By Oswald Chan
HONG KONG(China Daily/ANN) – Hong Kong billionaire Li Ka-shing took out advertisements in English and Chinese-language newspapers in the city on Friday to urge an end to violence as ongoing anti-government protests are taking a toll on the city’s economy.
The advertisements, placed on the front pages of several local newspapers, were signed by "a Hong Kong resident."
One of the advertisements called for the love of nation, Hong Kong and oneself, and read "The best cause can lead to the worst result. Stop anger in the name of love”. Another read “Love freedom, love tolerance, love the rule of law."
The move by the senior advisor of CK Hutchison Holdings came as other Hong Kong’s corporate elites also came off the sidelines to oppose the spate of violent protests that have disrupted businesses in the city, slashing billions of dollars off their companies’ market value.
Since July 19, at least US$29 billion in market value has been wiped off the five flagship companies belonging to the CK Hutchison, CK Asset Holdings, Sun Hung Kai Properties, Henderson Land and New World Development. Tycoons with companies trading in Hong Kong have also absorbed losses, with the 10 wealthiest seeing their combined fortunes drop by about US$28 billion since the unrest began, according to the Bloomberg Billionaires index.
At least seven companies that have recently voiced against violence on newspaper advertisements were among the 10 worst performers on the benchmark Hang Seng Index over the past month.
“Save the economy, safeguard livelihood, and restored order and the rule of law,” read an advertisement put up by tycoon Henry Cheng Kar-shun’s New World Development. Another one placed by Henderson Land Development Company, one of the city’s largest developers, asked “Would a collapsed Hong Kong benefit you or your family?
Lui Che-woo, founder of casino operator Galaxy Entertainment Group and property developer K Wah International Holdings, took out full-page advertisements on Thursday in major local newspapers, urging young protesters to calm down and calling on the government to solve deep-rooted social problems such as unaffordable housing.
Swire Pacific, the parent of the city’s flagship air carrier Cathay Pacific Airways, has also taken out advertisements. In a separate statement on Tuesday, Swire said it absolutely supported efforts by the Hong Kong government and police to restore law and order in the financial hub.
Jardine Matheson Holdings, a conglomerate with deep roots in Hong Kong but listed in Singapore, echoed Swire’s comments in a statement on Thursday. “Hong Kong’s community should work together to restore the confidence of this great city and ensure the wellbeing and harmony of its entire people,” Jardine said.
(With Bloomberg inputs)
