Furthermore, the withdrawal of cooling measures has not been able to boost market sentiment as the city’s population is ageing and a significant portion of residential properties are owned by those aged 55 and above. This demographic has no pressing need to change homes as the household size remains unchanged, leading to a stagnant property market.
The market might start to see improvements after the new inventory is substantially absorbed, a process that could take several years.
As the government grapples with the ongoing price correction, it must closely monitor trends and implement effective measures to prevent developers from deploying delaying tactics. Recent financial difficulties faced by high-profile contractors should worry the government. A liquidity crunch in the construction sector has far-reaching consequences for both the economy and the public’s trust in the authorities.
Stanley Ip, Sai Wan Ho
Let’s get filmmakers to tell stories of Hong Kong
The recent success of the film Twilight of the Warriors: Walled In has given us hope for the future of our film industry.
The industry has had a bumpy ride in recent years. A major issue is that many of the films do not seem to appeal to audiences outside the city, let alone the international market. This dampens investors’ enthusiasm for injecting capital into film projects.
However, the Hong Kong government should be applauded for rolling out measures to foster the development of the film industry. A prime example is the Film Development Fund, which subsidies low-budget productions.
To develop cultural tourism, the government should also consider engaging filmmakers to tell stories of Hong Kong. Now, this should not be mistaken as a proposal to produce propagandist content promoting the city to the international audience. Rather, what is needed is edutainment about the city.
Perhaps the fund could consider implementing special schemes to subsidise films inspired by real places in Hong Kong or true stories from the community. A public engagement exercise should also be launched to collect folk tales from the community and turn them into cinema.
Expertise should be sought from film schools, and from the cultural studies, language, literature, humanities, media studies, tourism and artificial intelligence departments of postsecondary institutions, so these Hong Kong stories can be told professionally, bridging the East and the West, and juxtaposing the old with the modern.
Experts from academia could also benefit from the new opportunities to apply their research.
The silver screen does not have to bear witness to the twilight of our movie industry. With the right long-term policy in place, films could make valuable contributions to the city’s experience economy.
John Ng, Lai Chi Kok
City welcomes those from the mainland’s LGBT community
It has come to my attention that Roxie, one of mainland China’s few lesbian bars, closed its doors recently.
I support the mainland LGBT community, and it is frustrating that these bars and related groups are facing official pressure or shutting down. The Communist Party cannot impede the LGBT groups’ quest for equal rights forever. Crackdowns might only succeed in driving such establishments and groups underground.
In the meantime, Hong Kong is an open society that is accepting of same-sex couples and LGBT groups. As a resident of Hong Kong, I strongly recommend that former patrons of Roxie come to Hong Kong’s LGBT-friendly spots instead.
Fung Zhan Hong, Ho Man Tin