HONG KONG (BLOOMBERG) - The president of a pro-Beijing political party set up last year to back candidates for Hong Kong's top office has resigned.

Mr Charles Wong Chau-chi, who was also a co-founder of the Bauhinia Party, said he was stepping down as one of its heads for personal reasons, without elaborating.

"I will still do my best to help the party in a different capacity," he said. "I will always be the founder."

The Bauhinia Party, named after the flower on the flag of the former British colony, was launched in May 2020 by three Western-educated businessmen who were born in the mainland and have links to the ruling Communist Party.

The group consulted with officials in the Hong Kong government, the Liaison Office - Beijing's main body overseeing the city - and relevant offices in China, Mr Wong said earlier this year.

The party's purpose was to support people to stand for Hong Kong chief executive, he added. The poll for the first chief executive under new rules handed down from Beijing is scheduled for next March.

Mr Wong told Bloomberg in March that the election overhaul could weaken property interests enough that the government can enact policies aimed at addressing the financial hub's infamous housing problems.

An "outdated legislature" and "a lot of other political bickering" have got in the way of solving the problems, he said.