Arab Today, arab today tycoon arrests blacken hong kong\s clean image
Last Updated : GMT 12:25:59
Arab Today, arab today
Arab Today, arab today

Tycoon arrests blacken Hong Kong\'s clean image

Arab Today, arab today

Arab Today, arab today Tycoon arrests blacken Hong Kong\'s clean image

Hong Kong - AFP

A corruption case against Hong Kong's two richest property tycoons is a black mark on the city's clean image and could fuel public anger over links between government and business, analysts said. The Asian financial hub has been gripped by the arrest of billionaire brothers Thomas and Raymond Kwok, co-chairmen of the city's largest property developer, as well as former senior government official Rafael Hui. The Kwoks have yet to be charged with any crime but anti-graft investigators are believed to be focusing on alleged malpractices involving the developers' huge "land bank" of rural, undeveloped property, analysts said. The case has sent shockwaves through a city that has earned a reputation as one of the world's most open and transparent markets, even as its growth has enriched a clique of tycoons who control everything from ports to telecoms. Lyncean Holdings managing director Francis Lun said the Kwok case "reinforces the perception that there is collusion between the big developers and the government". "This is a black eye for the civil service," the financial adviser told AFP. The Kwoks are worth an estimated $18.3 billion and jointly chair the Sun Hung Kai Properties group, builder of many of the tallest landmarks in Hong Kong's glittering skyline.The brothers insist they have done nothing wrong and the company has stood by them, but investors wiped almost $5 billion off Sun Hung Kai's market value the day after the arrests were made on March 29. "There is limited disclosure on the corruption investigation, which poses a level of uncertainty as to the impact on the company," said ratings agency Moody's, which like Standard & Poor's has cut the firm's outlook to negative. The Kwoks' Sun Hung Kai, Li Ka-shing's Cheung Kong Holdings, Cheng Yu-tung's New World Development and Lee Shau-kee's Henderson Land Development are popularly dubbed the "Big Four" developers in the city of seven million people. As their wealth from land sales and development grew in the 1970s and 1980s, they expanded into other sectors such as utilities, hotels, telecommunications, supermarkets and restaurant chains. "They control just about every profitable business in Hong Kong. They collect ransom from the people of Hong Kong, basically," Lun said. Chinese University of Hong Kong political scientist Ma Ngok said the tycoons "have their hands in almost every sector" and influenced government policy to protect their interests. "They are so dominant that if you try to do something to the housing market it won't be very meaningful," he said, referring to property prices that are among the highest in the world. The Kwok arrests came days after a leadership vote in which a textile tycoon's son competed against a wealthy property consultant for the approval of a 1,200-member election committee packed with tycoons and their proxies. The winner, Leung Chun-ying, has vowed to make housing more affordable for the middle and working classes without affecting price "stability". He will replace outgoing Chief Executive Donald Tsang, who last month apologised for accepting favours from his business friends in the form of trips on luxury yachts and private jets. The bow-tie wearing career bureaucrat, whose term expires in June after seven years as the southern Chinese city's chief, appeared to hold back tears as he defended the "system" against allegations of widespread collusion. Like Sun Hung Kai, other major developers in Hong Kong also hold land banks of undeveloped property, and analysts said investors are jittery over whether the Independent Commission Against Corruption (ICAC) will turn to them next. Critics have long complained that Hong Kong's big developers hold onto undeveloped land leased from the government, waiting years or even decades for favourable conditions, while most of the public is priced out of the market. But analysts said that Hong Kong was served well by the fact that two of Asia's richest tycoons have drawn the attention of the ICAC, which was established in 1974 under British rule to clean up rampant official graft. The Kwok case was a "good thing", political scientist Ma said. "It means they are not above the law. It means we still have a clean system," he told AFP.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today tycoon arrests blacken hong kong\s clean image Arab Today, arab today tycoon arrests blacken hong kong\s clean image

 



Arab Today, arab today
Arab Today, arab today Kanye West puts hijab-wearing model

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 16:23 2017 Sunday ,19 February

Global energy news

GMT 16:05 2017 Sunday ,19 February

Trudeau calls for wider social benefit from economy

GMT 05:57 2017 Sunday ,19 February

How do you say déjà vu in Greek?

GMT 05:26 2017 Sunday ,19 February

US natural gas market tightens

GMT 05:06 2017 Sunday ,19 February

Merkel: Euro is too low for Germany

GMT 04:58 2017 Sunday ,19 February

Swedish PM: Brexit deal in 2 years is unlikely
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 17:36 2017 Monday ,13 February

Designer prepares to present 2017 collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday