Thursday 23rd January 2014
Dear Reader,
NEW ARTICLE
HK's hotel subsidy in SimCity
Since 2008, HK has been
underpricing land for hotels by selling "hotels only" land leases, failing to
optimise development value and incentivising mass-market budget tourism. We urge
the Financial Secretary to let the market optimise land use with unrestricted
leases, and to reform the land lease system with higher ground rents and lower
premiums. (23-Jan-2014)
RECENTLY ON WEBB-SITE
Glorious update
A response from HKSCC indicates that
Glorious Property (0845) has some explaining to do: the Grand Court did indeed
want to see the CCASS Participant figures. We also show that the 61 registered
holders who voted against could not have held more than 0.89% of the shares
which voted, and HKSCCN held at least 99.11%. The Grand Court should decide
whether the scheme proceeds. (22-Jan-2014)
Solving the MPF-LSP offset problem
We explain the historical
context of the Long Service Payment and the offset arrangement against
employer's Mandatory Provident Fund contributions, which is now an impediment to
full portability, efficiency and lower costs in the MPF system. We provide a
solution to this problem which, while not cost-free to employers, is better than
the political alternatives, so they had better support it. (21-Jan-2014)
Glorious failure
in the Cayman Islands
We look at the curious circumstances
behind the failed privatisation of Glorious Property (0845) and call on the
Cayman Islands and Bermuda, where 75% of HK-listed companies are incorporated,
to follow HK in abolishing the headcount test. (19-Jan-2014)
IN OTHER NEWS
Webb on
"Backchat" re tax & budget
RTHK, 23-Jan-2014
China activist lawyer Xu Zhiyong on trial
BBC,
22-Jan-2014
With video of China's plain-clothes heavies moving the
reporter away.
China cracks down on CNN crew (video)
CNN,
22-Jan-2014
And much more besides...
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