The heavy black iron door of the Governor's Palace slowly closed behind him, blocking out the noisy voices and glaring flashes of light outside.
Lin Huowang walked along a long corridor covered in crimson carpet, accompanied by Gao Qiaohao, a tense figure treading closely beside him. Lin Huowang's gaze swept calmly across the walls on either side, where portraits of successive Hong Kong governors hung. But inwardly, he was contemplating the trajectory of this land's development over the next twenty years.
Home ownership!!!
What a good intention!
Lin Huowang couldn't help but sigh in his heart.
He remembered clearly that in real history, Murray MacLehose was going to launch a similar plan for the first time at the end of this year in an attempt to alleviate the poor living conditions of the lower classes on Hong Kong Island.
No matter if he is doing it for political achievements or really for the grassroots people of Hong Kong Island.
His enthusiasm and blueprint were portrayed quite vividly.
However, when the ideal really hit the iceberg of reality, this new ship called "Home Ownership for All" could only be said to have completed half of its journey before it deviated from its track. In the years that followed, it even inadvertently became an "accomplice" in pushing up housing prices.
Why does this result?
Lin Huowang had already analyzed the situation carefully before coming here. The answer was both simple and realistic. It was the result of the huge binding of interests and the game between various forces.
On the one hand, the operation of the Hong Kong government certainly requires huge fiscal revenue, and land leasing is a shortcut and the foundation on which "land finance" relies.
Neither MacLehose nor his successors wanted to build more affordable housing estates quickly, but the reality was that if they wanted to do so, they would have to rely more on the "real estate lords" who held the resources.
Which of the tycoons entrenched at the top of Hong Kong Island, whether the British-owned Jardine Matheson and Swire, or the Chinese-owned Cheung Kong, Sun Hung Kai, and Henderson Land, would tolerate a massive influx of affordable housing into the market, disrupting the high housing prices they have carefully maintained? This would mean a significant dilution of profits and even a reduction in assets.
There are people who do business that will get them killed, but no one cares about business that will lose them money.
This is the iron law that capital in any place follows, and it applies everywhere.
Therefore, when faced with the Hong Kong government’s loud calls, major real estate developers either pretend to comply and cooperate symbolically, or simply boycott and delay.
Without a strong implementing partner, the Hong Kong government is undoubtedly inefficient in relying solely on its own institutions. To maintain the plan, it has had to continuously extend the timeline, raise the application threshold, and complicate and lengthy the review process.
Those citizens at the bottom of society who are in real need of improvement and are suffering in "pigeon cages" and wooden houses, looking at the long waiting time and harsh conditions, can only turn their eyes to the private market in despair. During the long wait, they are forced to use up their meager savings to take over the increasingly expensive private buildings.
The huge demand for housing has never been effectively met, which has instead provided support for real estate developers to maintain high housing prices - "Look, even if housing is in short supply, market prices will naturally remain strong."
Over time, what was originally intended to benefit the people has morphed into a vicious cycle that fosters monopoly and drives up housing prices. The Hong Kong government has become deeply entangled in land finance and the real estate economy, steadily squeezing its resolve and space for transformation in technology and finance.
The so-called "Cyberport" was also ultimately eroded by real estate thinking, becoming a mere high-tech project. The city's economic structure became fragmented and fragile, prices were exorbitant, and the wealth gap became an unresolved problem.
Detours. The future of Hong Kong Island has taken too many detours.
Lin Huowang's gaze lingered on the blurred face of a colonist in the portrait, and he saw the developmental dead end that Hong Kong Island would gradually enter over the next twenty years, missing countless opportunities for rapid development. He couldn't help but sigh.
Passing through the elegant corridor, you enter a reception room with exquisite decoration.
The air was thick with the scent of fine mahogany and leather. Gao Qiaohao nervously pulled out a chair and motioned for Lin Huowang to sit down. He sat awkwardly beside him, leaning forward slightly, his hands clasped in his knees. The pressure of shouldering the enormous loan for his boss and the uncertainty of the current situation had already left sweat on his forehead.
Governor Murray MacLehose changed into comfortable casual clothes and walked back in.
He waved his hand to send the waiter away. The solemnity on his face and the embarrassment of being pressured by public opinion in the square just now had disappeared. He regained the calmness and composure that a colony's highest official should have.
"Mr. Xiaolin, please feel free to come to my place. Don't be shy." Murray MacLehose sat down on the sofa at the host's seat, even with a relaxed smile on his face. "Are the snacks to your taste? I asked the master chef to make them specially for you."
"Thank you for your hard work. It's very exquisite." Lin Huowang nodded calmly, picked up the white porcelain cup and took a sip of the slightly cool fragrant tea.
The several plates of Chinese dim sum on the table were truly remarkable, with fragrant mung bean cakes and delicate walnut pastries. They were not overly sweet like English desserts, but rather more elegant. He had just tasted a piece of mung bean cake; it was light, sweet, and palatable, a true authentic traditional craft.
After a few pleasantries, MacLean's eyes fell on the thick stack of copies of the plan presented by Lin Huowang. He suppressed his smile and picked up the document. "Mr. Lin, please wait a moment. Let me take a quick look at this [Home Ownership Plan]."
Lin Huowang nodded slightly, made a "go ahead" gesture, and then he and Gao Qiaohao waited quietly. The reception room was so quiet that the only sound left was the rustling of papers.
MacLehose's eyes quickly moved between the table of contents and the abstract, then to the key sections on the project overview, partnership model, and financial model. The relaxed expression on his face gradually gave way to astonishment and solemnity. He read quickly, but the more he looked, the deeper his frown deepened. It wasn't because the plan was bad, but because it was too good! It was so good that it exceeded his expectations as Governor-General and even overturned his understanding of the capitalist instinct for profit.
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