My Take | New property bosses same as the old ones
- As the city’s second richest man retires, and another tycoon leaves jail to hand business over to his son, local developers are being eclipsed by the inflow of red capital from the connections they enjoyed
When asked what his plan was, he said he had no intention to return to business. He is happy to have his son Adam Kwok Kai-fai running the family business, alongside Adam’s uncle, Raymond Kwok Ping-luen, who is Thomas’ youngest brother. The three Kwok brothers used to be referred to as the “Iron Triangle”, but had a fallout. The oldest, Walter Kwok Ping-sheung, died in October.
If people have stopped complaining about “property hegemony”, well, it’s self-evident why. These legendary tycoons dominated the housing market for decades and cultivated close relationships with the top leaders of both the local and mainland governments.
Their offspring, many with MBAs and other advanced degrees from top Western universities, will not again have the same influence, respect and connections the first-generation tycoons enjoyed.