How Beijing is changing its tune on the once revered Hong Kong tycoons

For a long time, it was an article of faith in Beijing that the cooperation and well-being of the tycoons were necessary for Hong Kong's business stability and successful transfer of sovereignty.

Those were the days when former president Jiang Zemin made sure he stayed at a Hung Hom hotel owned by Hong Kong's richest man whenever he was in town. As well, he would usually have private lunches with Li Ka-shing and his two sons. Those days are long gone.

For reasons that no one is really sure of, some mainland state-backed media outlets including People's Daily have decided to round on Li. Once dubbed Superman, Li's reputation and prestige have taken a hit in recent years.

It has long been one of the pan-democrats' political narratives that the Hong Kong government is in collusion with big businesses, especially those controlled by the property tycoons. And Li, with businesses that span property, cargo terminals, supermarkets, telecom, drugstores and power supply, has been a prime target.

What is new is that the tightly controlled media on the mainland have lately joined the chorus from Hong Kong.

The fortune of the local tycoons has certainly taken a turn for the worse since Leung Chun-ying took office as chief executive.