CCP National Security Law destroys Hong Kong. The US House legislates to address current situation.
Summary
TLDRThe script highlights the significant impact of China's National Security Law on Hong Kong since 2020, resulting in the erosion of its freedoms and democratic structure. The U.S. House of Representatives responded by passing a bill to review the special treatment of Hong Kong's trade offices in the U.S. Economic data shows a sharp decline in tourism, retail, and overall business activity in Hong Kong, leading to widespread shop closures. The script also discusses Hong Kong's growing economic dependency on China and the departure of foreign companies, affecting its status as an international financial center.
Takeaways
- 🇨🇳 The Chinese government implemented the National Security Law in Hong Kong in 2020, which has severely impacted Hong Kong's freedom and democracy.
- 🇺🇸 The US House of Representatives passed the Hong Kong Economic and Trade Office Accreditation Act, threatening the closure of Hong Kong's offices in the US.
- ⛔ The bill allows the US President to close Hong Kong's offices if it is determined that the region no longer enjoys a high degree of autonomy.
- ⚠️ The US Department of State issued a risk warning for citizens and businesses about personal safety and legal risks in Hong Kong due to the National Security Law.
- 💼 Hong Kong’s economy has been deteriorating since 2020, with declines in retail and catering industries and widespread business closures.
- 📉 Retail sales in Hong Kong dropped by 11.8% in July, with luxury goods experiencing the largest decline.
- 🚶♂️ Many Hong Kong residents now travel to mainland China for shopping, contributing to economic challenges in Hong Kong.
- 🏙️ Hong Kong’s status as an international financial center has weakened, with a decline in foreign companies and expats, and an increased presence of Chinese businesses.
- 📊 The number of regional headquarters in Hong Kong has fallen to a record low, reflecting the withdrawal of foreign capital and companies.
- 🤔 Hong Kong is becoming more economically dependent on China, with expectations of even greater reliance in the next decade.
Q & A
What prompted the US House of Representatives to pass the Hong Kong Economic and Trade Office Accreditation Act?
-The US House of Representatives passed the act in response to China's implementation of the National Security Law in 2020, which significantly reduced Hong Kong's freedom and democracy.
What could happen to Hong Kong's Economic and Trade Offices in the US according to the new bill?
-The bill allows the US Secretary of State to review Hong Kong's Economic and Trade Offices in Washington, New York, and San Francisco. If it is determined that Hong Kong no longer enjoys a high degree of autonomy, the US President has the right to close these offices within 180 days.
What is the US government's position on the Hong Kong government's protection of human rights and the rule of law?
-The bill specifies that the US government shall no longer describe the Hong Kong government as an institution that protects the rule of law or human rights in cooperation or agreements with the Hong Kong Economic and Trade Office.
What risks has the US government warned American citizens and businesses about when dealing with Hong Kong?
-The US government has warned American citizens and businesses of personal safety and legal risks stemming from the National Security Law implemented in Hong Kong in 2020 and Article 23 of the Basic Law, which includes vague provisions such as crimes involving state secrets and espionage.
How has the National Security Law affected Hong Kong's economy since its implementation?
-The law has led to a decline in Hong Kong's economy. The retail and catering industries have suffered, with many shops closing, particularly due to high rents and reduced tourist traffic. The number of foreign companies setting up regional headquarters has also decreased.
What economic impact has been observed in Hong Kong's tourism and retail sectors?
-Retail sales in Hong Kong fell by 11.8% in July 2023, with luxury goods like jewelry experiencing the largest decline (25%). The number of tourists has dropped, and many Hong Kong residents prefer to shop in mainland China, further reducing local consumption.
How has the business environment in Hong Kong changed for foreign companies?
-Foreign companies and expats have been leaving Hong Kong, and Chinese companies and people are filling the vacancies. This shift has eroded investor expectations, leading to a decline in the number of regional headquarters and employees in Hong Kong.
What role did Xi Jinping’s policies play in Hong Kong’s economic downturn?
