She isn't poor. She's wealthy and still greedy.
This is new. Asking for the return of one's own money is greedy.
What about making 2.5 million from the poor, is it greedy?
A guy bought condos using CPF, making a profit of 2.5 million. He felt good not realising that the 2.5 million comes from the poor. "How can it be, I bought and sold condo, not HDB flats?", he would protest. Poor don't buy condo. How can I be profiting from them?
This is how it goes. A mother and child had been renting a flat after they lost their flat through no fault of theirs. When the 3 room flat price dropped to a level that their combined salaries is adequate to qualify for a HDB loan (with repayment by CPF), they bought it for 300k willing to pay the flat till the the child's retirement. They felt it is a wise move. They saved the monthly rental and their flat price will appreciate in value iand they will make a profit. This is true only if they are willing to downgrade to a smaller flat because they only have 1 house.
Where is the condo guy in the equation so far? It is the stupid 3 room seller that allowed him in to take advantage of the simple minded. The seller having made a profit of about 200k thought that upgrading is the way to go because the govt has preached so, bought a condo since the price has dropped and he is able to meet all the necessary down payments.
For both families, they are stuck with loans that need a life time to repay. They will having little left for retirement and will need to sell their house and stay at changi beach in order to raise money for retirement. Asset appreciation has no meaning if one has only 1 house. However, if interest rate does rise along the way, they will be in hardship immediately.
The only people who profited from this grand scheme, designed to help the poor, are actually the rich, the condo owner, who has 1 or more spare houses to sell. They take profit, wait for the price to fall, go in again and make 2.5 million.
The saddest is part that it is no longer possible for the poor to profit from property anymore. All the twitting done and the high price has shut the door to the poor. It is impossible for one to make a huge kill from their HDB flat and use it as seed money for future speculation in a second house. However, the rich will continue to profit if the poor do not reject the bullshit that upgrading their house is the way. They don't understand that upgrading is of no use but owning 2 houses is the passport to the property game.
If there is no govt loan, no CPF mode of repayment, no propaganda on assets enhancement and upgrading ...... that poor mother and child will not be able to the flat that allows the seller to pass the profit to the sly condo guy. They will have more saving for retirement. Even if they are bad saver, at least they can have a better life instead of paying for a dream.