Li Ka-shing: We all lose without electoral reform
- By Wu Jin
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E-mail China.org.cn, February 27, 2015
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Chinese billionaire Li Ka-shing greets journalists in Hong Kong on Thursday. |
Chinese billionaire Li Ka-shing has urged the Hong Kong Special Administrative Region to approve an electoral reform plan that should allow each of the five million adult residents to vote for the Chief Executive in 2017.
"The country is providing us with an opportunity and the people of high responsibility and love (of the motherland) should seek to ensure the reform is passed," said Li during delivery of the annual performance report of his Cheung Kong Group on Thursday.
"We all lose if electoral reform cannot be achieved," he said.
Universal suffrage under the framework of the Decision by the Standing Committee of the National People's Congress (NPC) is likely to be realized to replace the old system of 1,200 electoral committee members choosing the next chief executive.
Apart from the political aspects that may considerably affect the Hong Kong economy, Li continues to be optimistic about the mainland economy under the trend of the "New Normal", involving proactive fiscal and sound monetary policies as well as an unprecedented anti-graft campaign.
The mainland is the backbone to Hong Kong's prosperity, he stressed.
According to Li, with the improvements in incomes and livelihood of mainland people and continued GDP growth, the demand for housing should be increased. If all goes well with the mainland property market, Cheung Kong Group is expected to sell 7,000 to 8,000 housing units this year.
Even though speculation on the timing of his retirement has been mounting in recent years, the 87-year-old magnate said he would not quit until the group entered a new business phase.
Highly praising his elder son Victor Li Tzar-Kuoi, now Vice Chairman and Managing Director of Cheung Kong (Holdings) Ltd., the group flagship, Li explained, he wasn't staying on due to any lack of investor confidence after his departure, but because he was still capable of handling the current business and guide the group to reach a new milestone.
Speaking on the rising prices of the small home market in recent years in Hong Kong, Li said supply was insufficient and long-term market prospects remained bright. However, he also suggested that it may not be so advisable for people to borrow money to invest in the housing market at this time arguing that Hong Kong was very likely to follow the United States to hike its benchmark interest rate.
The group saw an 11-percent growth in its flagship retail brand Watsons.
According to Li, the group may seek opportunities of overseas acquisitions to expand its retail business from 11,000 to 12,000 stores all over the world by the end of this year.
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