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1. vkhn 2012-04-02 13:20:34
奇怪, 有d人忽然寫既野忽然有道理佐...
2. 向饭民说不 2012-04-02 13:31:12

奇怪有些人还不知道,香港人不要CY在一次的好心做坏事。

不过CY喜欢出爛頭蟀,死的也是爛頭蟀。

 

3. Hongkong People 2012-04-02 14:04:14
I am doubtful why Dr. Tong has this kind of view.....

I have a conspiracy theory.  Maybe Dr. Tong has finished the preparation for next bargain hunting...it's time for "East Wing" to do its job.  ....So, "85,000" should never be blamed.  Earning money is not wrong, but during the course, we don't need people to be buried to achieve your goal.
4. OL 2012-04-02 14:17:03

八萬五應該是問題所在,

1. 當時以香港為主要居住地人口多少?

2. 當時97移民人數多少?

3. 當時返國內工作人口多少?

4. 當時社會人口年齡分佈如何?

相信這些數據不會比今天的數據好! 今天香港尚可未必能夠有承擔八萬五這個數量, 何況當年?  當年政府好大喜功, 議員無腦附和, 當然太多人炒賣也是原因.

(政府手持炒賣數量來作數據以計算興建數量, 實是不智!)

5. 亮劍----王先生 2012-04-02 14:31:32

前日睇電視,見倒 CY 落區,向班深水埗街坊話政府係赤柱起公屋及居屋係「德政」,住係嗰度嘅居民都無反對,咁樣 Mark 大眼講大話都得,真係唔揾你做特首都唔得!

我樓下之前有個女看更,就真係住赤柱馬坑邨,她說每日返工放工都要用成個幾两個鐘搭巴士,交通費講緊係每日幾拾元,而附近因為只得兩叁間學校,所以細路要出灣仔或東區讀書!

 

拒想問正苦係撥塊地起公屋馬坑邨,及两個居屋龍欣苑與龍德苑之前,有無想吓下列簡單問題:-

赤柱係咪只得單綫雙程行車?

有無可能整集體運輸?

而交通費咁貴,窮人點捱?

附近學校又貴又唔多間,啲細路去邊度返學?

醫院又遠在東區或薄扶林,有急病點死?

連拒都唔知正苦同啲議員係唔係用XX思想嘅!

但另一方面,嗰度明明係超靚豪宅地段,随時起倒上百間豪宅!每間起碼幾千萬計,地價以數拾億計,夠在西鐵沿綫起數千個公屋單位!

而嗰啲想係左近樓換樓嘅富豪好想話俾你 CY 知,真係俾你「吹脹」!

6. O了 2012-04-02 14:41:20

好一个好心做坏事.

 

希特拉至今在某些人眼中仍是好心做坏事.

 

做了坏事就是坏事, 还分好心做和坏心做的

7. 向饭民说不 2012-04-02 14:47:30
不怕,CY有爛頭蟀,有问题也是他的爛頭蟀问题。他永远不会错的。
8. 亮劍----王先生 2012-04-02 14:57:18

係 97 年之前,炒幾個單位嘅炒家,當然係死傷枕藉,但亦都係死有餘辜喎!

但嗰啲無想過靠政府幫,只係得一層樓自住嘅小業主又點計先,當時失業率大升,就算保得著份工都面對減薪、加辛、無 OT 、無秘撈嘅苦況,唔少人因此供唔掂層樓,被迫同層樓  Say Good-bye!就咁無曬半生積蓄,咁拒哋又係唔係抵死呢?

9. 還八萬五一個公道 2012-04-02 15:20:28
博士說得非常正確,終於還八萬五一個公道!!!
10. 還八萬五一個公道2 2012-04-02 15:29:57
一個好心做壞事政策。
11. 首次支持博士 2012-04-02 15:30:06
"不少人以八萬五政策為樓市下跌七成元兇,但是有沒有人考慮樓市下跌七成元兇其實是他們自己,元兇的名字是「不量力而為」。"

看博士幾十篇文章,這篇算係最公道的文章,值得一讚!

12. HK PEOPLE IS DYING!! 2012-04-02 15:34:49

隻狼登基後,

大把私人飛機遊艇等佢坐!!

但隻老狼机智過人,

ICAC都入佢吾到!!

HK PEOPLE IS DYING!!

