Forget all those concerns about the Government giving Li Ka-shing's son carte blanche to establish a cyberport on US$770 million (HK$5.9 billion) worth of free land in Pokfulam and thus the opportunity to reap a handsome profit out of property development.
Insiders in Richard Li Tzar-kai's circle assured Corridors that property did not enter the equation. 'Richard is only interested in new technology' runs the message. 'He is determined to put Hong Kong right at the forefront. All his 'face' is in the success of the cyberport, nothing else matters.' Reassuring news, provided his second foray into high-technology is more successful than the first. He sold his satellite business, Pacific Century Technology Investments, to his father's Hutchison Telecommunications in 1995 after a $35 million net loss was posted by his company's Singapore-listed subsidiary.
It was made clear at the time that the sale had nothing to do with financial crisis. It was simply that Hutchison needed to offer full services to its corporate clients. Plus the conflict of interest caused by Richard's involvement as deputy chairman and executive director with Hutchison Whampoa.
There were two rather baffling points. Hutchison Whampoa is a non-performing umbrella company, so where is the conflict of interest? And why has Hutchison Telecommunications, which had such urgent need of the satellite company four years ago, done nothing with it since? One final query. Is it really necessary to devote a large slab of expensive real estate to a cyberport when others have built cyberempires singlehandedly, sitting at their desks? Bowen Leung Po-wing, head of the Beijing Office of the SAR, has moved into his Garden villa which costs more than $45,000 in rental fees. The luxurious villa complex, Xiangjiang Garden (it means the garden of Hong Kong), was developed three years ago.
Sited in an upmarket suburb of Beijing, it is regarded as one of the most prestigious residential complexes in the capital.
It will take Mr Leung at least an hour to drive from his house to the Beijing Office at the Hangji Centre in the heart of town. Most of his colleagues have found apartments nearer the office.
