By South China Morning Post | Created at 2024-09-26 00:37:42 | Updated at 2024-09-30 17:22:18
4 days ago
At a time when Hong Kong tycoons are being called upon to help with the country’s development as it undertakes much-needed reforms, Michael Kadoorie can point to his family’s long-storied involvement in both the city and mainland China as ample proof of that commitment.
Yet in a rare recent interview, the media-shy Kadoorie and his son and heir apparent Philip chose to look ahead when talking about the central government’s expectations.
“Beijing is looking for us to stand on our own feet, and they will do everything they can to help us and support us. But they also expect us, all of us, to do our share,” said the senior Kadoorie, chairman of CLP Group, the city’s largest electricity supplier.
“We’ve always had wonderfully agile and energetic people here in Hong Kong, and we should never underrate that at times when one’s a little depressed.”
Beijing on Tuesday moved to unleash a slew of stimulus measures, including cuts to the mortgage rate for existing housing and bank reserve ratios, with other new tools on the way, in response to growing calls to arrest weakening economic momentum.