-Xi Jinping’s tightening control over Hong Kong, including the enforcement of the National Security Law, has led to an erosion of freedom and democracy in the city. His policies have discouraged foreign investors and reduced Hong Kong's appeal as an international financial center.
Why did Hong Kong tycoon Li Ka-shing begin withdrawing his investments from mainland China?
-Li Ka-shing started divesting from mainland China in 2013 after failing to secure a meeting with Xi Jinping. Rumors suggest that his earlier project in Fujian province, which caused damage to historical sites, embarrassed Xi Jinping, leading to a strained relationship between them.
How has the status of Hong Kong as an international financial center changed?
-Hong Kong has lost much of its status as an international financial center. Foreign investors are leaving, and the city has become increasingly dependent on China. Financial services, a key sector of Hong Kong’s economy, have been eroded due to the political and legal changes.
Outlines
🇨🇳 Hong Kong's Autonomy Under Threat: US Response
Since the Chinese government enacted the National Security Law in 2020, Hong Kong's autonomy and freedom have significantly diminished. In response, the US House of Representatives passed the Hong Kong Economic and Trade Office Accreditation Act with a majority vote (413-3). This legislation mandates the US Secretary of State to assess the status of Hong Kong's three trade offices in the US. If deemed that Hong Kong no longer enjoys substantial autonomy, the President may close these offices within 180 days. The bill also forbids the US government from endorsing Hong Kong as a protector of human rights. This decision was met with strong condemnation from Hong Kong and Beijing, especially regarding its potential impact on normal trade relations. Furthermore, US government departments issued a warning to American citizens and businesses about the risks in Hong Kong, largely due to the National Security Law and article 23 of the Basic Law, which imposes vague but strict restrictions on state secrets and espionage.
📉 Economic Downturn in Post-Law Hong Kong
Hong Kong's economy has been in decline since the 2020 implementation of the National Security Law. Radio Free Asia's March report showed that despite the lifting of COVID-19 restrictions, the economic recovery has been lackluster. Local consumption has weakened, and a growing number of Hong Kong residents are traveling to mainland China for shopping. This, combined with declining tourist numbers and a weakened retail and catering industry, has led to the closure of several businesses. Predictions suggest that up to 3,000 retail and catering stores may close. Foot traffic in previously bustling areas, such as Granville Road and Causeway Bay, has significantly decreased, with 37 stores closing on just one street.
🏙️ Hong Kong's Financial Hub in Crisis
Hong Kong’s status as an international financial center is eroding, according to reports like one from the Financial Times. The city's connection with the Western world has weakened, while Chinese companies have filled the void left by departing foreign businesses. The number of regional headquarters has dropped to a 10-year low, reflecting a large-scale exodus of foreign capital. Hong Kong is increasingly reliant on China's economy, with projections indicating that its dependency could reach 50-60% in the coming decade. Meanwhile, economic growth expectations for 2023 have been reduced from 6% to 3.3%, with GDP lower than in 2018, effectively losing five years of growth.
🚶 Hong Kong's Shrinking Tourism and Retail Sector
Tourism, a vital part of Hong Kong’s economy, has taken a severe hit, with a significant drop in visitor numbers from the mainland and dwindling local consumer spending. Data from the Immigration Department in August 2023 showed that visitor numbers sharply decreased as the summer holidays ended, while more Hong Kong residents are traveling north to the mainland for shopping and leisure. This has resulted in a reversal of the traditional flow of consumer traffic. Despite high-end talent arriving in Hong Kong, the rising cost of living has pushed many to live in Shenzhen and commute to Hong Kong for work. Local businesses are struggling to survive amid rising rent and low foot traffic, especially in areas beyond the tourist hotspots.
🏚️ Hong Kong Faces an Unprecedented Retail Decline
Hong Kong's retail sector continues to suffer as mainland products become more accessible and affordable. Hong Kong citizens are increasingly crossing into the mainland to buy goods such as daily essentials, further contributing to the decline of local businesses. Retailers are struggling to lower prices and improve services, but many are predicting that a wave of store closures will worsen. The retail landscape in Hong Kong is being reshaped by this shift in consumer behavior, leading to reduced foot traffic and sales within the city.
