Hong Kong tycoons join John Lee's election campaign as consultants
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Mr John Lee speaks to the media on April 15, 2022, during campaigning for Hong Kong's chief executive position.
PHOTO: AFP
HONG KONG (BLOOMBERG) - Hong Kong tycoons including Mr Li Ka-shing and Mr Lee Shau-Kee are joining China-backed Mr John Lee's campaign for the city's top job as consultants.
The real estate billionaires are among the 58-person consultant team that Mr Lee announced on Tuesday (April 19) night on a Facebook page.
Sun Hung Kai Properties Ltd's Raymond Kwok, New World Development Co's Henry Cheng, Sino Land Co's Robert Ng and Bank of East Asia Ltd's David Li are also on the team.
The Hong Kong government confirmed earlier this week that Mr Lee, a former chief secretary, was the only candidate nominated for chief executive, clearing the way for him to take power following an uncontested election next month.
The 64-year-old received 786 valid nominations from the roughly 1,500-member Election Committee that selects the city's leader.
China's Liaison Office previously told local elites that Mr Lee had the blessing of President Xi Jinping's government to become chief executive, local media including the South China Morning Post reported.
During his campaign, Mr Lee has indicated that housing problems would be among his top priorities.
Hong Kong's property market, which is the world's least affordable, is seen as the source of grievances from residents. Chinese state media blamed high property prices for sparking the anti-government protests in 2019.
Hong Kong's property dynasties have become increasingly subservient to Beijing in recent years as their political and economic clout declined.
China's overhaul of the Election Committee last year diluted the tycoons' voting power for the chief executive.
