Li Ka-shing’s rumoured plan to reduce investments ‘could damage Hong Kong’
Report by central government think tank warns tycoon's reputed plan to reduce his investments in city could hit its economic competitiveness
Li Ka-shing's apparent move to reduce his investments in Hong Kong could damage the city's economic competitiveness, says a study by a central government think tank.
But it said soaring property prices and the lack of innovation could hamper the city's growth and it could be overtaken by other Chinese cities.
"[There are also] rumours about Li Ka-shing and his group's plan to withdraw from Hong Kong. If [the group] frequently sells assets in the latter half of this year, it could affect Hong Kong's overall business competitiveness," the report said.
Coincidentally, Cheung Kong and Hutchison Whampoa - the two flagship firms controlled by Li - reduced their shares in Hong Kong-listed Hui Xian Real Estate Investment Trust yesterday.
Rumours about Li's intentions have been swirling since the planned sale was announced last year of his ParknShop supermarkets, later abandoned.