Troubled twilight for Hong Kong's property tycoons

A new generation takes over at a time of waning influence in Beijing and growing anger in Hong Kong over rising inequality.

Hong Kong tycoon Li Ka Shing, chairman of CK Hutchison Holdings, meeting the press on Thursday after he formally retired at the company's annual general meeting in Hong Kong. His retirement, passing the baton to his elder son Victor Li, is the most h
Hong Kong tycoon Li Ka Shing, chairman of CK Hutchison Holdings, meeting the press on Thursday after he formally retired at the company's annual general meeting in Hong Kong. His retirement, passing the baton to his elder son Victor Li, is the most high-profile handover of a wider transition of power in Hong Kong, as the second and third generation of Ivy League and business school-trained offspring take over from their pioneering, self-made fathers and grandfathers. PHOTO: REUTERS
New: Gift this subscriber-only story to your friends and family

For decades, aspiring Hong Kongers dreamt of emulating the rags-to-riches rise of Li Ka Shing, the wealthiest man in a city built by commerce, improvisation and not a little luck. But when the 89-year-old billionaire announced his retirement in March, his right-hand man Canning Fok was one of many warning that his like may never be seen again in the semi-autonomous Chinese territory.

"If I were young, I wouldn't work in Hong Kong," said the managing director of Mr Li's main holding company, CK Hutchison, and one of the city's best-paid executives, earning US$27 million (S$36 million) last year. "I wouldn't spend HK$10million (S$1.7 million) on a 300 square foot apartment, I'd go over there (to mainland China) and spend HK$2 million and put HK$8 million into a start-up."

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.

A version of this article appeared in the print edition of The Sunday Times on May 13, 2018, with the headline Troubled twilight for Hong Kong's property tycoons. Subscribe