Hong Kong tycoon Li Ka-shing chokes up as he reflects on economy

BUSINESS

Hong Kong tycoon chokes up as he reflects on economy

Kelvin Chan The Associated Press
Published Wednesday, March 22, 2017 8:28AM EDT Last Updated Wednesday, March 22, 2017 9:04AM EDT

Hong Kong tycoon Li Ka-shing, chairman of CK Hutchison Holdings company, speaks during a press conference to announce the companies' annual results in Hong Kong, Wednesday, March 22, 2017. (AP / Kin Cheung)

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Hong Kong billionaire Li Ka-shing had an emotional moment Wednesday as he reflected on the weak state of the financial hub's economy.

The 88-year-old tycoon appeared to get choked up as he spoke at a news conference following the release of his company's annual results.

"I love Hong Kong. I don't want to see Hong Kong..." Li said, trailing off.

He took a long pause to compose himself before adding, "The Hong Kong we used to be proud of, today our GDP has fallen to 2 per cent or so of China. Why can't we do better?"

Li said he had a cold and wasn't on the verge of tears. He added that he was feeling emotional as he thought about his 67 years working in Hong Kong. Li, who turns 89 in July, quit school at the age of 12 to work in a factory.

He has a fortune estimated by Forbes at $30 billion, making him Hong Kong's richest individual and the 19th wealthiest person in the world. He is nicknamed "Superman" by Hong Kongers who revere him for his moneymaking prowess and his news conferences are carried live on local television.

His flagship company, CK Hutchison Holdings Ltd., reported that its net profit rose 6 per cent to 33 billion Hong Kong dollars ($4.2 billion) even as revenue fell 6 per cent to HK$372 billion. It was the first annual earnings report for the company since it was formed from the merger of two other companies, Cheung Kong and Hutchison.

Li said the company's Hong Kong retail business was the worst performer among all the markets it operates in worldwide because of a drop in tourism. His global business empire also includes ports, infrastructure, telecoms and energy companies.

The tycoon is a member of a 1,194-member committee of mostly pro-Beijing elites that is due to select a new leader for Hong Kong on Sunday. He wouldn't be drawn on which of the three candidates he would choose.

"The most important thing is the candidate's relationship with our country and the ability to communicate and co-operate (with Beijing) and lead Hong Kong to a new phase," he said. "This is what I want, and who I will vote for."