13. 首次支持博士 2012-04-02 15:34:57
"大量投資物業,當市況逆轉,該批人士走避不及,變成負資產者,這可以說他們的行為不當,又關八萬五什麼事。"

說得正確不過!這是事實!
O了這類賴三賴四的人真的地不要得!
14. O了 2012-04-02 16:02:19

无论支持八万五的人賴三賴四

 

还是改变不了一个博士结论

 

一個好心做壞事政策

15. O了 2012-04-02 16:04:54
CY都改为三万五啦, 重撑
16. 樓中人 2012-04-02 16:05:24
如果你說97年亞洲金融風暴樓價大跌七成是八萬五政策,o甘點解當時商舖和寫字樓係97年亞洲金融風暴後一樣跌鑊金?商舖和寫字樓是沒有八萬五政策的!!!好明顯當時跌市的元兇過度借貸超高息!!!如果明天銀行將P加到12厘,樓市一樣會下跌七成,請不要賴三賴四
17. 還八萬五一個公道 2012-04-02 16:13:31
以九七年的環境即使沒有八萬五政策,樓價一樣大跌七成,原因是亂借和息口過高,當時銀行關水喉關得很快
18. 擦鞋豬! 2012-04-02 16:32:31
不表態還可以,有必要如此擦鞋嗎?
19. 咁講 2012-04-02 16:32:36
我覺得 "真相 兄" 的論述也很值得大家思考,當年泡沫爆破後,也有很多人支持繼續,雖然政府已暫停了政策而沒有公佈,這是因為若公佈停止了政策,又會有另一班人(特別係班為反而反的飯民,甚至經濟學家,自由黨)大力反對。

http://property.hk.msn.com/article_content.php?author=PHK_TML2&com=&id=17347
20. O了 2012-04-02 16:33:10
你老板都改为三万五啦, 重撑
 
 
如果这...如果那請不要賴三賴四
21. Q了 2012-04-02 16:39:14


O了當年梗係輸了很多錢,應該係博士所講當年「不量力而為」和行為不當的人了。



22. O了 2012-04-02 16:55:42

原来是忽然网友.

 

长期网友就知我底啦

 

唔好估估吓,請不要賴三賴四

23. O了 2012-04-02 17:17:58


Q了當年梗係沽空楼市赚了很多錢,應該係博士所講當年行為不當的人了。
24. Marco 2012-04-02 18:04:21
9798年买的楼如今好多已返回家乡,不用蚀本!特别中产楼宇!
买楼难守楼更难!如果当年买的楼可守到今日,应该唔会点蚀,所以要睇自己的供楼能力!
政治的动荡无疑影响当时市民的意向,但升跌谁人知?
只是0304年又给予重生机会,只看自己眼光!长期来说,楼宇升值潜力大过股票指数!只在你的一念之间!
无论谁当特首,买楼都系靠自己!
25. 旭光 2012-04-02 19:14:18

香港不是一個計劃經濟地區行經濟策略是有一定風險。當時地政與房屋都是跟英國策略。更把這個策略送去行政局。而且香港這個買辦政治。沒有防經濟風暴。所以自不量力的人所面對問題。現在所有房屋供應都給曾集團拖到公屋要等七年的日子快到。這個八萬五根本沒有罪過。

26. ABC 2012-04-02 20:55:18
To Host
Very well said..........
Many people at the time does not believe the HK government have the capacities nor the labor nor the land supply to build 85,000. It was very well analyzed by most if not all of the property expert that the government at the time does not have the abovementioned abilities.
The culprit of the 70% is as Dr. Tong stated. ( our own greed) .  I recalled I attended an seminar 1-2 years ago on HK property , the speaker was pointing out that the property affordability  index surpassed 100 in and around 1997 (i.e  HK people was spending more then 100% of  their income on property) . Hence the bubble would burst naturally when the Asian Financial crisis acted as an 'pin' .
Good article Dr.Tong!
27. ABC 2012-04-02 20:57:34
typo
The culprit of the 70% fall in property prices*
28. ABC 2012-04-02 21:05:57
When I looked at the Centaline property index, the major fall in prices was from 1997 to 1999, the supply of those '85,000' werent even available yet at the time.
The sharp fall was due to over leveraging by HK people in property, resulted in panic selling in all type of properties
29. ABC 2012-04-02 21:24:15
And why should property owners expect an 20%-30% YoY compounded rise in property prices to be an never ever ending story?
I am a stakeholder myself, but I dont think an 20%-30% compounding rise in prices should be the norm nor it is healthy to our society as a whole.
30. HKPEOPLE 2012-04-02 22:31:48

a lot of people forgot one very "fatal" measure inside the 85,000 policy.

that is -- to sell public housing  賣公屋 !

this act will change the supply abruptly. building 85,000 needs time, but this 賣公屋 policy will pump up the supply in one night.

do u think who suggested this idea ?

 

 

31. ABC 2012-04-02 22:56:31
TO HK people
If I recalled correctly. '賣公屋' werent that popular at the time, and people werent flocking to buy those 公屋 flats, plus they were selling those at dirt cheap price and those were a completely different market segment Vs the private sector
32. ABC 2012-04-02 23:00:37
To HK people
You seem to be very uncomfortable when CY come into power, if that is the case. You're always free to sell your property or properties. It's a free market!
33. ABC 2012-04-02 23:29:43
I am sorry, After searching  '賣公屋' policy from the net, I admitted that it was quite popular, but those were completely different market segment from the private segment.

34. AA 2012-04-02 23:45:54
Definitely, '賣公屋' policy could not affect private property market. It might not be a bad policy as govt. would no longer subsidize the rent and rates, management and maintenance in future.
35. HK people 2012-04-03 00:17:45

true that they belong to different market segment, but this policy did take away some buying forces from the low end market, not sure how big the impact is.

if you ever play the 曡高高遊戲,this policy is like taking the bottom pieces away.

 

 

36. HK people 2012-04-03 00:29:10

well, may be I am proposing another version of Butterfly Effect.

don't take it so seriously :-p

 

37. 上善若水 2012-04-03 02:47:18

97年10月至98年10月香港樓價狂插將近一半,其原因是業主過度借貸,又恰逢金融風暴所造成,其他鄰近國家也有類似的情況。不過,97至03年間樓價跌足6年,幅度高達7成,卻並非只是上述原因所造成,八萬五的弊政絕對是一大主因!

查看中原城市指數圖:

樓價於98年10月觸底V型反彈,99年初出現了一個小陽春,但是升勢未能持續,大約99年4月開始,樓市又走入漫漫熊市。環顧當時同樣受亞洲金融風暴衝擊的其他國家,無論經濟還是樓市都開始重拾升勢。是什麼原因令香港樓市還要遭受長期厄運?下圖的房屋落成量顯示了原因:

 

99至01年,每年各類房屋的實質落成量都超過85000個,很明顯是97年的八萬五政策的後果。97年特區政府批出過多的土地,導致99至01年有過多的樓房供應。

記得那幾年,新聞經常報導發展商為求儘快出貨,開賣的一手盤要比同區二手樓價平幾多幾多;政府推出的居屋過多,價格越來越低;政府為求達到7成家庭擁有自置居所的目標,竟然以低廉的價錢出售公屋,吸納了大量購買力。在這樣全方位的壓力下,樓價焉能不跌?結果一直跌足6年,跌幅7成,在香港樓市的歷史中可謂空前,但願是絕後!在這6年的大跌市中,眾多業主淪為負資產者,那段日子的苦況至今仍令當事人談虎色變!

八萬五的始作俑者CY,至今尚未公開認錯。半個月前,在特首候選人的電視辯論中,CY依然振振有詞地強調:97至03年的大跌市是亞洲金融風暴所造成,並非八萬五!這種混淆視聽的說法實在令人心寒,真想有機會與CY面對面辯論一場!當然CY絕對看不起一個身無長物的平民百姓了!

不知錯,或千方百計以新錯掩蓋舊錯,這是CY給小弟的印象,讓這樣一個人帶領香港,危矣!

總括而言:97年樓市爆破的確是因亞洲金融風暴,但爆破規模之巨、歷時之長,八萬五乃元兇!

38. 唔明 2012-04-03 08:27:11
雖然八萬五不是樓價大跌的唯一原因,但它明顯是其中一個主要因素。這個政策使當時的地產發展商明白到要保持盈利,就一定要貨如輪轉,由於他們不惜貨拚命推盤,再加上用家根本無法吸納大量盤源,致使樓價一泄如注,加劇調整。沒有八萬五,九七年的樓價都是要下調的;有了八萬五,樓價跌得更厲害,這是不爭的事實。周先生不要因CY上場而改變立場!
39. 不要賴三賴四了 2012-04-03 10:12:45
97樓市泡沫爆破 + 高利息 + 亞洲金融風暴 + 2000年科網股泡沫爆破 + 2003SARS ,跌7成算少了。如果97泡沫延續多一年,跌幅更大。

