Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Friday, Feb 03, 2023

‘Fundamental problems’ drive foreign investors and elites away

‘Fundamental problems’ drive foreign investors and elites away

There are fundamental problems in various aspects like culture and sports, education, politics, and the living environment when the SAR government faces difficulties in attracting overseas talents, said Executive Councilor Ronny Tong Ka-wah.
In an article published on Facebook Thursday morning, Tong said the protests in 2019 and the Covid-19 pandemic should not be blamed for the retreat of foreign investors.

Tong highlighted huge differences in attracting investors and elites from overseas, as investors care about making money, but elites pay more attention to the quality of their lives here.

He continued that while Hong Kong is an excellent place for people to make money, there is room for improvement in quality of life.

Tong noted that overseas elites are enthusiastic about arts, culture, and sports. Although introducing the West Kowloon Cultural District is a big step, Hong Kong’s facilities in sports like rowing, water skiing, and golf lag behind other cities.

The recent government suggestion of recovering half of the Fanling golf course for building public housing flats goes against the goal of attracting overseas talents, according to Tong. He gave Singapore as a counterexample – the Lion City, with a 5 million population, has 17 private and public golf courses.

Tong mentioned the average living area in Hong Kong is 13.5 square meters per person, while that in Singapore is 24 square meters. “Hong Kong is but a ‘concrete jungle’ to many foreign professionals,” he wrote.

“Changing the ratio of public housing to private housing to seven to three further boosts private home prices to the top,” he added.

As for education, Tong pointed out there are not enough places for international schools in Hong Kong.

Although Hong Kong is more democratic and open than Singapore, Hong Kong is an inseparable part of China and is a “cardinal sin” for the west.

Tong hoped authorities could strike a balance between providing quality lives to foreign investors and the elite and fulfilling the demands of grass-root citizens without sacrificing one another.
Newsletter

Related Articles

Hong Kong News
Close
0:00
0:00
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
Chinese search giant Baidu to launch ChatGPT like AI chatbot.
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
China is opening up for foreign investors.
Tesla reported record profits and record revenues for 2022
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
China relaxes 'red lines' on property sector borrowing in policy pivot
Tesla slashes prices globally by as much as 20 percent
Japan prosecutors indict man for ex-PM Shinzo Abe murder
Vietnam removes two deputy PMs amid anti-corruption campaign
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
China’s recovery could add 1% to Australia’s GDP: JPMorgan 
Saudi Arabia set to overtake India as fastest-growing major economy this year 
China vows to strengthen financial support for enterprises: official
International medical experts speak out against COVID-19 restrictions on China
2 Billion People To Travel In China's "Great Migration" Over Next 40 Days
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
Flight constraints expected to weigh on China travel rebound
Billionaire Jack Ma relinquishes control of Ant Group
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
Teslas now over 40% cheaper in China than US
TikTok CEO Plans to Meet European Union Regulators
UK chaos: Hong Kong emigrants duped by false prospectus
China seeks course correction in US ties but will fight ‘all forms of hegemony’, top diplomat Wang Yi says
China will boost spending in 2023
African traders welcome end of China’s Covid travel curbs
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Coinbase to Pay $100 Million in Settlement With New York Regulator
Preparations begin for Spring Festival travel rush
Domestic COVID-19 drug effective in trial
HK to see a full recovery, John Lee says in New Year message
Bargain hunters flock to last day of Hong Kong brands and products expo
Hong Kong aims for January 8 reopening of border with mainland China
×