In a short while, luxury cars with special license plates broke through the bustling neon lights of Hong Kong Island at night and gathered almost one after another in front of the heavy iron gate of the Governor's Residence, MacLehose.
The conference room in the official residence was brightly lit, and the atmosphere around the long, mirror-like conference table was quite solemn.
Jardine Matheson's Newbigin's face turned pale. He was the first to speak out, his hands resting on the table:
"Sir Murray MacLehose! What on earth is going on? The Hong Kong government actually approved that Japanese kid's 'Home Ownership Plan'? And they're even going to cooperate with him? This is simply unbelievable.
Sir, please stay awake! You are the Governor appointed by Her Majesty the Queen herself!
Your first duty is to safeguard the fundamental interests of our British-owned enterprises in the Far East and in Hong Kong! This is the very foundation of the colonial government! How could you listen to the instigation of a speculator and engage in such a so-called "good deed" that undermines our profit base?
Wylie of Hutchison Whampoa echoed this sentiment, his tone filled with dissatisfaction: "Those Chinese have poor living conditions? Ha! That's their own fault, as they've flooded in from the mainland!"
"We in Hong Kong Island have provided them with a place to live, jobs at the docks and ports, and in our factories. This is already a great kindness from the Queen and us! They should be grateful and frugal for decades, so they can naturally afford the proper homes we build! This Xiaolin Tianwang is building affordable housing, which is simply disrupting market order! He is squandering other people's money! Sir, how can you listen to his nonsense and deceive the public?"
Bao Weishi from Wharf Holdings also stepped forward with a sullen face and said, "Sir, which expenditure of the Hong Kong government does not rely on income from land sales?
Isn't it dependent on the tax revenue and driving effect of our high-end residential development? Now implementing this "Home Ownership for All" policy will not only depress land price expectations, but will also disrupt the entire high-end residential market! Who will bear this loss? What revenue will the Hong Kong government have to fill this hole?
Lord Kadoorie maintained the demeanor of a British aristocrat, softening his tone slightly as he soothed, "Sir Murray MacLehose, you are undoubtedly a mature politician who should know how to weigh the pros and cons. The welfare of these lower-class people is, after all, just icing on the cake. How can it be compared with the cornerstone of stabilizing Hong Kong's prosperity and safeguarding the interests of imperial enterprises? Taking risks for the gimmick of a Chinese speculator is truly inappropriate. I hope you can reconsider carefully..."
Finally, HSBC boss Shen Bi finally spoke. His voice was low, but it carried the oppressive feeling that came from Hong Kong Island's core financial institution. He fixed his gaze on MacLehose, who was sitting in the main seat, and said bluntly:
"Sir, I think your decision is indeed ill-considered. If the Hong Kong Land Development's 'Home Ownership Scheme' is rolled out on a large scale, it will create a serious price-anchoring effect and market diversion."
It will not only impact Swire's own high-end projects, but will also have a huge impact on all real estate developers who rely on high-end property development for profits, including the many projects under the control of all of us here.
Once these land prices are lowered, fiscal revenue will plummet, and the financial and credit balance of the entire Hong Kong Island may be disrupted.
As Hong Kong Island's de facto central bank, we at HSBC must warn you that this poses a significant potential threat to market health and the stability of the banking system. The consequences...will be unpredictable."
Several gazes, all of which expressed substantial pressure, were focused on Sir Murray MacLehose who was sitting in the main seat.
The Governor of Hong Kong was facing a table full of heavyweights who controlled the economic lifeline of Hong Kong Island, but his expression was unusually calm, with even a faint smile on the corner of his mouth.
"Gentlemen," he responded, "is prosperity that relies too much on land finance and sucks the 'flesh and blood' of the lower classes truly healthy and sustainable? You all keep saying that I should protect the interests of British capital, but may I ask how your interests are actually established?"
His gaze lingered on Newbigin's face for a moment: "Without the millions of hardworking and inexpensive Chinese laborers on Hong Kong Island as the cornerstone, without their tireless work day and night at the docks and in the factories, how could your foreign companies, shipping companies, and warehouses gain a foothold in the Far East?
Isn't the reason why Hong Kong Island is making so much money despite losses at its London headquarters and setbacks in expansion elsewhere the result of extreme exploitation here? Are the compensations you pay truly worthy of their hard work?
As he spoke these words, MacLehose exuded the majestic aura of a Governor-General: "As for the current situation of the people of Hong Kong Island... you keep saying it has nothing to do with it? Then I want to ask, who was it that made 'home ownership for all' impossible in Hong Kong Island in the past through the high land price policy?
Who is it that is constantly raising rents and manipulating housing supply, making it so that even a life savings of an ordinary worker in Hong Kong might not be enough to buy a place to live? You all know it very well!
Yes, I am the Governor appointed by Her Majesty the Queen. Protecting Her Majesty's interests in the Far East and maintaining the stability and prosperity of Hong Kong Island are my fundamental duties.
But my responsibilities also include being responsible for the well-being of the more than five million people on this land, including alleviating serious social conflicts, the gap between the rich and the poor, and preventing this volcano from actually erupting!
You are only focused on your own profit losses. Who has ever truly considered the anger and anger accumulated by the people's suffering? If it gets out of control, as the old Chinese saying goes, when the nest is overturned, how can the eggs remain intact?
The Home Ownership Scheme is a long-term solution to ease conflicts, improve people's livelihoods, and promote social stability. It will benefit Hong Kong Island's overall economic structure and social health, with absolutely no detrimental effects! I see this clearly, so I fully support it and will vigorously promote it! As for your opposition..."
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