Tycoon Li Ka-shing downbeat over Hong Kong’s future

Li Ka-shing, Asia's richest man, gave a downbeat assessment of Hong Kong's situation yesterday, warning that the Occupy Central campaign, the harassment of mainland tourists and declining competitiveness with neighbouring markets would erode the city's prospects.

Li also said he was upset about the news that Hong Kong has been replaced by Beijing as the venue for a meeting of Apec finance ministers and central bankers.

"The move to occupy Central does not benefit Hong Kong," he said. "If this happens, it will give a bad impression to outsiders ... even if it just lasts for one hour, it will be harmful to the city."

The campaign wants to stage a sit-in protest in the city's business district this year if electoral changes fail to meet its expectations.

Li spoke at the post-earnings results press conference of his flagship companies - Cheung Kong (Holdings) and Hutchison Whampoa.

Cheung Kong posted a 10 per cent rise in its net profit to HK$35.26 billion for the year ended December last year, and Hutchison Whampoa reported its net profit for the year ended December up 20 per cent to HK$31.11 billion. Both were better than analysts' expectations.