Yue Chim Richard Wong 王于漸
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Long-Term Housing Strategy Before the Mid-1980s

By YueChim Richard On 2012/10/22 · Add Comment · 8,175 views
The task of developing a long-term housing strategy must incorporate both demand and supply factors once the number of housing units is greater than the number of households. It is not enough to look chiefly at the supply side alone, as the earlier housing plans had done.
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Stranded between Singapore’s Way and Lima’s Other Path

By YueChim Richard On 2012/10/11 · Add Comment · 18,486 views
If HA did not require exorbitant payments for the land premium on HOS units, then the offer of an ownership unit to non-indigenous villagers in Tsoi Yuen Village a year ago and in the North East New Territories today would be much more attractive. The HA unfortunately inherited these poorly conceived housing policy measures from the government in the 1960s. These policy measures have become a hindrance to redevelopment in the New Territories. …… to lower the transaction cost of developing the New Territories …… will depend on greater clarity and recognition of the rights of all inhabitants, to give them better security and stability and where necessary to offer more attractive compensation in exchange.
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Lima’s Other Path, Tsoi Yuen Village, and North East New Territories

By YueChim Richard On 2012/10/05 · 1 Comment · 76,157 views
The villager would become either a tenant or a partial owner of an HOS unit that cannot be disposed of without paying an exorbitant land premium. The compensation package they would receive would have no upside potential because the government subsidized housing unit provides shelter only; it is not a bona fide asset. …….. If the government sticks to the present policy, it will have to pay a very high transaction cost for every redevelopment project. And society will be divided again and again.
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Inefficiency and the Scourge of Small Public Housing Units

By YueChim Richard On 2012/09/27 · Add Comment · 31,478 views
It is crucial to remember that the demand for housing will change over time as society prospers and also over a household’s life cycle. Job locations can change, people get married, students start school or change schools, households decide to move closer to grandparents, parents, children, or grandchildren in a different part of the territory, and so on. The cost of being unable to change one’s housing unit over the life-cycle and as society prospers places an enormous burden on everyone and on the economy.
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Small Housing Units and the Inequity Effects of the Public Housing Program

By YueChim Richard On 2012/09/20 · Add Comment · 5,467 views
A simple solution is to revive the halted Tenant Purchase Scheme (TPS). A non-trivial and substantial share of these units would become available for rent in the open market provided this was allowed by the Housing Authority. It would meet the needs of those who are currently occupying sub-divided rooms and are on the Waiting List for public rental housing. Moreover, competition from the TPS would help to make these sub-divided rooms more affordable.
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Why are Housing Units so Small in Hong Kong?

By YueChim Richard On 2012/09/13 · Add Comment · 8,993 views
The most devastating long-term consequence of the rapid explosive growth of the resettlement program was that vast numbers of the population in Hong Kong were offered small housing units at a very low rent; and this would essentially become their permanent housing condition. Such a condition would of course spillover into living conditions in the private sector.
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The HOS Secondary Market Finally Warms Up

By YueChim Richard On 2012/09/06 · Add Comment · 20,820 views
I believe the government has little choice but to pro-actively consider increasing the available supply of units in this fixed pool. And the only immediately available source of supply is to revive the TPS program that was halted 10 years ago.
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Economic Integration with the Mainland –– Linked Rate, Domestic Stability, and Dual Integration (Part II)

By YueChim Richard On 2012/06/28 · Add Comment · 78,368 views
Based on economic considerations alone, our discussion of floating, fixed and flaky exchange rates so far has not uncovered any compelling reasons as to why any of the alternatives that have been raised over the years, and also in Mr. Joseph Yam’s recent research paper, are preferred to the present Linked Exchange Rate, at least for the foreseeable future.
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Economic Integration with the Mainland –– Linked Rate, Domestic Stability, and Dual Integration (Part I)

By YueChim Richard On 2012/06/21 · Add Comment · 9,413 views
Owing to the flaky exchange rate system . . . . Adjustments occur in the foreign exchange market as a result of government interventions and market forces –– a mixture of politically driven and market driven factors that creates conflict between exchange rate and monetary policy. Under both the adjustable peg and the “dirty” float, the market knows but cannot tell exactly when the government will act, and so from time to time will second guess government behavior. The “speculation” that results precipitates crises in the balance of payments and the currency.
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Economic Integration with the Mainland –– Population and Poverty in a Triumphant City

By YueChim Richard On 2012/06/14 · Add Comment · 17,594 views
If we were to implement a better immigration policy to enhance the population of Hong Kong not just in terms of quantity but of quality, we would take a giant step forward towards making the city Asia’s leading metropolis. Hong Kong – a city with enormous potential to become a triumphant city if only we could get our policies correct.
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Economic Integration with the Mainland – Pregnant Mainland Mothers and the Right of Abode

By YueChim Richard On 2012/06/08 · 2 Comments · 25,752 views
. . . . the right of abode status and . . . . the subsidized social benefits . . . . unbundling the two for Type II babies would filter out Mainland parents who wish to free ride on these benefits in Hong Kong. . . . . We have no right to abuse our privilege as a Special Administrative Region, but we do have a right to prevent our subsidized social services from being abused. An example of this can be seen in the way local authorities on the Mainland have so far handled the problem of rural migrant workers in urban areas.
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Economic Integration with the Mainland – Learning from the Multi Fiber Agreement

By YueChim Richard On 2012/06/01 · Add Comment · 9,692 views
Economic reintegration with China and supporting her integration into the world economy requires similar creative institutional responses. These are costly administrative arrangements, but we need them in order to engage effectively with China. Every sector could do with such arrangement to help it move forward, but there is a limit, economically, to how many arrangements the government can effectively take up. The administration will have to be selective and should choose based on cost benefit considerations rather than political ones.
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Economic Consequences of Universal Old Age Social Pensions

By YueChim Richard On 2012/05/23 · Add Comment · 5,681 views
A non-means tested universal old age social security scheme would be an economic disaster for Hong Kong. A modest payout under the means tested scheme to help the poor in their old age can be the only sensible policy choice for Hong Kong.
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Can We Afford Old Age Social Security?

By YueChim Richard On 2012/05/18 · Add Comment · 3,839 views
In Hong Kong today life expectancy is 79 for men and 85 for women. The public must think twice about now allowing our politicians to follow in their footsteps. Hong Kong may need an affordable poverty support scheme, especially for the elderly, and it should naturally be means tested. But this is very far from a universal social pension scheme which Hong Kong cannot afford to have.
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On Public Health Care Finances

By YueChim Richard On 2012/05/10 · Add Comment · 4,243 views
Public health care services have declined . . . . If Hong Kong fails to increase the supply of doctors and nurses then the cost of attracting and retaining them into the public sector will certainly rise, and this will add further burden to the already growing total public health care expenditures.
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