• Tue
  • Sep 23, 2014
  • Updated: 12:09pm
NewsHong Kong
POLITICS

Tycoon Li Ka-shing admits he can't sleep for worry about Hong Kong's problems

PUBLISHED : Saturday, 28 June, 2014, 3:41am
UPDATED : Saturday, 28 June, 2014, 9:37am
 

Li Ka-shing has revealed he is having trouble sleeping.

Widening inequality, an intensifying scarcity of resources and a decline in trust are some of the issues keeping him awake at night.

The 85-year-old tycoon revealed his problem in a gloomy speech to graduates at Shantou University yesterday entitled, "Sleepless in Hong Kong".

Li, the honorary chairman of the university's council, said widening inequality in wealth and opportunities, if left unaddressed, could fast become "the new normal".

He told graduates: "The howl of rage from polarisation and the crippling cost of welfare dependence is a toxic cocktail commingled to stall growth and foster discontent."

He said trust, the bedrock of an enlightened society, "is crumbling before our eyes".

But a change in direction could better foster an environment of growth and harmony.

He called for the government to introduce dynamic and flexible wealth redistribution policies that struck the right balance between promoting equality and economic objectives.

Li urged the graduates to be "custodians of their future" as an "antidote for everyone's insomnia".

He sought to inject urgency to the debate on the scarcity of the city's resources, saying it would pose "challenges of immense proportions to our future".

The Cheung Kong (Holdings) and Hutchison Whampoa chairman, ranked 13th on Forbes magazine's list of the world's super-rich, has been holding forth in recent months. In March, in an interview with online news service Caixin.com he likened the behaviour of Hongkongers to that of "a spoilt child" as they headed down a dangerous path of populism. Last year, Li said the city could not go down the path of "rule of man".

Dr Li Kui-wai, an economist at City University, said that while he was right to speak up on issues, it was up to those with influence to change matters.

"It's true that people are not investing in Hong Kong … and it's sad because all these tycoons are not looking to Hong Kong to help boost its development. These are the people who can bring Hong Kong to a new stage, who talk, who hold the keys. And these are the ones who can change Hong Kong economically. Why are they not doing it?" asked Dr Li.

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This article is now closed to comments

allan94
wow! its like satan telling us he worries about our eternal salvation.
cant sleep, why dont u just slash your wrists...guarantee u will sleep for long long time.
53b24230-b674-407c-a0ff-52b50a3209cb
Oh, what a hypocrite!
pl2011scmp
Investing in Hong Kong needs a lot of courage and short break even span.
30 years left. Steep depreciation for writing off properties holding there.
Of course, a lot of people are insomnia..
I am a business and investment consultant, freelance writer for Research firms in New York.
Lun.yeetak@facebook.com if you want investment or business ideas.
****'s pending project in Nui Ling as cross-country resort and making use of the cut down forests
to build log houses with minimal cost and short break even span is also my suggestion.
( Last year around July when they are in Richmond, BC. ) I am at Avia Employment Centre, 3631 3Road, Richmond BC. Suite 290. . *Inside their computer resource room mostly Friday at 2pm.* Where upstairs from Richmond TomLee Piano Store if you want to find me. I dress very casual especially with a shopping cart when its my grocery day. I stopped writing for AHO for a long time. (Lun.yeetak@facebook.com)
535aea67-f740-4042-ae89-35060a320969
He is part of it and the main player and cause of his worry, we are on the same boat i worry that you'll going to hike up prices on your business!!!
pl2011scmp
Just fly out before you are pauperized. A lot of countries will welcome you.
Please tell PN I never receive a cent in consultant fees yet. AND not eHO that gave you the ideas
of hotel room split, privatization, loan with govt to immigrate..
Please tell H3 not to pay those stinkies to trespass and break to give me a hard time so I must
return to Hong Kong. So he can use me to ask for purchase orders. And I never agreed to
compromise my global position to those chicks wanting to bear kids by your sons. And recently some brown Asians, are trespassing and messing up my stability, which sons are they going after?
Some Wong x Kiu's chicks long renting upstairs where I used to live at 3700 Kilby Ct. Richmond.
Please check if these chicks got fake chip on their chest. I am currently in Richmond BC. Please tell Fung Kwok King mom's gold dragon bracelet from his dad was stolen in Dec 2011. I am ah Ling's daughter not ah Yan's. Someone trying to cheat Fung of his trust to me. Thanks. My email passwords are never private. Phone line crosstalked. Must contact in person.
zthonyliu
I'm fortunate to be able to read his mind!
His worry is as normal an ordinary Kong Kong citizen though he catches more than our eyes.
If he himself cannot change HK economic environment, who else? His insomnia is not due to what he said but what he has contributed to the society, i supposed. Let him carry on his business & let us do our best. Good Lord!
535a25da-bbe4-4f8d-bbe3-34f60a320969
No need worry! if Hong Kong fails, go back to China and look for Beijing mama. Beijing will take care of Hong Kong. If not, give British papa a call, I believe after raising a child to success for so many years, British papa should have good faith to help Hong Kong to rise again. A city that is never independent, I will not be surprised if Hong Kong fails but if it goes to China, it will not. Go to Beijing!
daily
He's probably also a big part of HK's problems with all the industries controlled under his businesses.
lucifer
So he goes to the mainland to btich about Hong Kong. Who cares if he cannot sleep.
chaz_hen
Captive audience there...

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