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Thursday, 23 October 2014

Hong Kong students at risk of anti-China scheming by outsiders; Chinese abroad blast protests




The Occupy Central movement in Hong Kong has lasted more than three weeks. The Hong Kong Special Administrative Region government on Tuesday held talks with the Hong Kong Federation of Students. But given a lack of positivity on the part of the latter during the talks, it remains unknown when the Occupy movement will end.


The external political situation concerning Occupy Central is increasingly clear-cut. Western public opinion has given it full support. Besides, a mix of traditional forces that are confronting the current Chinese regime, including Tibetan, Xinjiang and Taiwan separatists, Falun Gong devotees, and pro-democracy activists, have beaten the drums for the Hong Kong protests like cheerleaders.

The Occupy Central activists and their adherents must wake up. They shouldn't act as a puppet of those hostile external forces.

With the Hong Kong radical forces becoming a new member, the anti-China camp seems to be expanding. If this is the case, it will yield terrible results.

Hong Kong, the Asian financial hub and a role model for the rule of law, will be held hostage by those hostile external forces, transforming into a battlefield between them and the rising China.

We suggest the Occupy Central activists not take on such a perilous role. Being already embroiled in the political competition in the Asia-Pacific region, they may have been pushed further than they originally intended.

The young Hong Kong students who have participated in Occupy Central should know that China, which is developing rapidly, is their home country and Hong Kong is a part of China's rise. They therefore enjoy more opportunities than their counterparts from a smaller country. Meanwhile, they have to accordingly take responsibility to safeguard China's security as it rises.

If the Occupy Central forces keep advancing, this will attract more international anti-China forces. The longer the protests last, the harder it will be for the Occupy Central forces to back down.

Incredible role reversals have often occurred throughout history. A marginal part or even central part of a camp could be converted into the enemies of that camp. We strongly hope the Occupy Central activities won't do so.

The West-supported external forces will continue cheering for Occupy Central. Exiles will take the Occupy movement as their chance.

Their aim is to strike a heavy blow against China and take it down, but is this the goal of the young student participants of Occupy Central? If not, they should withdraw from the protests as soon as possible.

And for a small number of hostile elements to China, the country knows how to deal with them.

- Global Times

Chinese community leaders in London blast HK protests

Leaders of the Chinese community in Britain on Monday called on protesters in Hong Kong to stop the Occupy Central movement and let things return to normal.

According to a statement issued by the London Chinatown Chinese Association, the Occupy Central movement has disrupted Hong Kong long enough and needs to be wrapped up soon.

The statement called for stability through the "one country, two systems" policy and continued successful economic development for the international financial capital.

Under Hong Kong's basic law and its top legislature's decisions, more than 5 million Hong Kong voters have a say in who will become the chief executive in 2017 through the "one man, one vote" electoral system, said Chu Ting Tang, chairman of the London Chinatown Chinese Association, at a forum on the Hong Kong situation in London's Chinatown.

Residents of Hong Kong, under the "one country, two systems" rule, enjoy freedom of speech, religion, education and employment, Tang said, adding that "residents can demonstrate in the streets, criticize the government, media and members of the legislative body and monitor the government without restriction".

Tang believes that Hong Kong residents have been enjoying prosperity from a thriving economy and that their standard of living has been improving year by year.

"Since rejoining the Chinese mainland in 1997, Hong Kong's status as an international center for commerce and trade has been strengthened. The employment rate has also reached an all-time high," Tang said.

Shan Sheng, president of the UK Chinese Association for the Promotion of National Reunification, noted that the Occupy Central movement has had a serious impact on the residents of Hong Kong by obstructing administrative operations. The students among the protesters are young, some even not yet in their 20s, Shan said. Their understanding of politics is rather shallow.

Since being implemented in 1997, the policy of "one country, two systems" has been progressing smoothly in Hong Kong, Shan said, adding that real estate and the economy of Hong Kong have thrived.

The current protest movement is negatively influencing that development and the everyday livelihood of Hong Kong residents, Shan added.

Thousands of Hong Kong protesters, most of them students, joined the Occupy Central movement to express their discontent over the process set by the top legislature for electing the region's next leader through universal suffrage.

