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Two Faces of Hong Kong in Financial Crisis

By Trista Lv

! Real Estate Market Warm Again

Subprime mortgage was condemned as the origin of the financial tsunami, its side-effect even bring a disaster to the A mortgage loan industry and real estate market. However, in Hong Kong apartments developers, service providers, mortgage companies and investors are waiting for another prosperous…

People are queuing for visit show flat. Photo by Trista Lv

! Unemployed Rate Keep Rising

As a highly opened market, Hong Kong is severely hurt by financial crisis. Many industries in Hong Kong has been damaged in recently. Unlike the wealthy people, most of Hong Kongers are struggling for life in the crisis..

nearly hundreds of salesmen gathering along the street trying hard for apartments promotion. Photo by Trista Lv

2.Real Estate Market Page

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Real Estate Market Warm Again

By Trista Lv

Hong Kong，April 19th – IJS-GLOBAL-As other economically developed areas around the world, Hong Kong is the place where people can always find ways to earn money, even in the time of economic recession.

According to Savills, a real estate service company, the general housing price has increased over 20% in the first quarter this year. The price of luxury apartment has raised nearly 10% and the market price of super luxury apartments has raised 10% to 20% compare to the last 3 months of 2008.

“The real estate market of Hong Kong is comparatively mature and stable, it hasn’t changed greatly in the past few years,” James Tsang, a Hong Kong financial journalist who specialized in housing field, said. “After a quick decline of housing price last year, huge number of investors enter into the market, most of them believe that the market price wouldn’t fall again and they would make a lot of money from the property investment this time,” he explained.

Peter Yuen,SavillsSenior Director and Head of Investment and Sales (Hong Kong and Macao), said there are numbers of people with strong purchasing power in the property market now, they are looking for opportunities to purchase good properties.

“Low interest rate of Banks and unstable of stock market made investors change their target in the period of economic slowdown,’’ he said. “Besides, after over 20% drop in the 4th quarter last year, the price of real estate is very attractive now,” he added.

Jimmy Fony, Head of Residential Sales(Hong Kong), suggested his customers enter into real estate market at the end of last year. He believed as investors and end-users bought departments at low price, the general real estate market will stop declining and stared to rebound.

Like the service providers and owners of high-end properties, the developers of townhouses are also urging to this business opportunity. This period of the real estate market is called “Xiao yang chun” by Hong Kongers, which means the real estate market is entering into early spring again.

As lots of customers started to purchase the depreciating properties, the market began to warm again. According to local analysts, the market price will keep growing in the next two quarters and is expected to rebound to the peak of last year.

Many new and second-hand departments appeared on the market recently. Real estate ad is one of the most frequently seen ads recently.

On April 17, 6 local newspapers place advertisement of the same local real estate company on their front pages. No matter the housing is rural or urban area, customer react actively towards developers’ promotion.

Allen Go, a local financial journalist, said many developers adjourn their building when price shrinking severely last year. “Now the situation is better and the price in increasing again, they started to promote again, so you can see numerous housing ads now,” she cited.

Among the on sale departments, the central park tower in Tin Shui Wai, the Latitude in Kwun Tong and the Emerald Green in Yuen Long are the hottest properties this month.

The Latitude has received over 70,000 people to see the show flat, has sold over 400 apartments and earn over HK$3 billion (over US$ 22.8 billion) in 2 days. According to the salesman, nearly half of the buyers are investors.

Tifa Ng, a 29-year-old PR, is thinking about buying a 532 sq.ft flat in the Latitude for investment purpose. It will cost nearly HK$4.5million.

“I think it is a good time for investment, you know the price of flats is always high in Hong Kong except now comparatively,” she said. “I didn’t buy stocks or mini bonds before, so I didn’t actually lose money in the financial crisis, I want to make a good of them now,” she added.

As it happens in USA, the rebound of real estate market also stimulates the boom of credit industry. However, it seems Hong Kongers are more rational till now.

