Land policies inherited from the British have turned Hong Kong’s property tycoons into something akin to feudal lord, said experts.
-- Li Ka-shing, known as Superman by his admirers, is Hong Kong’s most famous billionaire. But there’s another, lower key, family that has much more riding on the city as it grapples with the worst political crisis in decades.
Like many other rich clans in Hong Kong, the Kwoks will have to navigate the increasingly combustible environment while also wading through complex succession issues. A handful of property firms are sitting on at least 1,000 hectares of farmland in Hong Kong, an area about one-fifth the size of Manhattan, according to official estimates. Sun Hung Kai has one of the biggest land banks.
Story continuesIn one striking scene last month, a woman in high heels toting a Saint Laurent shopping bag was photographed hopping over a pool of blood after protesters clashed with police at Sun Hung Kai’s New Town Plaza, a huge mall in the Sha Tin district with more than 400 stores and restaurants.
While Li has been diversifying his holdings outside of Hong Kong for years, the Kwoks still derive most of their fortune from the city. Hong Kong represents about 90% of Sun Hung Kai’s sales, though the younger generation has big ambitions to expand in mainland China. A commercial project planned for Shanghai will be the company’s largest to date in terms of square feet.
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