⚖️ Beijing Tightens Control on Hong Kong's Autonomy
Hong Kong's struggles began escalating in 2019 when the Chinese government initiated legal measures such as the Fugitive Offenders Ordinance, which led to massive protests. Despite strong public opposition, Beijing has tightened its grip on Hong Kong, implementing the National Security Law in 2020. The law has dramatically changed Hong Kong's political landscape, leading to the arrest of high-profile pro-democracy figures like Jimmy Lai. The Chinese Communist Party (CCP) views Hong Kong's push for freedom and democracy as a threat to its rule, aligning the crackdown on Hong Kong with Xi Jinping’s broader ideological battle to prevent a repeat of the Soviet Union's collapse.
💸 Le Kashing: The Tycoon’s Withdrawal from China
Hong Kong tycoon Le Kashing, once a close business ally of the CCP, has strategically withdrawn from China. After Xi Jinping came to power in 2013, Le Kashing, facing regulatory difficulties, began selling off his major assets in mainland China, totaling approximately RMB 52.8 billion. Despite public accusations of divestment, Le defended his actions as sound business decisions to protect his company’s interests. Rumors suggest tensions between Xi and Le date back to a failed development project in 1992, which may have soured their relationship. Le’s withdrawal is seen as a sign of eroding confidence in China's business environment, particularly for Hong Kong-based tycoons.
Mindmap
Keywords
💡National Security Law
💡Hong Kong Economic and Trade Office Accreditation Act
💡One Country, Two Systems
💡U.S. Risk Warning
💡Article 23 of the Basic Law
💡Economic Decline
💡Retail and Catering Industry
💡Foreign Capital Withdrawal
💡Super Connector
💡Mainland China Influence
Highlights
The US House of Representatives passed the Hong Kong Economic and Trade Office Accreditation Act with 413 votes to 3, potentially leading to the closure of Hong Kong's offices in the US.
The bill allows the US Secretary of State to review Hong Kong's offices in Washington, New York, and San Francisco to determine whether they should continue to receive special treatment.
If Hong Kong is found to lack a high degree of autonomy, the US President has the right to close these offices within 180 days.
The bill prohibits the US government from recognizing the Hong Kong government as an institution that protects the rule of law or human rights in official agreements.
The move by the US triggered strong condemnation from Beijing and Hong Kong authorities, with Beijing accusing the US of politicizing trade.
The US Department of State and several other government bodies issued a risk warning to American citizens and businesses, highlighting potential personal safety and legal risks when doing business or traveling to Hong Kong.
Hong Kong's economy has not recovered as expected since lifting epidemic prevention policies, with retail and catering industries suffering, and 3,000 stores predicted to close.
Tourist traffic in Hong Kong has sharply declined, particularly in traditionally popular areas like Causeway Bay and Granville Road, where many shops have closed.
Retail sales in Hong Kong fell by 11.8% in July 2023, with luxury goods seeing a steep 25% drop, attributed to decreased tourist numbers and shifting local consumption patterns.
Hong Kong is increasingly economically dependent on China, with 40% of its economy now tied to the mainland, a figure expected to rise to 50-60% in the next decade.
Foreign companies and expats continue to leave Hong Kong, while Chinese companies and residents are filling their vacancies, further signaling Beijing's control over the region.
The number of foreign companies setting up regional headquarters in Hong Kong has dropped significantly from 1,541 in 2019 to 1,336 in 2023, a record low in 10 years.
Radio Free Asia reports that Hong Kong has lost its role as a 'super connector,' disconnecting from the Western world while becoming more integrated with mainland China.
Hong Kong's judiciary is seen as increasingly under the control of Beijing, eroding investor confidence and contributing to the city's existential crisis as an international financial center.
The introduction of the National Security Law and Beijing's influence in Hong Kong has been compared to the collapse of the Soviet Union, where ideological control was central to maintaining power.
