Chao Sze-Tsung Cecil criticized " strict measures" bucked the trend

BSD intervention in free market reverses the path (reporter Fang Chu-yin) " I insist my opinion even you call me black sheep!" Chao Sze-Tsung Cecil, the chairman of CHEUK NANG HOLD (0131) was dissatisfied with government launching measures to suppress the market recently. He believed it is an action to reverse the trend and intervene in free market. And media reporters are the fault of it. Chao Sze-Tsung Cecil did not mince his words and said, " You cultural circles makes government shaking with fear. They are busy in launching new measures once opening a newspaper and need to deal with public opinion at the same time." Chao Sze-Tsung Cecil asked reporters to think about it. Why China in such developed? Is China catches western countries up? It is not a bad thing that China has a relatively not very much democratic system. He pointed out, it doesn't work if there completely without democracy but measures should not follow newspapers. Too much democracy is not perfect. Democracy needs limitation and it should not be over controlled by public. " See! The legislative council looks like in Taiwan type......" As for property price, Chao Sze-Tsung Cecil believed the major cause of property price rising is lack of supply. It was necessary that government launched the measures but it was " too impulse". And the new BSD which against non local HK buyers buying HK properties is reverse of the trend. He pointed out, HK always is a free market and it will destroy foreigners to Hong Kong's impression if we keep foreigners from investing in disguised form. And it is unreasonable that Hong Kong BSD is 15% while BSD in Macao and Singapore both only are 10%. He believed it is necessary to adjust it. He said, the property price sharply rises mainly suppresses the first house buyers and buyers of small and medium cost of properties. So he suggested it only need to restrict foreigners buying properties under HKD 5 million and villas above HKD 10 million should not be limited. But it is clear that the measures " hard to be recalled after launched". So he hoped government should adjust it according to market conditions. Commercial buildings changing into residential properties benefit commercial building owners As for government allow owners to change the commercial buildings into " transitional residential housing" without land premium, Chao Sze-Tsung Cecil grumbled that, how can it without land premium? It benefit the commercial building owners in disguised form. It is unfair that " benefit some ones but make some other ones lost" Although Chao Sze-Tsung Cecil said his company mainly is " a charterer" . It is not affected by new measures and the company mainly invests in the mainland market and foreign market. But when talked about the pre-sale approval of「ONE KOWLOON PEAK」which has not been passed for over and over many years, he felt angry and blamed that the division of labor in current government is too fine. It was in charged by one department before. So the authorities is necessary to unify the responsible department to speed up the pre-sale approval. " Guaranteed mainland property market has no bubble" As for current Hong Kong property market, Chao Sze-Tsung Cecil predicted, it still develops in stable trend and " only some of the speculators hurry to take cash in". He looked good the mainland market and "guaranteed mainland market has no bubble". So he believed the central macro-control would not launch new measures to suppress property market and he said he has invested in mainland for 7 years making the salary increases 40%-50%. He thought mainland property market still can slightly rises a few percentage currently. He also revealed the company' projects in Hangzhou and Shenzhen will possible be put on sale next year. The square meter price separately will be above RMB 10,000 and above RMB 20,000. It is predicted that it will take RMB 4 billion cash in.

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