HONG KONG (Reuters) – Victor Li, chairman of conglomerate CK Group, said on Thursday the Hong Kong government needs to protect Hong Kong's status as an international financial hub after years of turmoil.
Mr Lee spoke after his real estate company CK Asset, one of Hong Kong's biggest developers, reported a 10% drop in net profit from continuing operations last year.
When asked about his views on Hong Kong's economy at a financial results conference, Mr. Li said with a sigh that Hong Kong's people have been put through several stress tests since 2019, when the city was thrown into turmoil by anti-government protests and the ensuing pandemic. He said he came. And now the economy is in a downturn.
“It's up to the Hong Kong government to decide how to deal with[the economy]. In my opinion, Hong Kong must maintain its status as an international financial hub…Hong Kong has a hard-earned status. I can’t lose that.”
Hong Kong's government follows China's sweeping national security law in 2020 and a three-year coronavirus lockdown that prompted an exodus of people from Hong Kong and damaged the city's reputation and economy. is trying to revitalize Hong Kong's charm.
U.S.-China tensions, a slowing Chinese economy and a new national security law taking effect this week pose further challenges for Hong Kong, undermining its traditional role as a gateway between the West and the mainland, diplomats say. and company executives said.
The Hong Kong government said the city remains an attractive destination for foreign investment.
Mr Li, the son of billionaire Li Ka-shing, dismissed suggestions that the group had not made any major investments in Hong Kong recently, saying it had bought eight real estate projects in the past three years.
“Real estate projects are all about profit margins. If your profit margins are lower than other businesses, you should put your money into sectors with higher margins.”
He said all the negative news impacting property prices in the city, such as interest rate hikes and additional stamp duty, had passed, increasing the chances of the market rising.
(Reporting by Claire Jim; Editing by Mark Potter)