Hong Kong Mortgage Corporation Ltd, a government supported financial enterprise which has bought over 13.3 billion mortgage loan for commercial banks in Hong Kong last year, is highly focus on Hong Kong this year.

Its Chief Executive Officer, James Lau, said that Hong Kong’s mortgage loan only accounts for 30% of GDP last year and the proportion is so smaller compare with Europe and USA, so Hong Kong has a huge space for future development in the field.

According to the Land Registry of Hong Kong, there are 18864 sale and purchase agreements received for registration in the first quarter this year, 23.4% higher than the last quarter 2008. In the past 19 days this month, there are over 4700 agreements registered, 33% higher than the same period last month.

3. Unemployed Rate Page

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Unemployed Rate Keep Rising

By Trista Lv

Hong Kong，April 18th – IJS-GLOBAL- According to Hong Kong Census and Statistics Department, after the explosion of financial turmoil, the local unemployed rate is rising from 3.2% to 5% which is the highest record since 2003. Analysts estimate the rate will keep growing and even increase to 6.5% in the middle of the year.

“The economy of Hong Kong is still weak now, the demands of overseas market are also keep shrinking,” Paul Tang, chief economist of Bank of East Asia, said. “The unemployed rate of the first quarter this year would probably rise to 5.3%, and the number may increase to 6% or even 6.5% in the middle of the year,” he added.

After several months’ economic recession, enterprises in Hong Kong are facing tremendous challenges. Order decreasing, cost rising and other troubles of operation leads to huge cut of labor force.

According to the statistics reviled by Hong Kong government, the unemployment rate from last December to February this year is rising from 4.6% to 5%, demonstrating a 1.2% year-on-year increase.

The unemployed rate is currently high in the areas of construction, transportation, export and import trade, manufacturing and catering business, according to official statistics.

The local job market is not a favorite of economists, though government has carry out lots of policies and spends money to support the job candidates.

The general manager of Besteam Personnel Consultancy Ltd, Edmond So, cited that the unemployed rate will be pushed forward as fresh graduates enter into job market few months later.

The job hunting peak for graduates will occur from June to August, when over 20,000 fresh graduates apply for jobs, said Professor Huang yu of a local university. He also mentioned, it would more difficult for graduates to get a job than before.

Jolie Chan, a senior student of Hong Kong University, said: “I started to apply for jobs online since March and have sent over 20 resumes, however, I haven’t received any reply till now.”

Chan thought lack of working experience made fresh graduates less competitive than other competitors, the bad economic situation made their condition even worse. She also said some of her classmates decide to get further education in order to avoid the period of economic slowdown, but this year the admission criteria is higher than usually in some universities.

The Hong Kong Census and Statistics Department will announce the official research results of Hong Kong unemployed rate of the first quarter on next Monday.

4. HK Soundslide Page

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Both citizens and government are actively facing the financial tsunami in 2008 and 2009. Through many news conferences and activities they expressd a strong willing to conquer the difficulties and prepared to received the worst situation.

HK Soundslide

5. HK Album Page

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6. Contact me Page

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Timeline

5, Jan 1968

Alexander Dubchek replaced Antonin Novotny, the Stalinist Party Chief, as First Secretary of the Community Party in Czechoslovakia (KSC )

April, 1968

Socialism with a Human Face

Headed by Dubchek, KSC Presidium adopted the Action Program which proposed “new model of socialism,” profoundly “democratic” and “national”.

Dubchek ended censorship and instituted liberal economic reforms, but continued to proclaim loyalty to Moscow.

June 1968

Warsaw pact maneuvers held in Czechoslovakia.

29 July 1968

Czech and Soviet leaders met as Cierna near the border to “discuss the situation”. Afraid that Dubchek’s actions would undermine the communist Eastern Bloc of Soviet dominated nations

20/21 August 1968

Warsaw Pact invaded Czech. The Czech army did not resist

Prague Spring ended

25 September 1968

Brezhnev Doctrine justified the intervention.

