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Tuesday 28 October 2008
Hong Kong Tycoon Urges Calm Over Crisis
Billionaire property tycoon Cheng Yu-tung urged Hongkongers yesterday not to worry too much about the financial crisis, saying the tumbling stock market would eventually bottom out.
Billionaire property tycoon Cheng Yu-tung urged Hongkongers yesterday not to worry too much about the financial crisis, saying the tumbling stock market would eventually bottom out.
Mr Cheng, chairman of New World Development, said the mainland economy’s continued growth would help Hong Kong ride out the crisis.
“I think [we] don’t need to worry too much,” he said. “Hong Kong is lucky to have China because China’s economy, according to Premier Wen [Jiabao], will grow by a few per cent. The financial [crisis] doesn’t have too much impact on it and if Hong Kong has any [problem], China will support us.”
But he said he believed the local economy would be affected by the economic turmoil for a year or two, and said Hongkongers should unify in combating it.
Saying that small and medium-sized enterprises (SMEs) were suffering the most, he urged the government to come up with ways to help them. He said it should also stimulate consumption, boost tourism and speed up the building of infrastructure to boost the local economy. “It’s not that Hong Kong people don’t have money. Hong Kong people are rich, but they don’t want to spend money. Therefore, we need to stimulate the public to spend more,” he said.
With land supply limited, Mr Cheng said property prices would not plummet too much, although he predicted a fall of 10 per cent to 20 per cent next year. He also said the mainland property market would rebound gradually,
When asked how much his wealth had shrunk because of the stock market slump, Mr Cheng - reportedly worth US$9.4 billion in January - said he had no problems with his investments.
“Just leave the shares there when they have shrunk,” he said. “[The slump] is like a tsunami so no one can handle it or [could have] guessed that it would come so quickly. But we will see [the bottom] eventually.”
The noted philanthropist, recently awarded the city’s top honour - the Grand Bauhinia Medal - said he would not cut his donations amid the financial crisis. He said he wanted to continue doing charity work and hoped to “help more people in the academic and medical fields”.
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Hong Kong Tycoon Urges Calm Over Crisis
Paggie Leung
28 October 2008
Billionaire property tycoon Cheng Yu-tung urged Hongkongers yesterday not to worry too much about the financial crisis, saying the tumbling stock market would eventually bottom out.
Mr Cheng, chairman of New World Development, said the mainland economy’s continued growth would help Hong Kong ride out the crisis.
“I think [we] don’t need to worry too much,” he said. “Hong Kong is lucky to have China because China’s economy, according to Premier Wen [Jiabao], will grow by a few per cent. The financial [crisis] doesn’t have too much impact on it and if Hong Kong has any [problem], China will support us.”
But he said he believed the local economy would be affected by the economic turmoil for a year or two, and said Hongkongers should unify in combating it.
Saying that small and medium-sized enterprises (SMEs) were suffering the most, he urged the government to come up with ways to help them. He said it should also stimulate consumption, boost tourism and speed up the building of infrastructure to boost the local economy. “It’s not that Hong Kong people don’t have money. Hong Kong people are rich, but they don’t want to spend money. Therefore, we need to stimulate the public to spend more,” he said.
With land supply limited, Mr Cheng said property prices would not plummet too much, although he predicted a fall of 10 per cent to 20 per cent next year. He also said the mainland property market would rebound gradually,
When asked how much his wealth had shrunk because of the stock market slump, Mr Cheng - reportedly worth US$9.4 billion in January - said he had no problems with his investments.
“Just leave the shares there when they have shrunk,” he said. “[The slump] is like a tsunami so no one can handle it or [could have] guessed that it would come so quickly. But we will see [the bottom] eventually.”
The noted philanthropist, recently awarded the city’s top honour - the Grand Bauhinia Medal - said he would not cut his donations amid the financial crisis. He said he wanted to continue doing charity work and hoped to “help more people in the academic and medical fields”.
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