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Letters | Where’s the money for the Northern Metropolis coming from?
Readers discuss how to generate government revenues, waste charging, and worker safety
Reading Time:3 minutes
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When I was a teenager, my pastor delivered a sermon about an ocean liner that is running low on fresh water. The captain radios the base for help. After confirming the exact position of the ship, the base replies that fresh water is within reach as the ship is already in a river estuary.
Hong Kong appears to be in a similar situation. Although we’re running a deficit of more than HK$100 billion and the commercial property market is at a low ebb, our streets are still paved with gold. Hong Kong remains affluent and there are ways to ease the deficit.
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Bringing back the Tenants Purchase Scheme could be one way. However, given that the scheme could dampen the private residential market and complicate relations between tenants and owners in public housing blocks, officials would have to tread carefully.
If I may think aloud, is there a feasible way to seek public listings for the city’s tunnels? Perhaps we could have class A shares in the three cross-harbour tunnels and class B shares in the other tunnels. The government could sell only 40 per cent of its stake and still retain control over the tunnels.
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As it is, the government needs billions to finance the development of the Northern Metropolis, a third medical school and ever-expanding social expenses. Where is all the money coming from?
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