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Strategies & Market Trends : HONG KONG -- Ignore unavailable to you. Want to Upgrade?

To: Tom who wrote (2587)	12/14/1998 4:27:00 PM
From: WONG	Read Replies (1) \| Respond to of 2951

Times are a changing.... The HK government has indicated today that they will be moving towards hiring contract employees rather than the "Iron Rice Bowl" tradition of permanent (and very difficult to eliminate) headcounts. 10,000 currently unfilled vacancies are expected to be frozen as well. From the words of a senior official "The Last Train (for government hiring) has departed". This is right after the heels of very much publicized salary freeze of HK Bank, Cheung Kong Holdings etc. Not to mention the rising unemployment figures, salary roll backs and bankrupt businesses. Contract employment has a very grave impact to a local economy, as people cannot forsee a stable income in their future, their spendings will be cut back and long term committments like a 20 year mortgage will come under even more serious considerations. On the other hand, the HK government is pulling out all the stops to (lure?) people to buy up more real estate to jump start the economy... Something just doesn't add up here!?