‘Kingmakers’ no more: Hong Kong tycoons’ influence curbed as ‘no more than 2’ family members can join Election Committee

Insiders reveal behind-the-scenes move as Beijing seeks more ‘balanced participation’ in polls for greatly empowered body

But at least one analyst believes city’s property giants will find ways of maintaining their clout amid the changes

Reading Time:4 minutes

Tycoon Li Ka-shing (left) is stepping aside from the upcoming Election Committee polls, though his son Victor Li will be bidding for a seat. Photo: Dickson Lee

Published: 10:00pm, 5 Sep 2021Updated: 2:06pm, 8 Sep 2021

The withdrawal of Hong Kong’s wealthiest man, Li Ka-shing, from the race to join the revamped Election Committee reflects behind-the-scenes efforts by Beijing to reduce the political clout of the city’s tycoons, according to insiders.

The richest families behind the biggest property conglomerates were informed they would be restricted to having only two members each on the committee, several sources told the Post.

Aside from Li, 93, senior adviser of CK Hutchison Holdings, New World Development’s Henry Cheng Kar-shun, 74, Henderson Land’s Lee Shau-kee, 93, and Wheelock’s Peter Woo Kwong-ching, 74, are not in the running for the committee’s subsector elections on September 19.

They have stepped aside, sending younger family members and only a handful of top executives from their associated businesses to participate in the powerful elective body.

Hong Kong’s next chief executive will be chosen by a radically reorganised election committee. Photo: Sam Tsang

“The big families will still have a say in the committee with their representatives. But Beijing’s blunt message to us is, ‘You can no longer be a kingmaker’,” said a heavyweight businessman familiar with Beijing’s thinking.

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x