![]() ![]() Its local billionaires had fortunes equivalent to about 80% of the territory’s GDP (Russia’s tycoons were second, with 20% of their national total).Īs mainland Chinese businesses increase their commercial presence in Hong Kong – particularly in the all-important property sector – this gilded group is coming under new pressure. Indeed, when The Economist compiled its first crony capitalism index in 2014, Hong Kong stood out. ![]() ![]() Poon writes that although Hong Kong is regularly named as one of the world’s most open economies, competition across much of the local market has been stifled by a handful of wealthy individuals and firms. The book, which was translated into Chinese and published in Hong Kong five years later, discusses how the territory’s land and planning policies have led to an acute concentration of economic power in the hands of a few families. That made her something of an insider and in 2005, after she had retired, she wrote Land and the Ruling Class in Hong Kong. Cheng Yu-tung (who died last week aged 91)Īlice Poon spent nearly two decades in Hong Kong’s real estate industry, including a long spell as personal assistant to the founder of its biggest developer, Sun Hung Kai Properties (SHKP). ![]()
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