society

Lunar New Year Fair stall auctions less bustle amid pandemic uncertainty
- 2020-11-26
- Business
- The Young Reporter
- By: Zhu Zijin Cora 朱子槿Edited by: BellaHuang
- 2020-11-26
The two-day auction for Hong Kong's Victoria Park 2021 Lunar New Year Fair stalls that ended on Nov. 17 received a cold reception as pandemic's uncertainty looms over the city. Only 175 wet goods stalls selling flowers are available for auction this year, with six left unsold. Officials have banned dry goods stalls which sell handicrafts and toys, as well as snack stalls due to health concerns. Hong Kong's largest Lunar New Year market used to have around 300 dry goods stalls and three food stalls. "I'm confident about the market this year," said Lau Hoi-to, who has attended the fair for more than 40 years selling peach blossom, "It's culture. Chinese people always buy flowers on Lunar New Year." Mr Lau successfully bid for 22 stalls for the coming fair beginning on Feb.6 and lasting for six days. The single highest bid is HK$50,000, about nine times higher than the starting price HK$5,440. The Food and Environmental Hygiene Department halved the opening price for all bids from last year because of the city's economic downturn. The total revenue of the auction is about HK$2.5 million, increasing by 60% compared to the previous year. Ha Fang-fang, an orchid vendor, successfully bid for one spot. She hoped the government could soon normalize cargo transportation procedures between Hong Kong's border with mainland China. Under the pandemic, cross-boundary goods vehicles can only enter the nine cities of the Greater Bay Area and need to return the same day. "It'll be much more convenient then," Ms Ha said, "But I'm still confident about the fair. I expect local people will still come and buy our flower." Still, Ms Ha expressed her worries that there will be less people around in the fair due to the pandemic The Food and Environmental Hygiene Department said all …

Policy Address 20/21: HK government to introduce cash allowance for low-income families
- 2020-11-25
- Society
- The Young Reporter
- By: CarineChowEdited by: AlecLastimosa、Jay Ganglani
- 2020-11-25
Chief Executive Carrie Lam Cheng Yuet-ngor highlighted new public housing schemes for residents with plans to provide low-income families currently waiting in line for public rental housing with cash allowance over a prolonged period. In the live broadcast, Mrs Lam hopes that the new schemes will "get Hong Kong out of the impasse and restore people's confidence as soon as possible." To meet the demand of about 301,000 public housing units, the government plans to use 330 identified hectares of land required based on the Long Term Housing Strategy Annual Progress Report 2020 to implement 316,000 flats within the next 10 years. Locations involved the Tung Chung reclamation side, the agricultural and brownfields sides in new development areas such as Kwu Tong North, Fanling North. Other suggested areas include nine sites at Kai Tak and Anderson Road Quarry, and parts of Fanling Golf Course will also be used for public housing development. "It is the prime time to create more land for housing," she said. Ms Leung, who has been in line for public rental housing for four years, rated the policy address one out of 10. "She [Carrie Lam] did introduce new public housing, but it seems that the majority would be sold in the market rather than being rented, which would have zero impact on shortening the waiting time for public rental housing," Leung said. Currently, the waiting time for public rental housing averages at 5.6 years, which has increased by 0.1 years compared to June this year. As of September, there are about 156,400 general applications for public rental housing and about 103,600 non-elderly one-person applications. A new cash subsidy will roll out for people waiting for public rental housing. In the trial scheme, applicants with two or more persons, and elderly one-person applicants not living in …

Policy Address 20/21: Property agents welcome but remain skeptical towards commercial property tax abolition
- 2020-11-25
- Society
- The Young Reporter
- By: Zhu Zijin Cora 朱子槿、Vikki Cai Chuchu、Yoyo Kwok Chiu TungEdited by: Kawai Wong、談 巧童
- 2020-11-25
The city's leader announced today to abolish tax for commercial properties, real estate agents express positive attitudes towards the policy but some of them cast doubt on its effectiveness due to the uncertain investment environment under COVID-19. In her fourth annual policy address, Chief Executive Carrie Lam Cheng Yuet-ngor said the government will abolish the Double Stamp Duty (DSD) on commercial property to facilitate businesses to cash out by selling non-residential real estate so to stay afloat during the economic downturn. The policy will take effect tomorrow. "As a result of the economic downturn and uncertainities surrounding the COVID-19 pandemic, prices and demand for non-residential properties have been dropping over a period of time," said Ms Lam. "The government considers now the right time to abolish the DSD imposed on non-residential properties." Hong Kong saw its Q3 GDP decrease by 3.5% in real term on a year-on-year basis. For the net output in the real estate, professional, and business services sector, it decreased by 5.9% in real terms in 2020 Q2 from a year earlier, following a decline of 4.6% in Q1, according to the Census and Statistics Department. The DSD, formally known as the Doubled Ad Valorem Stamp Duty, was first introduced in February 2013 to deal with the surging prices of commercial properties. The rates range from 4.25% to 8.5% depending on different asset prices. Lau Kin-ling, 59, a real estate agent said the abolishment of commercial property tax is helpful for the market but it is hard to predict the effectiveness. "The policy may not attract a considerable amount of mainland investors since the borders remain closed," said Ms Lau. "The major factor for buyers to purchase a commercial property is field visit so that they can access the actual environment, simply presenting an advertising video would …