Hong Kong property tycoon accuses US of intending to destroy city’s financial status and mainland China
- Hang Lung Group chairman Ronnie Chan says city must not underestimate ‘madness with which the US wants to destroy mainland China’, and Hong Kong
- Property tycoon and ex-head of securities watchdog also calls for Hong Kong to economically and psychological ‘embrace’ mainland
A property tycoon has accused the United States of being determined to destroy mainland China and Hong Kong’s status as an international financial hub, calling for the city to beware of such threats and strengthen its economy.
Speaking at the South China Morning Post’s China Conference: Hong Kong 2022 on Wednesday, Hang Lung Group chairman Ronnie Chan Chi-chung also warned the city to guard against economic problems as a result of fraught relations between the US and the mainland, as well as capital outflows caused by the Russia-Ukraine war.
“First, the US-China relationship is going to trump everything,” he said. “Let’s not underestimate the madness with which the US wants to destroy mainland China, and by extension also Hong Kong, including our international financial service position. We have to be very careful.”
Chan, who is also chairman of Hang Lung Properties, said the West’s reaction towards the Russia-Ukraine war would change global capital outflows and affect Hong Kong as an international financial centre.
“The war itself is not a big deal. The big deal is the reaction of the West towards the war. For example, for a long time to come, the whole capital flow in the whole world will be changed,” he said.
While Hong Kong had done well in the past 25 years after the handover from British to Chinese rule, Chan said, it could have fared much better if the city had fully embraced the mainland and taken advantage of the country’s rapid economic growth.
