With tighter grip, Beijing sends message to Hong Kong tycoons: fall in line
Beijing has a new mandate for the city's powerful property tycoons: pour resources and influence into backing Beijing's interests, and help solve a potentially destabilising housing shortage.
Chinese officials delivered the message in closed meetings amid broader efforts to bring the city to heel under a sweeping national security law and make it more "patriotic," according to three major developers and a Hong Kong government adviser familiar with the talks.
Developers have already taken measures to show the message was received. New World and Henderson Land have donated rural land as reserves for social housing. Most developers have published statements and newspaper advertisements, along with other Chinese corporations, to support the national security legislation and electoral changes.
Source: Reuters #Sep17
https://reut.rs/3tLFF4W
#CCP #HKNSL #NSL #HKProperty
Beijing has a new mandate for the city's powerful property tycoons: pour resources and influence into backing Beijing's interests, and help solve a potentially destabilising housing shortage.
Chinese officials delivered the message in closed meetings amid broader efforts to bring the city to heel under a sweeping national security law and make it more "patriotic," according to three major developers and a Hong Kong government adviser familiar with the talks.
Developers have already taken measures to show the message was received. New World and Henderson Land have donated rural land as reserves for social housing. Most developers have published statements and newspaper advertisements, along with other Chinese corporations, to support the national security legislation and electoral changes.
Source: Reuters #Sep17
https://reut.rs/3tLFF4W
#CCP #HKNSL #NSL #HKProperty