New generation of Hong Kong property tycoons faces greater expectations
- Victor Li, Adam Kwok and Adrian Cheng are among the inheritors of Hong Kong’s biggest property conglomerates, at a time when Hongkongers are demanding greater corporate social responsibility and better living solutions
As the old guard of these powerful companies recede from the stage, the new generation of family tycoons should seize the opportunity to chart their own paths and take the vast conglomerates that they have inherited closer to the people.
Living in Hong Kong, one cannot avoid having one’s money go to one of the Big Four developers. From electricity and gas to public transport and telecommunications, from supermarkets and shopping malls to private homes, estate management companies and new infrastructure projects, this quartet of companies is simply omnipresent.
Hong Kong no longer the face of Chinese capitalism
With the leadership succession of the Big Four developers now complete, this is the prime time for the new owners to meaningfully clean up the image of their empires and make a break from the past.
What marks out this generation of tycoons is that, while they may lack the guts or Midas touch (and the not inconsiderable luck) of their fathers or grandfathers, they are all highly educated, often at Ivy League universities. They are supposed to be knowledgeable beyond doing just hard business, and they should have the wherewithal and courage to go where those before them chose not to or did not know how to explore.
Beyond deepening their corporate social responsibility work and taking it beyond the staging of one-off charity events for photo opportunities, there are other obvious changes that the public would want to see.
New property bosses same as the old ones
In addition, the new family tycoons should give more support to think tanks and non-governmental organisations in research subjects central to our quality of life, such as housing solutions, brownfield use, urban planning and heritage conservation.
As a new generation of family tycoons takes over the baton from those who, for better or for worse, have been key to Hong Kong’s economic prosperity, the city is, rightly, expecting more from them. Whether they succeed or fail could well hinge on their ability to deliver change.
Francis Neoton Cheung is the convenor of Doctoral Exchange, a public policy research collective, and a former member of the Land and Building Advisory Committee