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香港特别行政区成立以来的16年充满挑战,特区政府施政举步维艰。回归初期为了改善居住环境推出的房地产发展政策却碰上亚洲金融风暴,导致香港房地产市场崩溃,大量市民成为负资产者,特区政府为此付出沉重的代价。自此以后,特区政府长期以市场主导为借口,大幅度减少公屋的供应,并让房地产发展商主导土地一级市场,减慢土地开发速度。2007~2008年世界金融风暴并没有对香港的房地产市场带来严重的冲击;反而因为量化宽松,资金泛滥,名义和实质息率长期处于极低水平,一个新的房地产泡沫快速形成。过去几年特区政府推出多项措施以期降低泡沫破灭的风险,包括大幅度增加房地产的交易成本,重新掌控一级土地市场,以及加快加大土地开发的速度和规模。但是,由于种种原因,政策推行遇到极大的阻力,而包括特首在内的特区政府的民意支持度和认受性也没有因为良好的政策意愿而有所提升。
The 16 years since the establishment of the Hong Kong Special Administrative Region have been full of challenges. The SAR government has struggled in its administration. In the early days of return, the real estate development policies launched to improve the living environment ran into the Asian financial turmoil, causing the real estate market in Hong Kong to collapse and a large number of citizens to become assets-negative. The SAR Government has to pay a heavy price for this. Since then, the long-term market-led exiting of the SAR government has drastically reduced the supply of public housing and has allowed real estate developers to dominate the primary land market and slow down the pace of land development. From 2007 to 2008, the global financial turmoil did not have a serious impact on the real estate market in Hong Kong. Instead, due to the quantitative easing and the flooding of funds, nominal and real interest rates have been at an extremely low level for a long time. A new real estate bubble has been rapidly formed. In the past few years, the SAR Government has introduced various measures to reduce the risk of a bubble burst. These include drastically increasing the real estate transaction costs, regaining control of the primary land market, and accelerating the pace and scale of land development. However, due to various reasons, the policy implementation has encountered great resistance. However, the public opinion support and recognition of the SAR government, including the Chief Executive, have not been raised due to good policy will.