99 year land lease only benefit the Government

Government in a democratic country is elected by the citizens of the country. Why should land belong to the government? When you buy a 99 year lease flat, you need to take a bank loan and pay down the load over a period of 20 to 30 years. At the same time, you have to pay property tax. At the end of the 99 years, it goes back to the government without compensation. If you live long enough, then you either buy a new flat or rent a flat.

If you buy a old house, you pay the price in accordance to the market value of the flat, which is the remaining value of the lease. Why should the land revert back to the government? Perhaps, it’s time to convert all lease to freehold, then at least the owner can pass on the flat to their off springs. At least, what they work their life to buy, can be passed on to their children and not back to the government. Then, there is no fear that value of their flats will disappear as the lease approaches expiry. People worked their life away and give it all back to the government!

It is definitely not a fair deal for the people as they paid their entire working life and see the value of their flats diminish as it near expiry date. Why should people pay so much for a flat and at the end of the day, it goes back to the government? Not fair at all!


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