Transcripts
since the Chinese government implemented
the National Security Law in 2020 it has
destroyed Hong Kong's freedom and
democracy for this reason the US House
of Representatives passed the Hong Kong
Economic and trade office accreditation
act with 413 votes to three the Hong
Kong office in the US May face
closure the bill stipulates that the US
Secretary of State will review Hong
Kong's three offices in Washington New
York and San Francisco to consider
whether they should continue to en eny
special treatment if it's determined
that Hong Kong no longer enjoys a high
degree of autonomy the president has the
right to close these offices within 180
days the bill also says that the US
government shall not describe the Hong
Kong government as an institution that
protects the rule of law or human rights
in cooperation or agreements with the
economic and trade office nor allow it
to defend undermining Hong Kong's
autonomy and
freedom this move by the US has
triggered strong condemnation by the
Hong Kong and Beijing authorities
Beijing foreign Ministry spokesman ma
ning criticized the US for politicizing
normal
trade also on September 6th the US
Department of State the department of
the treasury the Department of Commerce
the Department of Agriculture and the
Department of Homeland Security issued a
risk warning to American citizens and
the business Community warning them that
they may encounter personal safety and
legal risks when doing business and
traveling in Hong
Kong the warning mentioned that the
these risks stem from the National
Security Law implemented in Hong Kong in
2020 and article 23 of the basic law
implemented in 20124 article 23 contains
Broad and vague Provisions such as
crimes involving State secrets and
Espionage which may affect or damage
Daily Business activities in Hong Kong
such as analyzing the economic situation
in mainland China and Hong Kong studying
Hong Kong government policies
Etc so what is the economy of Hong Kong
the once glorious pear of the land like
today 4 years after the implementation
of the Chinese Communist party's
National Security Law in a report
published in March this year Radio free
Asia mentioned that the Hong Kong
government has revoked all epidemic
prevention policies for more than a year
but the economic recovery is not as
expected there is even a phenomenon that
Hong Kong people spend more time in the
north than Mainland tourists spend in
the South the retail and Catering
industry has been deteriorating since
the Lunar New Year a large chain of food
stores and announced that they would
close down and Industry insiders even
predicted that as many as 3,000 catering
retail stores will close down let's
watch two videos
first how desolate are the streets in
Hong Kong now I'm Chan Nan on Monday
this is Granville Road in Sima s a
tourist area in the past it was hard to
find a shop let me show you how many
shops have closed down I took the photo
around noon when most shops were open
the chances of them not being open open
were very
low 1 2 3 4 6 7 8 9 10 count to 37 37
shops have closed down on just one
street the closure of physical stores in
Hong Kong is terrible the high rent has
destroyed the future of ordinary
physical stores in Hong Kong except for
some tourist areas where the traffic is
still good the traffic in other places
is very low and there are few neon signs
in Hong Kong style only a few years have
passed and Hong Kong has changed to a
place I don't recognize on weekends L
Fong is almost empty except for a few
foreigners drinking at night tourists in
central are like this and the
residential areas in schang Wan are even
worse do you still think Hong Kong can
rely on tourists to boost the
economy Hong Kong's business is
declining at a visible speed data
released by the Hong Kong census and
statistics Department showed that retail
sales fell by 11.8% in July the
tradition summer peak season no longer
exists among them luxury goods such as
jewelry have the largest decline with a
drop of 25% a government spokesman said
that on the one hand the number of
tourists has dropped sharply and on the
other hand it's the impact of the
transformation of local consumption Hong
Kong people go north whether it's on the
weekends or daily and going to Shenzhen
to shop has become a routine operation
for many Hong Kong people even the 1881
shop in Hong Kong owned by the leashing
family which initially had more than 30
shops now has only three tenants Barbur
in Causeway Bay which used to have a
monthly rent of HK 8.8 million is now
rented to a restaurant after a 90%
reduction in price many businesses are
asking the owners to reduce the rent by
at least 30% in order to
survive the financial times the world's
most important Financial publication
published an article in December 2023
titled Hong Kong faces an existential
