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Despite politics and coronavirus, Hong Kong’s enduring love affair with real estate

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By Clare Jim

HONG KONG (Reuters) – Hong Kong is showing that its affinity for real estate has been unaffected by a year of anti-government protests and concerns over the coronavirus, with a large housing project launched this month registering the highest response in over two decades.

When the Pavilia Farm development in the New Territories district opened for subscription, eager buyers stocked up on food and water as they prepared for a long wait at the end of a snaking queue where signs read: “Expected waiting time: 8 hours.”

The project, attractively priced and close to the busy Kowloon district, received close to 23,000 subscriptions for its first 391 units. When completed in late 2022 it will have 3,000 apartments.

All 391 units were sold, the developer said on Sunday night, adding more units would be launched soon.

Realtors said the take-up at Pavilia was the strongest in more than 20 years in one of the world’s most expensive property markets and matched the frenzy seen at the time of the 1997 handover of the former British colony to China.

But it comes after social upheaval in the past year over China’s plans to introduce a national security law in Hong Kong, which has led many investors to question the future of the global financial hub.

However, Hong Kong’s home prices dropped just 4% since a peak in May last year before the outbreak of protests and the spread of the coronavirus, supported by strong demand, a severe land shortage and low interest rates. This followed a six-fold rise in the index of private home prices since 2003.

“The property market has accumulated over a year of demand since the social movement last June; the monthly transaction volume has been lower than usual,” said Richard Lee, CEO of realtor Hong Kong Property Services.

“People’s confidence has come back after seeing (residential) prices have stayed resilient even during the COVID-19 outbreak.”

Property consultancy Knight Frank’s executive director Thomas Lam said, however, the real estate market will continue to be under pressure in an economy under recession and with high unemployment. He said he expected home prices will fall around 5% this year before getting stable next year.

“Now the property market is very ‘deformed’; home prices remain high but…commercial and shop rents and prices are falling non-stop,” Lam said.

LOCATION, PRICING

Pavilia Farm is being built by New World Development 0017.HK> and MTR Corp. 0066.HK> above the Tai Wai railway station, on the train line into Kowloon and Hong Kong Island, and will have a large shopping mall in its lower floors.

On one of the early days of the launch, organisers stopped people queuing from 11.30 am local time (0330 GMT) as lines extended from a show flat to a footbridge outside despite social distancing concerns.

Buyers said they were unconcerned about the exodus of residents following the protests last year as well as the possibility of a crash in prices.

Grace Wong, a 40-year-old fitness trainer, said she wanted to buy a one-bedroom home for investment, although if prices dropped she said she would live in it herself.

Wong said she’s staying in Hong Kong because she’s single and doesn’t have to worry about the future of any children.

“(Otherwise) I’d choose to migrate elsewhere and not buy a property here,” she said. “I’m not young any more; if I don’t buy a property now it’ll be more difficult to secure a mortgage in the future.”

Property agents said Pavilia Farm’s pricing was around 10% lower than nearby developments, making it attractive to buyers who have been waiting for opportunities.

“The overwhelming response for this project demonstrates a rebound in the Hong Kong property sector and confidence from home buyers who are in search of high quality properties as the new normal settles in,” Edward Lau, deputy chief financial officer of New World, told Reuters.

Candy Lau, 26, who works in the consumer industry, said she was also confident about Hong Kong’s property market. She said she expects it to remain stable or rise slightly in the near future and had signed up to buy a one-bedroom apartment in Pavilia and rent it out.

“Property is still a better way of capital conservation. There’s limited investment channels right now; equity is volatile,” Lau said.

(Reporting by Clare Jim; Editing by Raju Gopalakrishnan)

Source:- The Guardian

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RFK Jr. says Trump would push to remove fluoride from drinking water. ‘It’s possible,’ Trump says

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PHOENIX (AP) — Robert F. Kennedy Jr., a prominent proponent of debunked public health claims whom Donald Trump has promised to put in charge of health initiatives, said Saturday that Trump would push to remove fluoride from drinking water on his first day in office if elected president.

Fluoride strengthens teeth and reduces cavities by replacing minerals lost during normal wear and tear, according to the U.S. Centers for Disease Control and Prevention. The addition of low levels of fluoride to drinking water has long been considered one of the greatest public health achievements of the last century.

Kennedy made the declaration Saturday on the social media platform X alongside a variety of claims about the heath effects of fluoride.

“On January 20, the Trump White House will advise all U.S​. water systems to remove fluoride from public water,” Kennedy wrote. Trump and his wife, Melania Trump, “want to Make America Healthy Again,” he added, repeating a phrase Trump often uses and links to Kennedy.

Trump told NBC News on Sunday that he had not spoken to Kennedy about fluoride yet, “but it sounds OK to me. You know it’s possible.”

The former president declined to say whether he would seek a Cabinet role for Kennedy, a job that would require Senate confirmation, but added, “He’s going to have a big role in the administration.”

Asked whether banning certain vaccines would be on the table, Trump said he would talk to Kennedy and others about that. Trump described Kennedy as “a very talented guy and has strong views.”

