The View | How will Hong Kong’s next generation of tycoons remain relevant?

Karl Marx was right. The end game of capitalism is a massive and irreversible wealth concentration among the elite – and serfdom for everyone else. No one is left to save the positive remains of capitalist system. The real challenge with capitalism at this point of inequality is who gets access to capital and how are decisions being made in its allocation.

Hong Kong’s billionaire property developers rode a bull market for over 30 years, made some lucky calls, stayed in the game while competitors retreated, became known as geniuses, but now have become their own worst enemies.

With home prices stalled, an uncooperative government and no more sales tactics left, real estate tycoons Henry Cheng Kar-shun of New World Development and Lee Shau-kee of Henderson Land attempt to legitimise predictions that are incongruous, illogical and meaningless.

I have previously asserted there is no other way to push discounted flats, that despite discounts, are still as expensive as Manhattan except with usurious lending practises. Besides that, their vision of where things are going is no clearer than anyone else.

Our tycoons are people afflicted with a neuralgic concern for maintaining their privileged status quo.

Despite decades of being worshipped as brilliant businessmen, from my experience I don’t think these elderly people read anything more sophisticated than a horse racing tip sheet. Yet, they have perpetuated a local version of economic Darwinism that is almost impossible to reform.