The always interesting Webb-site takes a look at one of Hong Kong's many Government money tips: Cyberport. Despite the law clearly requiring the development to submit annual reports, the company managing the white elephant has not yet done so and doesn't intend to anytime soon. Hong Kong's Government has made these property projects something of a habit: look at Disneyland or the new West Kowloon project as two further examples. In return for huge dollops of Government money the same old developers get their hands on great chunks of taxpayer money with no accountability. Cyberport, for example, is a residential property project dressed up with a few (empty) office buildings and a shopping mall. It will end up working because the Government will force it to. What is staggering in Hong Kong is the Government can waste so much taxpayer money and still tax its citizens so little.

I shudder to think what the SAR Government would do if they got their hands on ever-more dollars the handful of people who actually pay income tax in this city earn.