Selling land in Hong Kong as idea of national security
2023.02.15 10:05
Selling land in Hong Kong as idea of national security
By Ray Johnson
Budrigannews.com – Human rights groups and foreign governments have voiced a lot of opposition to it.
After the city’s pro-democracy and anti-government protests in 2019, Hong Kong authorities have repeatedly claimed that the law has restored order and stability.
The assertion that the inclusion of the clause in the government’s tender documents would undermine investor confidence was refuted by Hong Kong leader John Lee Tuesday during a press conference. Lee stated that Hong Kong should include the legal provision to safeguard national security because it is “an obvious thing.”
The majority of the city’s land is held by the Hong Kong government. Land sales are one of its biggest sources of revenue, with winning bids typically coming from mainland Chinese developers or local tycoons.
David Webb, an activist shareholder, stated that the inclusion of a national security clause reinforces the notion that bidders should not cross any red lines that the government deems to be threats to national interests.
He stated, “It could damage our reputation as an open economy if the approach to land tenders is extended to other sectors where foreign companies are more likely to participate.”
He provided examples to demonstrate whether asset management firms’ shorting of Hong Kong stocks or their criticism of government policy could be interpreted as threats to national interests.
Chinese and Hong Kong pioneers have guaranteed the public the law would target just a minority of people and not decrease opportunities in the semi-independent city.
The land sale tender’s national security provisions made headlines this week, but Hong Kong’s Development Bureau says they are not new. In an email statement, the bureau informed CNN that they had been included in official tenders and other property-related documents since August of last year.
It stated, “The shared responsibility of the entire Hong Kong society is to safeguard national security.” We are not concerned that the terms will influence the government’s land sales, and law-abiding bidders should not be affected by them.
The bureau added that the same national security clause was used in the sale of a site near the former airport, which attracted six bids and was completed by the end of 2022.
According to Chinachem Group CEO Donald Choi, the clause had been included in tender documents since late last year, and he added, At that point, I don’t believe there was any reporting or attention given.
He dispelled any concerns that real estate developers might be impacted by stating that the industry “always made sure” that illegal activities would not take place on their properties.
Hannah Jeong, head of valuation and advisory services at Colliers, claims that the clause has very little overall effect. She stated that bidding developers and investors on land sales typically do not engage in activities that are in violation of the national security law.