The sudden and unexpected weekend social media post evoked the chaotic policymaking that defined Trump’s White House tenure, when he would issue policy declarations on Twitter at virtually all hours. It also underscored the concerns many experts have about Kennedy, who has long promoted debunked theories about vaccine safety, having influence over U.S. public health.

In 1950, federal officials endorsed water fluoridation to prevent tooth decay, and continued to promote it even after fluoride toothpaste brands hit the market several years later. Though fluoride can come from a number of sources, drinking water is the main source for Americans, researchers say.

Officials lowered their recommendation for drinking water fluoride levels in 2015 to address a tooth condition called fluorosis, that can cause splotches on teeth and was becoming more common in U.S. kids.

In August, a federal agency determined “with moderate confidence” that there is a link between higher levels of fluoride exposure and lower IQ in kids. The National Toxicology Program based its conclusion on studies involving fluoride levels at about twice the recommended limit for drinking water.

A federal judge later cited that study in ordering the U.S. Environmental Protection Agency to further regulate fluoride in drinking water. U.S. District Judge Edward Chen cautioned that it’s not certain that the amount of fluoride typically added to water is causing lower IQ in kids, but he concluded that mounting research points to an unreasonable risk that it could be. He ordered the EPA to take steps to lower that risk, but didn’t say what those measures should be.

In his X post Saturday, Kennedy tagged Michael Connett, the lead attorney representing the plaintiff in that lawsuit, the environmental advocacy group Food & Water Watch.

Kennedy’s anti-vaccine organization has a lawsuit pending against news organizations including The Associated Press, accusing them of violating antitrust laws by taking action to identify misinformation, including about COVID-19 and COVID-19 vaccines. Kennedy is on leave from the group but is listed as one of its attorneys in the lawsuit.

What role Kennedy might hold if Trump wins on Tuesday remains unclear. Kennedy recently told NewsNation that Trump asked him to “reorganize” agencies including the U.S. Centers for Disease Control and Prevention, the National Institutes of Health, the Food and Drug Administration and some agencies under the Department of Agriculture.

But for now, the former independent presidential candidate has become one of Trump’s top surrogates. Trump frequently mentions having the support of Kennedy, a scion of a Democratic dynasty and the son of former Attorney General Robert Kennedy and nephew of President John F. Kennedy.

Kennedy traveled with Trump Friday and spoke at his rallies in Michigan and Wisconsin.

Trump said Saturday that he told Kennedy: “You can work on food, you can work on anything you want” except oil policy.

“He wants health, he wants women’s health, he wants men’s health, he wants kids, he wants everything,” Trump added.

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Danielle Smith receives overwhelming support at United Conservative Party convention

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Danielle Smith receives overwhelming support at United Conservative Party convention

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America’s Election: What it Means to Canadians

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Americans and Canadians are cousins that is true. Allies today but long ago people were at loggerheads mostly because of the British Empire and American ambitions.

Canadians appreciate our cousins down south enough to visit them many millions of times over the year. America is Canada’s largest and most important trading partner. As a manufacturer, I can attest to this personally. My American clients have allowed our firm to grow and prosper over the past few decades. There is a problem we have been seeing, a problem where nationalism, both political and economic has been creating a roadblock to our trade relationship.

Both Democrats and Republicans have shown a willingness to play the “buy only American Made product” card, a sounding board for all things isolationist, nationalistic and small-mindedness. We all live on this small planet, and purchase items made from all over the world. Preferences as to what to buy and where it is made are personal choices, never should they become a platform of national pride and thuggery. This has brought fear into the hearts of many Canadians who manufacture for and service the American Economy in some way. This fear will be apparent when the election is over next week.

Canadians are not enemies of America, but allies and friends with a long tradition of supporting our cousins back when bad sh*t happens. We have had enough of the American claim that they want free trade, only to realize that they do so long as it is to their benefit. Tariffs, and undue regulations applied to exporters into America are applied, yet American industry complains when other nations do the very same to them. Seriously! Democrats have said they would place a preference upon doing business with American firms before foreign ones, and Republicans wish to tariff many foreign nations into oblivion. Rhetoric perhaps, but we need to take these threats seriously. As to you the repercussions that will come should America close its doors to us.

Tit for tat neighbors. Tariff for tariff, true selfish competition with no fear of the American Giant. Do you want to build homes in America? Over 33% of all wood comes from Canada. Tit for tat. Canada’s mineral wealth can be sold to others and place preference upon the highest bidder always. You know who will win there don’t you America, the deep-pocketed Chinese.

Reshaping our alliances with others. If America responds as has been threatened, Canadians will find ways to entertain themselves elsewhere. Imagine no Canadian dollars flowing into the Northern States, Florida or California? The Big Apple without its friendly Maple Syrup dip. Canadians will realize just how significant their spending is to America and use it to our benefit, not theirs.

Clearly we will know if you prefer Canadian friendship to Donald Trumps Bravado.

China, Saudi Arabia & Russia are not your friends in America. Canada, Japan, Taiwan the EU and many other nations most definitely are. Stop playing politics, and carry out business in an unethical fashion. Treat allies as they should be treated.

Steven Kaszab
Bradford, Ontario
skaszab@yahoo.ca

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