日本樓市泡沫爆破,也沒有什麼8萬5,跌8成多。

為自己投資失誤找藉口,難道樓市一定要升到你預期的目標,按你預期的軌跡升跌,在跌之前通知你走貨嗎?自己炒大了,走避不及,講到全世界人都欠你咁樣,簡直無賴。


博士講得冇錯:
"樓市下跌七成元兇其實是他們自己,元兇的名字是「不量力而為」。"
"大量投資物業,當市況逆轉,該批人士走避不及,變成負資產者,這可以說他們的行為不當,又關八萬五什麼事。"


網友也講得冇錯:

16. 樓中人2012-04-02 16:05:24
如果你說97年亞洲金融風暴樓價大跌七成是八萬五政策,o甘點解當時商舖和寫字樓係97年亞洲金融風暴後一樣跌鑊金?商舖和寫字樓是沒有八萬五政策的!!!好明顯當時跌市的元兇過度借貸超高息!!!如果明天銀行將P加到12厘,樓市一樣會下跌七成,請不要賴三賴四

這類輸了錢的賴三賴四的人真的不要得!


李永達也沒說錯:
http://property.hk.msn.com/article_content.php?author=PHK_TML2&com=&id=17347
人們責難「八萬五」導致樓市大跌,只不過是一些人「在逆境中尋找原因洩憤」而已



40. 一句講晒 2012-04-03 10:22:05


賭仔輸錢,一定有野賴!


41. kakaka 2012-04-03 11:12:27
應該係博士成篇文的主旨了!俾個Like你!


40. 一句講晒2012-04-03 10:22:05


賭仔輸錢,一定有野賴!


 

42. 無明 2012-04-03 11:19:47

"97樓市泡沫爆破 + 高利息 + 亞洲金融風暴 + 2000年科網股泡沫爆破 + 2003SARS ,跌7成算少了"

 

為什麼要加上一個8萬5呢? 當時行政會議成員是否不知高利息+亞洲金融風暴? 抑或明知而一意孤行, 不理後果???

43. ABC 2012-04-03 11:55:42
To37
You also agreed that that the major part of the fall was due to Asian financial crisis + over leveraging. So why blamed the 6-7 yrs fall in prices solely on 85,000?
Why do the rest of the South East Asian countries recovered faster than us?  Well....... probably they are not as overly leveraged as us, and they have other industries to support their their economy.
44. 中產 2012-04-03 12:57:20
40樓說得很對,我也有一些同事97的時候全副身家夾錢再借盡買了幾個單位,結果輸到PK,能怪誰!
45. mimi 2012-04-03 14:12:58
40. 一句講晒2012-04-03 10:22:05


賭仔輸錢,一定有野賴!





實在太精景,賭仔姓賴,我都要俾一個你!
46. DADA 2012-04-03 17:51:17
白痴理論!
47. 80後銀行從業員 2012-04-03 18:09:46

上善兄可否告知這個落成量圖表在哪裏找的? 是否地政署?

 

 

48. mini 2012-04-03 21:33:40

85,000 Policy was good policy, ordinary citizens could buy their flats at the bottom prices !

Like many companies went bankrupt, many professionals and middle-class people forgot the risk of cash flows during investing in real estates. Really, we had heard one doctor or dentist who hold over 7 properties at that time ! What they said was Buy More Get More !

Next poor policy, it should be minimum wage. Think about the wage payments are NOT based on education, experience, useful skills, performances and merits, and business environment, their incomes only reply on Laws. How's about the incentives for this working class ? Who takes care of the middle-class people ?

For rough references, we had at least 2 staff ( one driver & one ticketing staff ) for driving a public bus in the old days, nowadays, we only have one driver for all activities for one bus. Even, we have heard unmanned trains for many decades !

Inside a Bank, we had experiences in dealing transactions with a number of tellers at counters or some ATMs in the old days. Now, we have Internet Banking to complete all the transactions. Bank cheques will be no longer used in the near future. 

As Money has been becoming a Digital Number, many Fast Food Chains may design an on screen menu with icons /pictures for customers to select & pay through touching the screens, many low skill people will lose their jobs by introducing new technology. Minimum wages may not be helpful to them.

Further, the society is heading to Electronic Operations and / or Paperless Environment, we CANNOT expect that we need typists, clerks, filing workers, more post officiers for delivery of mails, policemen in the future world.   

Minimum wage policy is good for Lawmakers ! Believe or Not. Time can tell you the truth !

