Non-executive director Shi Liqian called an emergency meeting to call the social contradiction
The controversy over the “Fugitive Offenders Ordinance" in Hong Kong is implicated in the Kai Tak commercial site! Gao Yin Finance (530) announced that an independent non-executive director and member of the Legislative Council, Shi Liqian, requested an emergency board meeting on Monday to discuss the suspension of financial support for the Kai Ting Runway Commercial Land King, which was over $11.1 billion in the previous month, and was approved. I would rather set aside $25 million. Scholars worry that the incident will affect Hong Kong’s investment and property market atmosphere, and property prices are expected to be under pressure in the short term.
Gao Yin announced that the three executive directors on the board and three independent non-executive directors including Shi Liqian believe that the recent social conflicts and economic instability will have a negative impact on the growth of the commercial real estate market in Hong Kong. The proposal of the land price of the landlord voted in favor and was passed by a large ratio.
The Group stated that the Hong Kong Government has the right to cancel the sale of the land, and the deposit of RMB 25 million will be forfeited. The losses and expenses involved in the resale of the Hong Kong Government are also the responsibility of Gao Yin.
Pan Sutong objected to “feeling helplessness and sorrow"
As for Chairman Pan Sutong and Independent Non-executive Director Gao Min, they opposed the motion. Pan Sutong said that the recent social conflicts and economic instability will not affect the long-term development of the commercial real estate market in Hong Kong. In a conference call yesterday, he said that he felt helpless and disappointed with the meeting. He reiterated that he would not suspend the investment of land in the real estate market in Hong Kong. When the land was re-tendered, he would enter the standard in his own name and believed that the company would “take away the treasure". Shi Liqian reiterated his positive view on the regulations, but said that the economic environment has changed rapidly since the land was invested in May, and it is urgent to make a decision on the land balance yesterday, and stressed that the group is only looking down on the short-term prospects of commercial buildings and hotels, not the overall market.
The Development Bureau refers to individual incidents, has its own business considerations, and does not comment. The Government will continue to supply land stably and will not be affected by individual tendering.
Scholars worry about the business environment change, the property market is under pressure
Guan Lanzhao, director of the Guanzhong Business and Economic Research Center, believes that the high bank is not an individual event. It reflects that the Fugitive Offenders Ordinance has shaken the business environment in Hong Kong and touched the worries of the business including Chinese capital. He is worried that the incident will trigger a major adjustment in property prices and land prices in Hong Kong. “After a year or two, the Ordinance has fallen into a hurry."
However, Zhuang Taiquan, an associate professor of economics at the Chinese University of Hong Kong, believes that the incident is only an individual incident. It means that the project investment is huge, the deposit is not large, and the subscription is understandable. It is only the Legislative Council members who have voting rights, which has caused market speculation. He believes that Hong Kong land prices and property prices will only have a negative impact in the short-term, but even if the dispute has evolved into a large-scale “occupation", the impact on the property market will not be significant with the experience of the year.
The Chairman of the Executive Committee of the Real Estate Developers Association, Mr Leung Chi-kin, told the media that the incident would not affect the intention of investing in the land, and that the reason for the decision was “wording" and “there was a financial problem in the conversation." He did not comment on the practice but said that he intended to bid. Related business locations.