28 October 1968

Large protests occurred in Prague against the Soviet occupation.

17 April 1969

Gustav Husak replaced Dubchek as first secretary of the communist party.

http://europeanhistory.about.com/od/glossary/g/glpraguespring.htm

http://novaonline.nvcc.edu/eli/evans/his135/Events/Czech68.htm

According to Southern Metropolis Daily, nearly 20,000 mainland women give birth in Hong Kong in 2005 and over 31,000 babies were born in Hong Kong by their mainland mothers in 2008.

Though Hong Kong government signed many rules and regulations to restrict the number of mainland pre-gent women to give birth in Hong Kong in the past few years, this situation is still hard to control.

Most media and local residents in Hong Kong opposed the mainlanders have their babies born in Hong Kong for years. However, this attitudes seems been changed under the financial slowdown in Hong Kong according to a recent interview in Hong Kong.

5 interviewees out of 6 thought it is acceptable because it is helpful to Hong Kong’s economy.

” It’s a good thing. Mainland women come to our hospital to give birth made my job more stable,”  A 49-year-old elevator operator of Hong Kong Baptist hospital said. “They have money and we can provide best service to them, that a good thing.”

Ivy, a nurse of HKBH said:”It is good. Because less and less Hong Kong people choose to have baby at this time.”

Ben, a construction worker, said:”It’s ok if you have money. Mainland people come to Hong Kong can boost Hong Kong economy.”

Povy, assistant branch manager of a cord blood saving company, said:”It good for Hong Kong economy, I think it is good.”

An old lady who is shopping at 7-11 said:”If you have money, it’s ok.” “It has two sides of course. The mainland people come to Hong Kong boost our economy but also enlarge the population number at the same time,” she added. “It is too expensive to rise a child in Hong Kong, many couples could afford it, so they don’t want to have babies now. The mainland people come, they can pay for the hospital for their baby. That’s fine.”

However, Queena, a 21-year-old university student, doesn’t agree with them. “It’s unfair,” she said. “We can enjoy a good social and welfare system because we pay taxes to the government. But the mainland people didn’t pay taxes and haven’t make contributions to Hong Kong.”

“Besides, it also make imbalance of sex ratio in Hong Kong too,” she added. “Many Hong Kong men married mainland women and let their babies born in Hong Kong, it leads Hong Kong women couldn’t find husband.”

Hong Kong – February 9 – IJS-Global – Low temperature brings the off-season in a year to Kutna Hora, a touristic town 73 km away from the capital of Czech Republic. Jaromira, the oldest English-speaking tour guide in Kutna Hora, doesn’t have much work to do as the small town and its famous churches are covered by white snow in January.

She became a pensioner not long after Czech turned into Capitalism society. She works as an English tour guide in Kutna Hora for almost 7 years. Now the 66-year-old lady is the oldest English tour guide in Kutna Hora.

Jaromira, the oldest English-speaking tour guide in Kutna Hora

“My pension is not high, it only enough for me to pay for my flat and food. If I don’t work as a guide, I couldn’t afford to buy gifts for my sons or grandsons,” Jaromira said. “In the capitalism society now, if you have more money you can buy more.”

She is one of the old foreign-language speaking people who have been recruited as tour guide by Czech government. After a short training course, these old people who handle languages like English, German, Russian and French, etc, working as tour guides, ticket sellers or tour information consultants in all the touristic spot around Czech Republic.

They are organized by government under a tourism office. Once someone hires a tour guide from the office, the tourism office will recommend them according to client’s requirement. After their work, the costumer pay for the tourism office and they get paid by the tourism office on an hourly basis.

Jaromira’s work is to show people around the scenic spots of Kutna Hora and explain the history and general condition about those historical interests.

