As Beijing seeks to tighten its grip over Hong Kong, it has a new mandate for the city's powerful property tycoons: pour resources and influence into backing Beijing's interests, and help solve a potentially destabilising housing shortage
, extend their influence even further into society. For example, the empire of Hong Kong's richest man, Li Ka-shing of CK Assets, includes property, supermarkets, pharmacies and utilities.
The protests, joined by millions of all ages and social strata, demanded greater democracy and less meddling by Beijing in Hong Kong, which had been promised wide-ranging freedoms until 2047. In March, Beijing made sweeping electoral changes. In a new election committee, responsible for choosing the next leader of Hong Kong and some of its lawmakers, a greater "patriotic" force has emerged, while many of the prominent tycoons, including Li, 93, will be absent for the first time since Hong Kong returned to Chinese rule in 1997.
The programme offers developers an opportunity to build on a higher percentage of open land, but they must use at least 70% of the extra floor area for public housing. Several told Reuters last year that the programme was unattractive because there were many restrictions and a risk of higher costs. "We can continue our businesses as long as we give back more to society," said the source, a senior official at a top developer in Hong Kong. The sector needs to step up efforts to ease the housing shortage, he added.
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