I hope you do not interrupt me again. I am perfectly speaking relevantly. The more important issue in this matter that we are discussing is the credibility of the HDB. We have seen all the reactions, especially that particular resident from Bedok Reservoir. As far as he is concerned, and perhaps as far as HUDC flat owners of Phase 3 and Phase 4 are concerned, the credibility of the HDB is either near-zero or zero. Yes, I think it is important. The HDB must maintain a good credibility because they are housing 85% of the population of Singapore and it is of great concern to a vast majority of the people of Singapore. The Minister, a Chinese scholar, I believe, would know Confucius well. Can you remember what Confucius said of a good government? There are three requirements - food, military equipment and trust of the people. Someone asked the sage, "Which one can you remove?" He said, "You can take off military equipment." Then another disciple came in and asked the sage, "Of the two, which one can you dispense with?" He said, "Food. Human beings must die. But without trust of the people, the ruler has no standing at all." I hope that the HDB will regain their credibility, otherwise they will have no standing with the people. I believe I have quoted that correctly. Of course, the HDB's reason was that they have 1,170 (or about that number) vacant flats which they have built. This is the reason given by the HDB and they cannot take back any more. Of the 216 applicants whose flats are less than five years' old, and who want to sell them back to the HDB, the HDB has accepted 40 and they have approved another 26. If I am wrong, please correct me, Mr Minister. I believe out of the 40 that were accepted, 11 were re-sold by HDB to applicants. This is the reason given. The other reason given was that they have got no legal duty to take back the flats. They said that it is only a favour to HUDC owners. It is nowhere stated in any of the documents, whether it be agreement for lease, or lease, or memorandum of lease, that they have a duty to take back the flats. I will come to that later on. When the property market was good, was firm and strong, at least the HUDC, then the HDB, put up its price. In 1983, I believe HDB jacked up the HUDC flat prices by 143%. HUDC flat owners supported the HDB in purchasing those flats despite the high prices. In Pine Grove, a flat costs as much as $340,000 and that is supposed to be a Government-supported type of development. If I am not mistaken, the Minister has been heard to say that HUDC flats are subsidized 30-40% by the Government and yet it is $340,000. If they are subsidized, why are there no people coming to buy your flats? Why do you have these thousand over flats with you? They are supposed to be subsidized. One would imagine that people will be rushing to buy them. So whether or not there is a subsidy, I think the Minister owes an explanation to the members of the public as to the nature of this subsidy. The HDB has given their reason for building HUDC flats, ie, to give professionals long-term housing, give them a stake, so to say, in the nation and this is the overt policy of the HDB. I was reading the papers and curiously enough it is stated by the manager of an HUDC estate "that the formation of the HUDC can be described as a political move to provide the middle-income group with proper housing so that they could have a stake in that country." This is something, an eye-opener to me when I read this. The Minister has never told us this. It was someone else. He said that the only reason, we have been given this reason officially by the Minister, is that they provide reasonably priced housing for the middle-income group of Singapore. But he never mentioned that there was a political reason behind it. I call on the Minister, in view of the fact that he has, I would say, gone back on his word, he has breached his faith in making the announcement on 5th July, at least the most decent thing he can do now is to remove all restrictions on the sale and resale of HUDC flats and I call upon him in this motion to do so. I think at least he will give those present flat owners a fighting chance to sell their flats. Out of the 216, I believe some of them took your policy for granted and they have, in fact, committed themselves to purchasing a private property and this group in particular will suffer hardship as a result of your sudden change of policy. What have you done for all? Give a concession in return. You said, "We will give them more time to sell. If six months is not enough, we will give them one year, 1(r) years, two years." Is this a concession at all? If an HUDC flat owner cannot sell his unit in six months, I do not think he can sell it in two years in the current property market which is so weak. That is not a concession at all. Of course, the other concession is that people who want to purchase HUDC units can use 100% of their CPF Ordinary Account. But, as we know, there is already a Government policy which allows anyone to use 90% of his CPF Ordinary Account to buy private property. So if anyone can buy an HUDC flat with 100% of his CPF Ordinary Account, I am sure he can buy a private flat with 90% of his CPF account. I am sure he would have that much money. If he has the choice, I do not think he would want to buy an HUDC flat. So that is not a concession. Of course, the other point the Minister often mentioned is the removal of the 30% levy. The rationale behind the removal of the 30% levy is this. They say, "Oh, HUDC flats are subsidized. So we have to have that levy." But if it is subsidized, why are you removing the levy now? I would imagine that would not be the reason. The reason for the levy in the past is because the owners could sell their units at a highly appreciated price and therefore, when they sell it, after paying 30% of the gross price to the HDB, it will still appear good. But now, if anyone who owns an HUDC flat wants to sell his flat, can he make a profit on it? No. He is lucky if he can get his cost back. He probably has to suffer a loss. Can you imagine an owner selling it at a loss and the HDB wants to levy 30% on the gross price and say, "Look, because this flat has been subsidized by us."