Thursday, 21 May 2015

Quote of the Day: Lau Ming-wai

Lau Ming-wai seems to think he can solve young people's financial problems
Ah it's easy for the rich to dispense advice when it comes to money.

Late last month Lau Ming-wai, 34, became chairman of the government-appointed Commission on Youth, despite concerns the young tycoon would not be able to relate to Hong Kong's young people.

He retorted he had people skills and empathy, and that if he fell on hard times he too would apply for public housing.

Shall we take a moment to remind readers Lau is also head of real estate developer Chinese Estates after his father, Joseph Lau Luen-hung was convicted of graft in Macau.

So the younger Lau's advice for young people was that they have to make sacrifices if they want to buy a flat.

"When you earn HK$15,000 a month, if you spend all of it or have only HK$1,000 left, are you willing to sacrifice a bit? Watch fewer movies or travel less to Japan?" he told the online forum "Are you willing to sacrifice HK$500 or HK$3,000?"

His comments were mocked soon after the video went viral.

Some internet users pointed out a flat at Chinese Estates' projects in Kennedy Town is for sale for about HK$4.8 million.

If one saved HK$3,000 a month, it would take 54 years just to make the 40 percent down payment on the flat, according to online media outlet Stand News.

Someone seems really out of touch. Where's the empathy?

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