She moved to Kutna Hora from Prague, the capital of Czech Republic, 40 years ago. She used to be a teacher of primary students and retired in early 1990s. She learnt the history of the old town by her life experience as well as reading history books, and she retells the historic stories to the tourists in her tour guide.

She gets paid by the local information centre in Italian Church for 200 Koruna (US$ 9) an hour in English-speaking tour guide and 150 Koruna in Czech-speaking tour guide. She seems satisfied with her salary.

Jaromira is talking about her tour guide job

Though she lost many holidays and welfare, comparing with communist time, she could earn more money under capitalism social system in Czech, she said.

Jaromira has to rely on dictionary sometimes, though her English is understandable when communicating with people. She got the basic knowledge of English in middle school, but she learnt the language mostly through a few months living experience in England in 1993 when visiting one of her friend there.

“In communism society, we can only go to the communist countries around Czech,” she said. “But at that time, with my friend’s invitation, I can go there and live with them. I only have to pay for the tickets.” She is very proud of her experience of being broad, especially being in England.

She started to learn English by herself since then.

Jaromira said there are nearly 20 people working as part-time or full-time tour guide in Kutna Hora while 4 of them are pensioners. Besides she herself, two eldest guys speak German among them and the other lady speaks Russian. These old people handle foreign languages far better than their next generations because of their special life experience.

“The two men speak German, because it was ww2 when they were at school and they were forced to learn and speak German,” she cited. “When I was a student in school we can choose the preferable language to learn, though Russian is included, I chose English. But after 1993, school started to teacher English instead of Russian.”

She met people speaking different languages from Singapore, Korea, Europe etc, annually. She is enjoying her job as a tour guide. “I love to standing in front of St. Barbara church; I smile at the tourists while they are smiling to me. I feel full of energy at that moment.”

Jaromira and her dog “Lucky”

She still has to work after the off-season. She said there would be numerous tourists in Kutna Hora in summer, the best time for tour in a year. That is also the best time for her to earn money as a tour guide. She loves travelling and being a tour guide.

“In communist time, I can’t go aboard because of shut up of the country,” she laughed. “However, in capitalism, I can go aboard but I have no money.”

People in Tsim Sha Tsui, Hong Kong, in 2009 Spring Festival holiday

Hong Kong – February 1 – IJS-Global – As millions of mainlanders are shopping and enjoying their tour in Hong Kong during the spring festival, Felix Ip, a 24-year-old Hong Konger, has spent the traditional festival with his big family in Huizhou, a city in southeast Guangdong province, 120 kilometers away from Hong Kong.

“We go back to mainland in Chinese lunar new year annually to reunite with my grandma, uncle and other relatives,” he said. “I am used to it, I feel warm and comfortable when getting together with all family members.”

Ip is one of the numerous Hong Kong people who flowed into mainland through Shenzhen Luohu frontier inspection station on the first day of Chinese OX year and back to Hong Kong several days later.

According to Xinhua News Agency, the passengers flow move in and out of Hong Kong through Shenzhen frontier inspection station reaches 3.6 million during Chinese Spring festival holiday this year. The daily passengers flow between Shenzhen and Hong Kong equals to the popularity of a medium-sized city.

Ip is very familiar with such busy scene, for it is the 24th time for him to spend the traditional Chinese New Year outside Hong Kong. After his father and uncle set their own families in Hong Kong in 1970s, they move to mainland every year with their wives and kids to celebrate the lunar New Year.

Mainland migrants occupy a large proportion in the popularity structure because of the profound connections between Hong Kong and mainland China in history before hand over. Many mainlanders migrate to Hong Kong for better life and became Hong Kong residents dozens of years ago, but their roots are still in mainland.

“My parents have no relatives in Hong Kong besides my little uncle, so we seldom have visitors in the New Year in Hong Kong,” he said. “It is natural to spend the most important festival with family members, it made me satisfied and happy, that’s why I prefer to go to mainland rather than stay in Hong Kong.”

