Li Ka-Shing: I’m staying in HK – but I’m worried

I’m staying – but I’m worried
Karen Chiu and Imogene Wong
Wednesday, September 18, 2013
Tycoon Li Ka-shing yesterday vowed to never leave Hong Kong. But the Cheung Kong Holdings chairman noted all his future investments in the SAR will depend on the prevailing political and economic situation. And he warned Hong Kong is getting less competitive. “I love Hong Kong and the country. Cheung Kong and Hutchison Whampoa won’t move away from Hong Kong after so many years of being here,” he said yesterday.Li stressed the possible sale of ParknShop was purely a commercial decision, similar to his overseas telecom takeover deals.

The group in March splashed out HK$3.9 billion to buy Asia Container Terminals in Kwai Chung.

“In the future, we may also sell other overseas projects, not just those in Hong Kong and the mainland,” he said.

Li also commented on social issues – similar to what he normally does during the annual results announcements of Cheung Kong and Hutchison.

His customary press conference to reveal the results for his two flagships was canceled this year.

Yesterday’s meeting with the press was unscheduled – Li merely happened to “pop by” at a media luncheon hosted by Cheung Kong executive director Justin Chiu Kwok-hung at its corporate headquarters.

Li, who spoke for an hour, warned Hong Kong would lag behind its neighbors, stressing: “Hong Kong must catch up!”

He said the setting up of a free trade area in Shanghai will have a huge impact on the SAR and emphasized there is considerable talent in the Yangtze River Delta.

Allowing the yuan to be freely convertible within the zone will give the Shanghai FTA even more advantages, he warned.

“Guangdong has been doing well too, which has great potential and future.”

Li said Hong Kong is now lagging behind Singapore. The two had similar levels of gross domestic product back in 1997 but Hong Kong is now growing at a slower pace than the city state.

“Singapore is successful in housing, education, new technology … citizens there have abundant opportunities.”

Hutchison Port Holdings Trust listed in Singapore in 2012.

Commenting on the Occupy Central movement, Li said paralyzing Central would harm Hong Kong’s economy and image as it is an international financial center. “This will not help achieve democracy, but polarize our society.”

Turning to property, Li said: “The property market is truly led by the government instead of developers. I don’t rule out [possible] policy risk.”

He warned that the negative impact of current housing curbs will emerge next year, but declined to make any forecast on property prices.

He supported the building of more subsidized homes and did not dismiss the idea of building homes in country parks, but stressed society should have some “rational discussion” on the matter.

As for the building of Tsz Shan Monastery in Tai Po – a Buddhist temple funded by Li – he said it will not be his own mausoleum. “It will 100 percent built for Hongkongers who need a place for spiritual purification,” he said.