crisis as an International Financial
Center
the article said that foreign companies
and expats continued to leave Hong Kong
while Chinese companies and people
filled their vacancies Hong Kong is now
firmly controlled by Beijing the Chinese
government implements a distorted rule
of law in Hong Kong and the Judiciary is
forced to obey the Chinese government's
commands all of this is eroding
investors
expectations according to the latest
data the number of companies setting up
Regional headquarters in Hong Kong has
dropped from 1541 in 201 19 to
1,336 in 2023 a record low in 10 years
compared with the peak in 2019 25 fewer
companies a drop at 13% reflects that
foreign capital is withdrawing from Hong
Kong on a large scale during this period
these company's total number of
employees fell by more than 32% reducing
more than 60,000
positions more importantly Hong Kong has
lost its role as a super connector not
only has it disconnect connected from
the Western world but it's even been
jokingly called the sight of an
International Financial Center by
Mainland residents and has fallen into
an ordinary City in the
mainland the article also has a very
important observation saying that
today's Hong Kong has become about 40%
economically dependent on China but it's
expected that this may grow to 50 or 60%
in the next decade in fact more foreign
governments and investors find it
difficult to separate Hong Kong's status
from China another Financial publication
The Economist also published an article
titled Hong Kong's struggle the Lost 5
years at the same time saying that the
financial services industry accounts for
more than 1 of Hong Kong's GDP if the
financial industry is not prosperous it
will be difficult for the city to
prosper in the middle of this year the
economic Community predicted that Hong
Kong's economy would grow by 6% in 2023
the current consensus is that it will
fall to 3.3% which means that Hong
Kong's GDP is lower than in 2018 which
is equivalent to losing 5
years the article says that a year ago
when China lifted the quarantine system
Hong Kong's famous shops pharmacies
hotels and restaurants expected a large
influx of mainlanders in the first 10
months of this year 21 million people
appeared however this only accounted for
52% of the number of arrivals in 2018
the consumption of these tourists also
seems to have decreased they say that
the real situation in Hong Kong can now
stun
you what has changed in Hong Kong
recently first the number of tourist has
dropped sharply July and August were the
summer vacations in mainland China which
was the golden period for Mainland
tourists visiting Hong Kong it was
normal to have many tourists at the
ports in tourist areas however as
September 1st approached after the
mainland started school the passenger
flow in Hong Kong was reduced to its
original state the data released by the
Hong Kong immigration department on
August 24th was during the summer
vacation on the 31st which was the
Saturday before the start of school the
number of people from the mainland to
Hong Kong dropped sharply from 165,000
to 100,000 well the number of people
from Hong Kong to the mainland dropped
from 367,000 to
339,000 which was not a big drop
compared with previous year's data it
shows that making money in Hong Kong and
spending money in mainland China is the
general Trend Hong Kong people are not
stupid instead of eating drinking and
having fun in Hong Kong which is
extremely expensive it's better to go to
the mainland they are very smart
although Hong Kong has attracted many
high-end talents few can rent or buy
houses there many of them work or study
in Hong Kong and live in Shenzhen at
night therefore in the data of people
returning to Hong Kong from the mainland
people who travel between the two places
for work account for a part of the total
which shows from another aspect that
there are fewer tourists some disagree
with my statement saying that the ssot
way Waterfront and Causeway Bay are
always very crowded how big is Hong Kong
walking deeper into the streets and
visiting the residential areas you will
get closer to the real Hong Kong what Al
Kong said is already very euphemistic
the actual situation in Hong Kong now
will stun
you mainlanders are not flocking to Hong
Kong instead Hong Kong residents are
flowing in the opposite direction which
reflects that Hong Kong people are going
north to consume according to
immigration data the ratio of Hong Kong
people going north to consume is almost
3 to1 compared to the number of people
entering from the mainland this
phenomena has never been seen before and
is almost the most serious economic
phenomena Mr Deng a Hong Kong business
owner is most deeply touched by the
situation I have been doing business in
Shang Hong Kong for 34 years and I have
