A Hong Kong property tycoon has called for a more prudent approach to the city’s development rather than accelerating projects amid global uncertainties, saying the industry’s willingness to invest in the Northern Metropolis hinges on the health of the market.
Far East Consortium chairman David Chiu Tat-cheong also described the megaproject’s new land disposal approach – which requires winning bidders to handle multiple developments on a large plot – as good intentions with unintended negative consequences, as it could make it challenging for smaller developers to take part.
Chiu, a standing committee member of the Chinese People’s Political Consultative Conference, the country’s top political advisory body, warned that surging fuel prices could prompt the US to slow the pace of interest rate cuts, affecting Hong Kong’s economy, even though Middle East investment in the city remained limited.
“If you had asked whether [Hong Kong] should move faster six months ago, I might have said ‘maybe’,” Chiu said. “But today, I believe we should not rush. We should progress while ensuring stability, because the world is constantly changing and we cannot control it.”
He added: “We as businesses and the Hong Kong government are very small players. We cannot control the overall situation. If we move too quickly in such a chaotic world, I am afraid we will stumble.”