Worst over, still a long way to go, Li Ka-shing says
Hong Kong's richest person, Li Ka-shing, believes the worst of the global financial crisis is over but there is still a long way to go before an economic recovery.
The worst may be behind us, but there would not immediately be a v-shaped rebound. That was impossible, the chairman of Cheung Kong (Holdings) and Hutchison Whampoa said at the companies' interim results announcement.
'If you suggest that the overall economy will recover at the end of this year, I disagree. But if [you] say it'll not get worse, I agree,' Mr Li said.
The tycoon said Hong Kong could not escape the crisis, but its economy was already doing better than many places in the world. But despite the rising stock market, he said he tended not to buy shares at the moment and warned investors against borrowing money to play the stock market.
'If keeping on buying shares can earn big money, the whole world wouldn't need to work hard and you, friends from the mass media, wouldn't need to sit here and work so hard. Passing a day relaxingly by buying shares and earning a lot of money in an hour or two - it can't be like that,' he said.
He defended Cheung Kong's Lohas Park development when asked by an Apple Daily reporter how it would sell remaining flats there in view of the strong odour from a former landfill. He said that newspaper always picked on the company. He had recently visited the site for a few hours and had seen the greenery of the landfill, which was beautiful and refreshing.
His son, Victor Li Tzar-kuoi, said the 1,700 families who had bought flats must have visited the site first and been happy with the fresh air there.
Mr Li fended off questions about whom he would support as the next chief executive, saying: 'You shouldn't ask me who I support. I won't tell you.' But he said those who ran for the post should possess two qualities: competence and public trust. Competency referred to one's working ability, and trustworthiness was related to one's personal qualities. The chief executive must not lack either of them, he said.
Asked if Executive Council convenor Leung Chun-ying - who reportedly visited the tycoon, and who has been tipped as a candidate, had such qualities, Mr Li said a few of his friends he had had contact with were rumoured to be running for chief executive.
'I won't say I have got a special relationship with someone because he comes meeting and chatting with me. The most important prerequisite is competence and trustworthiness ... which is related to the benefit of all Hong Kong people.'
Commenting on Chief Executive Donald Tsang Yam-kuen, Mr Li said: 'It's not easy to be him, really, it's not easy ... compared with other countries, Hong Kong is not bad ... it's quite good.'
He was content that last week's strike by drivers and deliverymen at Watsons Water, a subsidiary of Hutchison Whampoa, had been resolved after 'everyone changed their attitude a bit'. He said a harmonious, realistic and practical environment was required in Hong Kong.
