Hitting Tycoons Where It Hurts Could Appease Hong Kong Protesters
Anger over high housing prices fuels many protesters, and taking on wealthy landlords might appease them.
Li Ka-shing, founder of CK Hutchison Holdings Ltd.
Photographer: Anthony Kwan/Bloomberg
Hong Kong’s richest man broke his silence on Aug. 16. Li Ka-shing, the nonagenarian founder of CK Hutchison Holdings Ltd., the city’s most important conglomerate, published statements in Chinese- and English-language newspapers urging a halt to the unrest wracking the territory.
Li was the most prominent of a group of local property tycoons throwing their weight behind Hong Kong Chief Executive Carrie Lam’s calls for calm. Among those also making statements were Peter Woo, retired chairman of Wheelock & Co., one of the city’s largest landlords, and Henry Cheng, head of a property-to-jewelry empire that’s building a HK$20 billion ($2.6 billion) shopping-and-entertainment complex at the city’s airport. Meanwhile, Adam Kwok, executive director of Sun Hung Kai Properties Ltd., the city’s largest developer, joined a pro-government rally on Aug. 17.