China's Hong Kong government on Tuesday held its first formal talks with students who have been participating in the Occupy Central movement since Sept 28.

- China Daily/Asia News Network

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Tuesday, 21 October 2014

GST will push up home prices by 2.6%, said Real Estate and Housing Developers Association Malaysia

But it says still too early to determine exact increase

PETALING JAYA: Home prices will rise by about 2.6% once the goods and services tax (GST) comes into play, said the Real Estate and Housing Developers’ Association Malaysia (Rehda).

The chairman of the association’s task force on accounting and taxation, Datuk Ng Seing Liong, said that the calculation was based on its consultations with industry experts and member developers.

Real Estate and Housing Developers' Association of Malaysia (Rehda) says the GST is likely to raise property prices.

Rehda’s 2.6% estimate differs from that of the Customs Department, which expects the GST to have an impact of between 0.5% and 2% on house prices, assuming there’s no change in supply and demand conditions.

Ng said the association was in full support of the GST and concurred with Customs GST director Datuk Subromaniam Tholasy, who had said that land did not incur the 6% GST rate.

However, he said land was by no means the largest cost component in property development.

“As our calculation clearly spells out, the construction cost, which constitutes 46% of the total development, is not only the largest component but also the component which will attract the GST of 6%,” he said in a letter to StarBiz.

He said the GST on this component would inevitably lead to an increase in house prices.

Appending calculations for a housing unit originally priced at RM400,000, Ng said the price post-GST would be around RM410,560.

Under the 46% construction component, costs were broken down into non-service taxable and service taxable segments, representing 44%, or RM176,000, and 2%, or RM8,000, respectively.

Under the non-service taxable segment comes items such as cement/concrete, steel, bricks and sand, while the service taxable segment includes tiles and fittings/sanitary. Under the existing sales and service tax, no tax is imposed on the non-service taxable category, while the service taxable category has a tax of up to 10% imposed on it.

Post-GST, Rehda’s calculations showed that the non-service taxable cost had gone up to RM186,560, while the service taxable cost remained at RM8,000.

It maintained the same cost estimates for other items, including land (15% or RM60,000), infrastructure and pre-development works (10% or RM40,000), professional fees and marketing costs (6% or RM24,000), finance costs (6% or RM24,000) and profit (17% or RM68,000).

Ng said Rehda also disagreed with Subromaniam, who had said that developers could easily absorb cost increases as their margins were around 30%.

He said it was currently impossible for developers to earn up to a 30% profit, as most development costs were on the rise, along with various capital contributions and charges imposed on developers.

“On average, as tabulated in the calculation, developers, most of which are public-listed companies, are only making around 17% at best,” he said.

However, Ng said it was still too early to determine the actual house price increases post-GST, as Rehda was still in discussions with the Government and there appeared to be many more issues to be ironed out.

By Isabelle Lai The Star/Asia News Network


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Sunday, 19 October 2014

More Malaysians are being declared bankrupt!


JOHOR BARU: Young Malaysians are being declared bankrupt because they spend more than they earn, says Minister in the Prime Minister’s Department Nancy Shukri (pic).

This trend was worrying because most of them had just started working but already had debt problems, she added.

“This younger generation are supposed to be the next leaders. Instead, we have those who are already facing financial difficulties at a very young age,’’ she told a press conference after opening an information programme for young people at the Home Ministry complex at Setia Tropika here yesterday.

Quoting figures from the Insolvency Department, she said there was an increase in the number of young Malaysians being declared bankrupts in the past five years.

She said there were nearly 22,000 cases last year, an increase from about 13,200 in 2007.

Within the first six months of this year, more than 12,300 young Malaysians had been declared bankrupt. They include 3,680 women.

“On the average, 70.22% of the cases are men,” said Nancy, adding that most of them have outstanding debts of RM30,000 or more and could not afford to settle their dues.

She said the high bankruptcy rate among Malaysians at a young age mainly resulted from defaulting on instalment payments on car, housing and personal loans.

Nancy said there had been celebrities who were also declared bankrupt but most of them declined to seek assistance from the Insolvency Department.

She added that aside from the department, those who have problems managing their finances could seek advice from the Credit Counselling and Debt Management Agency.

The Star/Asia News Network

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