Failure on reform is biggest threat to our city, says Hong Kong's richest man Li Ka-shing
Stern message to lawmakers from Hong Kong's richest man, who says failure to pass changes to chief executive election is city's biggest threat
Hong Kong's richest man Li Ka-shing has warned that Hongkongers, including himself, would be the losers if controversial political reforms fail to pass.
Citing the issue as the biggest threat facing Hong Kong, Li urged lawmakers to be responsible and vote in favour of reform that would change how the city selects its chief executive.
"I do not understand why they oppose it. Politics and the economy are closely linked. A sound economy is not sustainable without political stability," Li said at a press conference called to announce the annual results of his two flagship companies.
Cheung Kong (Holdings) reported its net profit rose 53 per cent to HK$53.87 billion for the year ending December 2014. However, profit excluding Hutchison Whampoa's attributable earnings and investment property valuation fell 15 per cent to HK$15.3 billion as the contribution from Hong Kong property improved but the contribution from mainland property fell markedly.
Hutchison Whampoa's full-year net profit jumped 116 per cent year on year to HK$67.2 billion, but its recurring net profit grew by only 3 per cent to HK$32 billion.
In the meeting, Li - who is turning 87 in July - also unveiled his thoughts on a possible retirement timetable.
"I will consider retiring when the company reaches a new stage," he said, adding that the time would come "after the group completes its restructuring and develops to a new height, and at a time I believe will be 100 per cent good for shareholders".