never seen such a miserable scene Hong
Kong cannot solve many problems alone
but the SAR government is still inour in
people to shop in the greater Bay Area
in fact in all walks of life what Hong
Kong has mainland China has more for
example if people buy a roll of toilet
paper from the mainland and bring it
back to Hong Kong the price may not be
much cheaper but that little bit is
enough to make Hong Kong people go North
to consume and buy Goods our local
Merchants have no choice but to slightly
reduce the prices and improve the
quality of service there was no other
way I think in another year or half a
year more stores may be forced to close
and the closing wave will become more
and more
severe so what caused Hong Kong to lose
its status as an International Financial
Center Radio free Asia once published an
article titled why did Xi Jinping kill
Hong Kong the goose that lays golden
eggs the article said after the
anti-extradition protests in Hong Kong
in 2019 the CCP has launched a series of
strong measures the leaders of the CCP
have increasingly realized that any one
country to syst Arrangement they have
made for Hong Kong will not be accepted
by the people what the people of Hong
Kong want is the right to freedom and
democracy whenever China tries to
tighten the news whether the fugitive
offender ordinance or changes to the
local electoral law Hong Kong people
will stand up and protest for the
Communist party all of this is going in
the wrong direction in July 2003 the
Hong Kong Government tried to legislate
article 23 of the basic law which
500,000 people protested in the end the
basic law could not be implemented after
this protest the beijan government
gradually strengthened its control over
Hong Kong in February 2019 the Hong Kong
government officially announced the
proposal to amend the fugitive offenders
ordinance which is to assist and the
transfer of suspects to judicial
jurisdictions such as mainland China
Taiwan and
maau on March 31st 2019 the Hong Kong
public held its first March against the
amendment of The Fugitive offenders
ordinance on June 9th it developed into
a million-person anti-extradition March
more than 2 million Hong Kong citizens
participated in the June 16th March a
record high the protests lasted for more
than half a
year former Hong Kong Governor Chris
Patton said at a video conference on
Hong Kong in the National Security Law
held by the Council on Foreign Relations
at us think tank that Hong Kong is the
precise embodiment of a free open and
law-abiding Society all of which the CCP
identified as a threat to its rule in
2013 and the first thing that happened
when Xi Jinping became a party leader
became president was the orwellian named
communic number nine in which the party
leadership set out the real threats
which the Communist Party had to face
all the different sorts of of liberal
democracy which they dislike Civil
Society um rule of law freedom of speech
um historical Ser because Hong Kong is a
precise
exemplification of all those aspects of
liberal open rule of law society which
the Chinese Communist Party identified
in
2013 as the enemies to its ability to
continue to control China another reason
is that the Chinese government is afraid
of repeating the Soviet Union's demise
on January 5th 2013 Xi Jinping who had
been in office for more than a year
delivered a speech at a seminar of the
Central Committee of the Communist Party
of China she said why did the Soviet
Union disintegrate why did the Soviet
Communist Party collapse one important
reason is that the struggle in the
ideological field was very Fierce the
Soviet history in the Soviet Communist
Party history were completely denied
Lenin and Stalin were denied historical
nihilism was practiced thoughts were
confused party organizers at all levels
were almost useless the Army was no
longer under the leadership sh of the
party ultimately the Soviet Union a huge
socialist country fell apart this is a
lesson for the
past in 2020 when the CCP Was preparing
to take action against Hong Kong the
global outbreak of the new Corona virus
gave the beijan government the best
opportunity they saw that Western
countries were exhausted from dealing
with the epidemic or even Paralyzed by
it and should not be able to respond
strongly to the Hong Kong
issue in June 2020 the standing
committee of the National people's
Congress of the Communist Party of China
began to draft the provisions of the
Hong Kong National Security Law the
process was completely confidential and
the Hong Kong government did not
participate on June 30th the second
plenary session of the 20th session of
the 13th National people's Congress
standing committee passed the draft with
162 votes unanimously and it began to be
fully implemented at 11:00 that
night subsequently on August 10th 2020
