China’s economy is headed for an L-shaped future, property boss Ronnie Chan says

Hang Lung Properties chairman Ronnie Chan Chichung says China is heading for L-shaped economic growth and it will take some time to recover but it should have little impact on sound financial firms.

L-shaped economic growth represents a decline followed by stability.

“We don’t worry because Hang Lung remains in strong financial health,” he told a media briefing to launch his book ‘25 Years In Retrospect’.

The book comprises a collection of the Chairman’s Letters to shareholders penned by Chan after he took up the chairmanship in 1991.

He said the mainland government will come up with new measures to stimulate domestic consumption but gave no further details.

Since assuming the role of chairman, Chan has written a total of 102 letters to shareholders with a word count of over 198,000 words. The letters have been translated into over 340,000 Chinese characters.

Writing in his early years, Chan focused on reporting the achievements and strategies of his companies. In later years, he dedicated more attention to analysing the state of Hong Kong, the mainland and global markets. He offered insights that have been of keen interest both at home and abroad.