? I think there will be an uproar among HUDC flat owners. I would not think that he would dare to implement that policy and I do not think it is a concession either. So what concession has he given? As far as we can see, nothing. I would call upon him, if he really wants to do something for these people who have got these HUDC flats and who want to sell them back and HDB is unwilling to take them back, to at least give them this concession - remove all restrictions, put the HUDC property at par with private property. In particular, there are many singles who want to buy a property and cannot qualify. Perhaps this is one area where it would be helpful when he removes all restrictions on the sale and resale. It was justified perhaps to place restrictions on the sale and resale of HUDC property in the early days. It was true when the market was very good, prices were galloping upwards. So anyone without any restriction could make a quick buck. He could speculate on HUDC property and, of course, it is not fair for people to make money on HUDC property. But what is the situation now? It has completely changed. All those reasons that were given by the HDB before are no longer valid. There is a glut of flats and condominium units now, but not at that time. So there is hardly any difference between private flats, condominium units and HUDC units. In fact, I have personal knowledge that some condominium units are even cheaper now than your subsidized HUDC flats. So there is really no ground at all to impose your restrictions. So the only logical thing to do is to remove all your restrictions. Let us look at these 1,000-odd vacant units. Is it the fault of the HUDC flat owners? It is not. And they are penalized. HDB has over-estimated the demand and kept on building when the demand is not there. The HDB has built in excess and now they are saddled with this big number of flats and the poor HUDC flat owners have to suffer for it. It is not a case of HUDC flat owners unloading big numbers of flats to the HDB and as a result the HDB has to carry big numbers of flats, and they say, "All right, please stop selling back to us. We are already buying back too many units." If that is the case, there is some justification. But that is not the case. The case is that HDB on its own has built too many flats and therefore it is unable to buy back HUDC flats. In fact, I have just mentioned that they bought back only 40 units, and out of that 40 units HDB has managed to sell 11 units, leaving only 29. That is all they are holding. Why can the HDB not take back more flats from the 216 people who want to resell them back to the HDB? Why can they not do so? Of course, if you look at it from another point of view, these 1,000-odd vacant flats which the HDB is holding are causing a big loss in terms of interest and later on when the property market does improve - I have read in the Property Market Consultative Committee's report which says that even in December 1990 the demand will not be there - there will be an excess of flats even by that date. So the HDB is going to have a big problem trying to unload these 1,000-odd HUDC flats and think of the amount of interest lost. When the time comes to sell these flats, I am sure the prices will have to be jacked up to recover the interest lost. There is no doubt about that. The other point is the question of breach of faith. Of course, the Minister has denied it. There is no breach of faith. But I am afraid those HUDC flat owners who cannot sell their flats back to the HDB think otherwise. It has been clearly reported in the papers. I would contend that there is a breach of faith on the part of the HDB. The HDB has set a precedent when they say, "Yes, we will continue to buy back." And they have done so and people expect it. How else? So it is a question of trust. I think the HDB has really let down the HUDC flat owners. They feel that they have been done in. What is the protection or fall-back that the HDB is relying on? On legal ground. Let us look at whether or not they have a legal ground. In my view they have not. I would say that, in fact, the HDB is legally bound to buy back those flats. How do I come to that conclusion? That the HDB has a policy; it is an announced policy. I hope the Minister is not denying that because in Parliament on 22nd March 1983 he had clearly announced the policy of the HDB. "Mr Teh said during the debate on the fund allocations to his Ministry that the policy for HUDC flats which are now, he says, 'are governed by the same rules applied to HDB flats.'" I do not think he will deny that. And we have established yesterday, I believe during Question time, that HDB has a rule. As far as HDB flats are concerned, they have a rule that they will buy back HDB flats which are less than five years old. If we go by what he had said on 22nd March 1983, and I have to quote the Minister for Home Affairs earlier on in the debate, he said, "Government stands by what it says." I have got it here. I hope the Government will stand by what it says, in the case of HDB. If HUDC policy must comply with the policy of the HDB or that HDB rules are applicable to HUDC, then the HDB must, by this ruling, buy back HUDC flats. Because there is a rule for HDB, it must also follow that this rule must follow for the HUDC. If there is a rule, then we go back to what is written in your agreement for lease which says that (this is clause 12 which I have mentioned earlier): 'In the case where the purchaser is required under any term condition ["under any term condition" means the condition term of the buy-back of HDB flats within five years] herein to transfer, sell, assign, surrender or cause the flat to be vested in the Board, the consideration for such transfer, sale, surrender or assignment shall be the purchase price of the flat together with the value for such improvements made thereto as determined by the Board and accepted for purchase by the Board or the value of the flat and of such improvements as determined by the Board, whichever is lower. The Board's determination of the value of the flat and/or the improvements shall be final and conclusive and shall not be called into question by the purchaser.' So it would appear that if they want to sell it back or resell or assign, then they must sell it to the HDB at the original purchase price or at a price determined by the HDB. I do not think the HDB will want to buy back at a lower price than the original cost price because they themselves have said that they are 30-40% subsidized. I would say that they have a legal duty to buy back the flats. Why do so many of these HUDC flat owners want to so quickly unload their units back to the HDB? It is quite obvious. Because the market value for property has now dropped drastically. And if it is at par or even if they lose a bit of money, they do not mind selling it off. Why? Because they are not tied down with so many rules and regulations of the HUDC. And they do not have a free car park. Yes, they have to pay $25 a month for their car park. Maybe the Minister does not live in an HUDC or HDB flat and so he does not realize that. This car park is a big problem for HUDC owners. Their friends come on Sunday and they have to rush down and say, "I have got to go and renew my car park coupon". All the hassle. Whereas living in a private property, you just come in and park your car and that is all. That is the reason why they want to sell off. As I have said, I have brought up this issue because I think you should not only give a fighting chance in view of the change of policy of the HDB, but more important is the credibility of the HDB which is really at stake. Mr Deputy Speaker, Sir, I would like to have a Division on this motion because I think it is important --- An hon. Member: Your supporter has gone. You are alone.