the Hong Kong police made a high-profile
arrest rest of Jimmy lie the founder of
Hong Kong's Apple Daily and several
other pro-democracy figures including
former member of Hong Kong demoo eges
Chow further undermining Hong Kong's
freedom of speech and press
Freedom the CCP did this to signal to
the US and the West that they did not
care about the concerns of the US and
the West the goal is to achieve the
unification of China under the control
of the Communist Party Beijing has thus
abandoned its promise to the people of
Hong Kong and the International
Community destroying this Beacon of
Freedom Xi Jinping has also completely
killed Hong Kong the goose that lays
golden
eggs finally let's talk about the story
of Hong Kong tycoon leashing as the
richest Chinese leashing has always been
considered a legend in the business
world he owned several companies
operating in 52 countries around the
world spanning Communications
infrastructure ports Oil retail in other
fields in addition to his precise
investment Vision another little known
reason why King can achieve today's
brilliant achievements is a special
relationship with the Chinese Communist
Party since the Deng xaing era several
major Hong Kong family conglomerates
have been guests of honor of the CCP
leashing in particular has met with Deng
xaing and Jang zumin individually many
times and obtained various preferential
policies on September 6 2010 hu jentel
met with Le kashing alone when attending
the 30th anniversary celebration of the
establishment of the Shenzhen special
economic zone
but in the Xi Jinping era the situation
changed after she came to power in 2013
he did not meet with the leaders of the
Hong Kong family conglomerates as usual
it was not until September 22nd 2014
that Xi Jinping met with a 70 member
delegation of Hong Kong Business and
Professional circles headed by Tang
chiua to visit Beijing including Le
kashing afterwards Lee kashing hoped to
meet Xi Jinping alone he submitted the
report through the general office of the
CPC C committee but received no reply Le
kashing waited in Beijing for 2 weeks
and finally had to return home Le
kashing returned to Hong Kong and
immediately called together core members
to make the important decision to
withdraw from China since 2013 leing had
started selling about 10 Mainland assets
one after another for a total of about
R&B 52.8 billion these include Guang Joo
X Chong du Plaza for R&B 2.6 billion
Shanghai Oriental H Jin for R&B 7.1
billion naning International Financial
Center for R&B 2.48 billion Beijing yur
Center for R&B 6 billion and Chong Chang
Metropolis for R&B 3.91
billion and generally speaking the debt
ratio of real estate companies in China
is much higher than that of those in
Hong Kong Hong Kong real estate has been
doing this for many years and has
competitive conditions using the
domestic model in Hong Kong will also be
very dangerous
it was not until 2015 when the official
media of the Chinese Communist Party
published an article titled don't let
leashing run away that the outside world
knew about Le King's large-scale
withdrawal of investment from China
however in the face of public doubts
about the withdrawal of investment from
China leashing has his own
explanation regarding divestment it
doesn't matter what I buy the money will
all be returned to the
company most people don't have basic
economic knowledge so that they would
say
divestment not only can't get the money
but small shareholders can't either
because the assets bought and sold
belong to the
company as for why she did not meet Le
kashing there have been rumors that it
was because Le kashing had offended XI
jingping in his early years in 1992 Xi
Jinping served as the secretary of the
food fujo Municipal Party Committee of
fujian Province she intended to rebuild
a famous historical site in fujo and the
municipal government approached Lee
kashing for cooperation Lee promised to
invest 3 billion R&B and then he went to
fujo to participate in the
groundbreaking ceremony and XI jingping
accompanied him throughout the visit at
that time the developer led by Le
kashing planned to protect 42 historical
sites and the remaining buildings and
land were to be demolished and built
into residential communities in 2003
just after the completion of the
Project's first phase due to the
construction causing serious damage to a
large area and destroying the historical
sites it was strongly opposed by many
scholars and media at home and abroad
finally it had to be
stopped this incident made Xi Jinping
embarrassed and became an excuse for
political enemies to attack the
50-year-old contract signed by leashing
and the government was terminated by the
fujo minicipal government in 2005 and
leasing's land use rights were taken
back
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