Financial turmoil doesn’t change the essential atmosphere of Chinese New Year too much apparently. But Ip said, because of the economic tsunami, his parents’ dress shop didn’t run well recently, the income of his family decreased last year.

“It is better for us to spend spring festival in mainland than in Hong Kong,” he said. “Apart from reunion of our big family, it costs far less money in mainland than Hong Kong, that’s very economic.”

Though he has to be careful of pickpockets when shopping in Huizhou, Ip still enjoys his spring festival in mainland.

Reunion and happiness are the key words of Chinese spring festival from ancient times, though Chinese people have find different way to realize them under different circumstance.

By Trista & Rynn
Hong Kong – Janurary 27 – IJS- GLOBAL- Under the pressure of financial turmoil, HK is still determined to perform a traditional firework show.

Today, the show was taken place in the Victoria Harbor; according to Xinhua News Agency, it has spent over HK$5 million (US$644,853) and has attracted hundreds of thousands of people to watch.

But facing the large amount of tourists, the government’s effort of leading is obviously not enough. Some major streets have been blocked for safety before the show, which made people all got into narrow streets and couldn’t find their way out.

Because the lack of direction board, the situation once became a mass; some tourists even jumped into the forbidden zone to go.Under the leading of the police, the crowd finally became ordered and the pedestrian flow became smooth.

Trista Lv    http://tristalv.wordpress.com

Rynn Song    http://rynnsong.wordpress.com

Sophie Guan   http://flyingbird86.wordpress.com

Interviewee: Jaromira

General Story

After her retirement, Jaromira is working as an English tour guide in Czech Republic for almost 7 years. Now the 66-year-old lady is the oldest English tour guide in Kutna Hora, a town 73 km away from Prague which famous for its churches.

However, she is not unique in Czech. If you go to the scenic spots in Prague or Kutna Hora, you will found many old people who can speak English, German, Russian and French, etc, working as tour guides or ticket sellers. They handle foreign languages far better than their next generations and recruited by government after their retirement as Czech is being more and more open to outside world.

Jaromira is one of this group of people who have experience the complex history of Czech and is impacted by both Communism and Capitalism.

My Idea

I want to use the interesting phenomenon in Czech and life histories of Jaromira to show the change of Jaromira’s life from a Communist period to a Capitalist period, through which the reader may sense the social change in Czech in recent decades

Webster online-dictionary defines plagiarism as an act to steal and pass off the ideas or words of another as one’s own, use another’s production without crediting the source, to commit literary theft or present as new and original an idea or product derived from an existing source.[i]

According to Tony T.N Huang of Hong Kong Baptist University, plagiarism means “taking someone else’s words or ideas and passing them off as your own” and “is the most common form of intellectual dishonesty.”[ii]

However, when it comes to intellectual things, plagiarism seems hard to be clarified in black and white. Because the process of thinking and organizing thoughts is hard to prove or shown to people.

My understanding towards those definitions is plagiarism should be avoided consciously during the process of thinking, generating and producing, but not the final result. There is an old saying both in Western countries and China that great minds think alike. The ideas and thoughts could be identical, but, base on various brand structures and different life experiences, the process to generate couldn’t.

2. Can I legally post any picture on my blog that I have downloaded from the Internet as long as I credit the source?

I think it really depends on the function of my blog and what picture I’m going to post.

If I publish my blog for non-profit purpose and use it personally, I think it would be legal to post any picture with detailed source or certain permission.

For famous pictures which have wildly known or used by public, such as classic paintings, photographs and so on, I can post them on my blog with clear source.

For the pictures which owned by certain people, I will consult their owners and ask for permission to post them on my blog.

For the pictures which have been published by media or news agencies and have already lose their time values, I can post them for non-commercial purpose with clear source.

[ii] http://buar.hkbu.edu.hk/uploads/files/avoiding_plagiarism/I_Introduction.pdf