Fresh from Shenzhen honours, Hong Kong property tycoon Gordon Wu blames local leadership for city’s land issues, lack of competitive edge
- The 84-year-old, an early investor in mainland China, says ‘irresponsible’ city officials have allowed housing crisis to drive young talent away
- Recalling a life spent advising leaders in both Hong Kong and on the mainland, Wu notes Carrie Lam, who ‘never listens to others’, not among them
The strongly worded criticisms came a day after Xi hailed Shenzhen as an “important engine” for the development of the Greater Bay Area in a speech that marked the 40th anniversary of the Guangdong city’s special economic zone, reigniting fears Hong Kong’s role in the national strategy could be diminishing.
The problem lies in officials’ inefficiency and incapability to see the urgency. This explains why Hong Kong is not as competitive as Shenzhen and Shanghai
“The Hong Kong government has been irresponsible to the Hong Kong people … As Xi has said, it’s a shame for officials to avoid the pressing affairs in their charge,” the 84-year-old founder and chairman of Hopewell Holdings told the Post.
One of the first Hong Kong businessmen to begin investing in mainland China after economic reforms began opening the country up in 1978, Wu said Shenzhen now outshone his home city in areas ranging from economic to technological development.