustain property developer's profits and provide places for the Liaison Office's friends to park their assets without creating an excessively bubblicious HK property market.
When faced with opposition from communities that would be destroyed by all of the concrete pouring, Scrooge McCY was resolute in his vow that divisions of opinion would not stop him screwing the communities. Of course Scrooge McCY was just as resolute in vowing to let community divisions stop him from considering whether to allow communities be treated equally based upon whom they screw. Never say Scrooge McCY isn't resolute in doing what his puppetmasters want him to do.
The most interesting part of the Policy Address reflected the financial backing of Civic Exchange. The bus companies have been lobbying hard the last few years to reduce their labour costs, since the primary driver of Hong Kong's corporate wealth is labour exploitation via pathetic wages and excessive hours. The easiest way to reduce labour costs would be to cut the salaries of C-level staff by two-thirds, but that would run counter to every MBA course and tycoon's dreams, which demand firing front-line staff instead. Time to make bus drivers redundant with a government directive. Thanks, Ms Loh. And if you have a pile of rusting depreciated assets on hand that need to be replaced, you can be sure Scrooge McCY will have a big handout for you under the principle of The Polluter Gets Paid with no asset checks. Of course Scrooge McCY and Christine Loh may get reduced API levels at the paltry few roadside pollution stations the government runs, but please remember Bow-tie trying to hype the air pollution benefits of LPG taxis as the sun sets in to another smog-filled sky. Also be sure to note there are no new tarriffs on CLP or HK Electric for generating power and particulates and SO2 and CO here to ship the power north of the border for big profits, while overpaying for clean nuclear power from a company in which they are a major shareholder.
But remember it is only pragmatic that Hong Kong's Chief Executive hand out wealth and assets to the richest while feeding the scraps to the wretched and poor. This is because CY Leung truly has his heart in the right place and helps those that are most deserving, which God and The Party have shown by making them the wealthiest (or at least wealthy enough they have an address on The Peak instead of in Kowloon Tong or God forbid the public housing that Long Hair was living in when he was elected to LegCo).