Tycoon Li Ka-shing joins property magnates calling for Hong Kong to pass political reform
Li Ka-shing warned Hong Kong’s economy would suffer if the government’s political reform package was not approved – but stopped short of saying rejection of the plan would cause him to reduce investment in the city.
Hong Kong's richest man Li Ka-shing warned this morning that the city's economy would suffer if the government’s political reform package was not approved – but stopped short of saying rejection of the plan would cause him to reduce investment here.
Speaking at Cheung Kong Centre in Central, Li, 86, said a failed political reform proposal would be an “unwilling and inestimable loss” for all Hongkongers, including him, ahead of a Legislative Council vote later this month.
Rejection of the package “will hit” the city’s economy, he said.
Li, who also described the 1989 Tiananmen Square crackdown as “very regrettable”, became at least the fourth property tycoon to weigh in on Hong Kong’s democratic development in two days.
Yesterday, Henderson Land Development chairman Lee Shau-kee, 86, said Hong Kong’s Hang Seng Index could rocket through 30,000 points if the package is approved, and he would then make an annual donation of HK$1 billion to charity.
Former Wharf chairman Peter Woo Kwong-ching issued a strongly-worded statement calling on “non-radical” lawmakers to “stand on the side of public wisdom” and support the government proposal, while K Wah Group chairman Lui Che-woo wrote an article saying that as social conflicts had weakened Hong Kong’s competitiveness, different sectors should seek a win-win solution on political reform.
READ MORE: Billionaire Li Ka-shing confident in future of Hong Kong housing market
This is not the first time Li has said that all Hongkongers would lose if the reform fails, but this morning he also made it clear that even if lawmakers voted down the package, it would not have any serious implication for his Cheung Kong business empire.
When asked whether it would cause him to reduce investment in the city, Li said: “The two are not related.”
He said: “Pan-democrats are people with ideals, but they should also know that they are elected by voters, and many people want the political reform [package] to be approved. What good would a disapproval bring, what benefit is there for Hong Kong?”
“There are many capable, wise people among the pan-democrats. They should sit down for the sake of Hong Kong’s well-being and think about what to do,” he urged.
Asked if he would mourn the Tiananmen Square crackdown tomorrow, the tycoon said the incident was “very regrettable”.
Li talked to the media as Cheung Kong Property Holdings, the new property arm of his company, was today listed on the main board of the Hong Kong stock exchange, marking the completion of the group’s largest restructuring since 1997.
On Hong Kong’s housing problem, Li believed it was “difficult” for property prices to fall for the time being.
He also lamented that construction and labour costs had risen to a “shockingly expensive” level. Construction cost per square foot in Hong Kong is almost double the level in North America, he added.
