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07-06-2017, 01:43 PM
Chinese Giants Are Taking Over Hong Kong
Banks, real estate, telecoms show biggest Chinese influence
by Prudence Ho
June 7, 2017, 12:00 AM GMT+8
What a difference 20 years makes. Back when Hong Kong reverted to Chinese sovereignty in 1997, the British colonyâs economy was dominated by homegrown tycoons such as Li Ka-shing and colonial-era conglomerates such as Jardine Matheson Holdings Ltd., whose influence dates back to the Opium Wars.
Now, in 2017, a new sheriff is coming to town, so to speak. While Li and his peers are still big, the influence of local tycoons in parts of Hong Kongâs economy is waning while that of mainland Chinese companies is surgingâespecially in finance, real estate and telecommunications. Chinaâs prevalence continues to grow in other sectors as well.
Hong Kong has long acted as the gateway into and out of China. In the â90s, Chinese state-owned firms, known as Red Chips, raised capital from Hong Kong to develop Chinaâs economy. Now, as Chinaâs political influence in Hong Kong grows, cash-rich Chinese firms are gaining more influence in the economy as well.
More details in https://www.bloomberg.com/news/features/...-hong-kong
Banks, real estate, telecoms show biggest Chinese influence
by Prudence Ho
June 7, 2017, 12:00 AM GMT+8
What a difference 20 years makes. Back when Hong Kong reverted to Chinese sovereignty in 1997, the British colonyâs economy was dominated by homegrown tycoons such as Li Ka-shing and colonial-era conglomerates such as Jardine Matheson Holdings Ltd., whose influence dates back to the Opium Wars.
Now, in 2017, a new sheriff is coming to town, so to speak. While Li and his peers are still big, the influence of local tycoons in parts of Hong Kongâs economy is waning while that of mainland Chinese companies is surgingâespecially in finance, real estate and telecommunications. Chinaâs prevalence continues to grow in other sectors as well.
Hong Kong has long acted as the gateway into and out of China. In the â90s, Chinese state-owned firms, known as Red Chips, raised capital from Hong Kong to develop Chinaâs economy. Now, as Chinaâs political influence in Hong Kong grows, cash-rich Chinese firms are gaining more influence in the economy as well.
More details in https://www.bloomberg.com/news/features/...-hong-kong
Specuvestor: Asset - Business - Structure.