49. 上善若水 2012-04-03 23:39:44

80後銀行兄:

圖表是在Google上搜尋的,出自一份房地產研究報告。具體出處,忘記了,不好意思!

50. Marco 2012-04-03 23:46:57
基本的经济理论,当供应大过需求时,价格自然会向下跌!
51. Agree 2012-04-04 00:11:18

賭仔輸錢,一定有野賴!


52. 80後銀行從業員 2012-04-04 01:21:35

小弟近日與幾位國內投資者交流, 發現他們對香港樓市看法轉趨謹慎. 他們並不像傳媒平時報導那樣想也不想就胡亂出高價買樓, 絕對是看升值潛力! 國內樓價在連番打壓之下, 一線城市普遍比高位回落了10%, 而他們亦預期還有至少再跌10%才有望見底.

 

最值得參考的, 是他們在國內習慣了政策市, 政策扶助時隨便買都能賺; 但政策要打壓時, 那麼最利害也只能輸少當羸. 建議還是順勢而行. CY即使不每年推8萬5那麼多, 只要供應在上升週期, 需求只會萎縮得更快.

53. 陳浩然 (Ricky) 2012-06-03 01:46:23
吾見識淺薄, 沒有真知灼見, 不過我想說數段話。 回歸前香港地產炒風熾熱是不爭的事實。 猶記得當時還在求學時期的我在電視上看見一幕幕不少人通宵排隊買樓用以炒作,以及有黑手黨幫手排隊的報導。 根據立法會及財經事務及庫務局網上資料,"差餉物業估價署計算出按揭還款與入息比例 (以私人住戶入息中位數的住戶,購買實用面積為45平方米的私人住宅單位,以平均按揭利率進行七成按揭和二十年償還貸款等假設計算), 於1996年的按年平均按揭還款與入息比例為67%,而1997年為87% ", "於1997年12月,市場上給予良好客戶的新造按揭貸款的利率大致為10.5厘,當中包括最優惠利率9.5厘及貸款利率差價1厘,即P+1厘"。 在這樣過度借貸及亞洲金融風暴打擊引發的高息背景下,相信當時即使沒有八萬五政策,香港的房地產市場也會倒下,只不過下跌的幅度可能是沒有七成這麼大。 快將上任凡特首的梁振英先生曾指出,"當年興建85000個公營及私營房屋目標, 在回歸前 , 即97年1月發表的長遠房屋政策諮詢文件中 , 已經提出"。而當時亞洲金融風暴還沒有來臨, 因此我相信當年的董建華先生是一位有良心的特首, 而當時的八萬五政策是回應社會訴求 。
54. HK guy 2012-06-03 08:55:32

Acutally not just 1997 have quenes for buying properties. even 2003 also have, but the quenes were created by the actors empolyed by land developers !

I remembered when I bought the Metro-Harbour view when it first launches, only 2700/ft in 2001. I also need to stayed overnight (Hang kei like to sell them in mid-night), the developer is Hang Kei. And they empolyed a lot of actors to quene up in order to create the same atomosphere as 97. They even empolyed Fei-Fei to sing songs, and give free Mcdonald's food to not just buyers, but other citizens (just want to create more people, some come here just for free lunch!)

 Next year, the Honghom, another one developed by Cheong Kong (have a bridge connected to Honghom railway station) also have some shows like this around 2002-2003. I remembered the flat is very cheap around 2 millions (of course a lot of people thought very expensive at that time of year). At that time, land developers land to keep you stay at mid-night, may use fatique to make you feel that the building is cheap to buy, and force you to entered into the market.

Your brain may not be so clear at night, and easily brain wash,

55. BBQ 2012-06-04 10:33:33
5窮6絕7仆街,股樓齊崩,煤碳股熱賣!
56. 王博士 2013-03-27 17:08:59
在我看来,这不是好心做坏事的政策,而是一个有心做好事的政府在与地产和资本大鳄博弈的过程中输掉的一场战斗。这场战斗政府本是可以赢的,但输在天时(亚洲金融风暴)、输在心不够狠(董生的政治手腕不够)、输在决心不够坚决(事实上是没人可以撼动政府的)、输在没有掌控舆论宣传(负资产是部分人投机所造成,他们本应该自取其咎)。如果董生当时坚决推行,房地产业逐步从香港的支柱产业地位退却,香港的经济形态得以扭转,对香港未来百年、千年发展决定是好事。