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Ben Kwok

Developer inspired by Jiang zemin's political potential

Henderson Land director Peter Lee Ka-kit, son of billionaire Lee Shau-kee, has turned to former president Jiang Zemin for inspiration.

While Mr Lee was outlining a proposal to develop a three-month art programme - which will include displays at Hong Kong high schools and Henderson's shopping malls - he turned to the Theory of the Three Represents, Mr Jiang's contribution to political thought, to illustrate a point.

Mr Lee's sudden appreciation for mainland political theory left Lai See scratching his head. Could Mr Lee's new interest have anything to do with Henderson's campaign to win the $20 billion West Kowloon project?

Mr Lee's father has insisted that Henderson has not yet secured Beijing's blessing for the project.

But then shareholders have been asked to approve a new share issue that could potentially raise a war chest of, surprise, $20 billion in fresh capital.

Hutchison director fit for a new role

Canning Fok Kin-ning may like to think of himself as a heavyweight among local corporate executives, but he obviously doesn't have the same aspirations when it comes to his physique.

The Hutchison Whampoa group managing director in fact managed to shed 10 per cent of his bodyweight this year.

With a lighter belly, Mr Fok recently took reporters to lunch.

He was quick to recommend roast pork loin and sago pudding from the Hutchison kitchen, in what seemed to be a loose adherence to his low-carb South Bay diet.

Lai See also notes that his younger sister Winnie Fok Kin-wah's investment firm is the owner of fitness and beauty centre chain Marie France.

The money man may not have time to check into many of Marie France's 68 centres in Asia, but he dutifully follows his sister's dieting advice - with the exception of that press lunch.

We wouldn't be surprised to see Mr Fok take on the role of spokesman if Marie France should eventually list.

reshuffle fuels telecom talk

A reshuffle among the heads of the top three mainland telecom firms has sparked plenty of speculation over the past few days and puzzled many investors.

With China Telecom chief executive Chang Xiaoping moving to China Unicom, China Unicom chief executive Wang Jianzhou moving to China Mobile and China Mobile chief executive Wang Xiaochu switching to China Unicom hopes were high that the companies could somehow work together to curb price competition.

The moves may also make the executives more sympathetic to their peers. Mr Chang, for example, may now oppose granting plenty of 3G licences while Mr Wang Jianzhou may start downplaying his support for CDMA in China.

But will Mr Wang Xiaochu suddenly become a spokesman for CDMA?

Developer says citigroup got it right

Earlier this week, we reported that two brokerage houses offered different takes on the hidden debt of Sun Hung Kai Properties, with Deutsche Bank estimating $12.3 billion and Citigroup $4.7 billion.

Now, the No1 property developer has told Lai See that its contingent liability is only $4.7 billion, exactly what Citigroup estimated.

It should be no surprise to our readers that local blue-chip firms always find a nice way to show a lower off-balance sheet figure.

feer the reaper

Spare a thought for the Far Eastern Economic Review. The closure of the 58-year-old Hong Kong-based magazine resulted in 80 job losses, including that of former Lai See columnist Nury Vittachi.

We were sad to find a subscription-renewal notice arriving at our desk yesterday with offers of $930 a year plus a free travel bag.

It is particularly sad to hear the verdict of Peter Kann, chairman of Dow Jones, which published the regional magazine, that he had no choice but to close down after losing money for six years.

'We see no likelihood of a turnaround on the current economic model,' said Mr Kann.

The magazine will, however, re-invent itself as a monthly publication. Sadly, few monthly mags in Hong Kong manage to survive.

Airline offers lizard lunch

Our logistics correspondent spotted a news item that frightened more than a few of us at the Business Post.

India's Jet Airways is looking into a passenger complaint that a dead lizard was found in a meal served on flight 9W 812 between Delhi and Bangalore.

The complaint prompted the airline's chairman to fly to Mumbai for a detailed discussion of the unfortunate incident.

The dead lizard frightened our correspondent so much he vowed he would never fly Jet Airways.



CK Hutchison’s Victor Li and Canning Fok step aside as managing directors, retain key leadership positions

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Singapore’s PSA in talks to sell 20 per cent of Hutchison’s ports to China’s state giants, sources say

Unit of Li Ka-shing’s Hutchison submits plan to build 15,075 homes in Tsing Yi to add to Hong Kong’s housing supply, help ease shortage

Hutchison Whampoa

Lai See