The oversupply underscores an unprecedented challenge to property developers as they grapple with an expat exodus and some of the world’s harshest border controls to curb the virus.
Hong Kong Tycoons Emerge as Losers From Xi’s Election Revamp Bloomberg 2 hrs ago Shirley Zhao
(Bloomberg) When China regained control of Hong Kong more than two decades ago, the Communist Party entrusted the city’s wealthiest tycoons with enormous influence over local politics.
This week President Xi Jinping took his most dramatic step yet to grab some of that power back.
Xi’s sweeping overhaul of Hong Kong’s electoral system aimed at neutralizing pro-democracy voices will curtail the clout of billionaires such as Li Ka-shing and Lee Shau-kee who used to wield effective control over a quarter of the seats on the 1,200-member Election Committee that decides Hong Kong’s chief executive.
Hong Kong Tycoons Emerge as Losers From Xi s Election Revamp msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.