Two leading tycoons yesterday gave their backing for a second term for Chief Executive Tung Chee-hwa. Peter Woo Kwong-ching, who lost to Mr Tung in the first chief executive election in 1996, said he would not stand again. Mr Woo, chairman of the Trade Development Council, said it would benefit Hong Kong if Mr Tung stayed on. 'He has already accumulated four years of administrative experience. If he stays on, it will help ensure continuity of existing policies,' Mr Woo said. 'You can't draw a conclusion that Hong Kong people do not like Mr Tung. No one can draw such a conclusion. I won't consider taking part in the third election, either.' New World Development chairman Cheng Yu-tung said Mr Tung was the only person for the job. He praised the Chief Executive for not complaining and continuing to do his job, although some members of the public had expressed anger at their hardship during the economic downturn. Influential tycoons, including Li Ka-shing, earlier threw their weight behind Mr Tung's candidacy, even though the SAR chief had yet to officially announce his re-election bid. Last night, Mr Tung told a Government House reception he would 'see you next year'. Former Ming Pao publisher Louis Cha also revealed Mr Tung had told him he would soon declare candidacy. Mr Cha said he had agreed to join more than 200 people in the campaign team. A source close to Mr Tung's campaign team confirmed last night that the Chief Executive would announce his re-election bid next Thursday. The source said Mr Tung was expected to reiterate the policies and direction he had followed in the past few years. Mr Tung's election office, in the St John's Building in Central, would begin its work officially after Mr Tung's announcement, the source said. Edgar Cheng Wai-kin, who resigned from the post of head of the Central Policy Unit, started work in the office this week. He will head the office and co-ordinate the election team. Lawyer Maria Tam Wai-chu, who sits on the Election Committee in her capacity as a local deputy of the National People's Congress, will be in charge of liaison work among the 800-member committee that will select the SAR's next leader on March 24. A former director of government information services, Irene Yau Lee Che-yan, has started planning public relations, publicity and promotion work for Mr Tung. She is on leave from the Kowloon-Canton Railway Corporation. Mr Tung's senior special adviser, Andrew Lo Cheung-on, is expected to resign from the Government soon to join the campaign.