Steven,
Thanks for posting the IHT article. One excerpt:
<<Hong Kong, with unemployment at 6 percent, a 25-year high, and the worst
decline in gross domestic product since it began keeping count, spends vast
sums in seminars on how to reinvent itself. Yet it deals very much less than
frontally with its central problem, a reliance on property speculation that
indirectly represents up to 60 percent of the value of the Hong Kong stock
market and half the government's revenues, and involves the 50 percent of the
population who own apartments. >>
Can you or someone explain how property speculation represents up to 60% of the value of its stock market? Is that because they have loans based on the alleged value of the property which they then put into the market?
tia,
Sam
I wonder what Uncle Milton is saying these days about his beloved paradigm of true capitalism. The Rock. Funny how Prudential, the King of Real Estate private placements in this country, uses that name in their PR. |
