Property guru tells HK government to stay out of property market

The Hong Kong government''s involvement in the property market has depressed the market for too long says UBS Warburg''s Franklin Lam.
Perception is a funny thing. To some, Hong Kong is the ultimate example of the free market economy, while to others it is just a myth which hides the basic truth that Hong Kong is as open to government intervention and subsidization as anywhere else.

The property market is a case in point. As part of its social welfare programme, the Hong Kong government has control of housing policy and has generally sought to subsidize housing so that most citizens enjoy a minimal level of acceptable housing.

Not everybody favors this situation however. Some believe that it has resulted in a depressed housing market, with market forces better serving the needs of...

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