Sun Hung Kai Properties chairman and MD Thomas Kwok has dismissed as “hilarious” a claim that chief executive CY Leung has infuriated big business in his desire to build homes for the masses

Angry with CY? That’s hilarious, says tycoon
Kelly Ip
Tuesday, December 24, 2013

A tycoon has dismissed as “hilarious” a claim that the chief executive has infuriated big business in his desire to build homes for the masses. Basic Law Committee member Maria Tam Wai-chu made the claim during a radio interview in which she spoke of Leung Chun-ying’s dedication and his ability to overcome past problems.But Sun Hung Kai Properties chairman and managing director Thomas Kwok Ping-kwong said the claim is laughable since big business “does not interfere with governance and only puts forward opinions.”

“Business corporates can only express opinion. Whether the government listens is something else,” Kwok said.

He added: “Sun Hung Kai Properties has never obstructed the government’s governance.”

Tam had used the radio interview to sing the praises of Leung.

“He has made great efforts to shovel away big old problems,” she said.

“People used to mention collusion between big business and government but now Leung may have infuriated business corporates in looking for land to build flats.

“Now people blame him for other things instead of collusion.”

She also said Chief Secretary Carrie Lam Cheng Yuet-ngor is performing well in her position.

Turning to political reform, Tam said it is worth considering the public recommendation mechanism for nominating candidates contesting the 2017 chief executive election.

Under the mechanism, proposed by University of Hong Kong law professor Albert Chen Hung-yee, nominating committee members can put forward

those candidates who have the backing of a set number of registered voters.

Tam said that while the mechanism does not comply with the Basic Law, it is worth considering as long as it does not undermine the powers of the committee.

“No proposal should require the nominating committee to only confirm and accept candidates.The committee must never be overriden or weakened.”

She said Hong Kong people cannot selectively choose the mode of universal suffrage to which they aspire as the Basic Law gives no power for Hong Kong to bypass the committee in nominating chief executive candidates.”Hong Kong does not have residual power to invent another system,” Tam said.

A Chinese-language newspaper quoted Martin Lee Chu-ming, Basic Law drafting committee member and founding chairman of the Democratic Party, as saying the Basic Law does not mention that the nominating committee has to be formed by the four sectors – business, professional, political and social and labor groups – as is the case with the Election Committee.

Lee questioned why the four sectors have to be retained when the formation of the nominating committee is being discussed 16 years after the handover.

In response, Tam said Lee’s understanding of the Basic Law has always been different from other members of the drafting committee.

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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