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Hong Kong’s richest families hit by property slide

Hong Kong's richest families have lost nearly $50bn in the past four years as Covid-19 and Beijing's increased control take a toll on the property market, weakening their political influence.

  • Hong Kong's four biggest family-owned developers have seen their shares drop more than a third in the past four years, with nearly $50bn wiped off their market capitalisation.
  • Under Beijing's increased control, tycoons' political influence has weakened as they face pressure to build more affordable housing.
  • CK Asset, founded by Hong Kong’s richest man Li Ka-shing, posted a 2% gain in profit last year despite a 30% fall in revenue from property sales in Hong Kong and mainland China.
  • Sun Hung Kai's underlying profit fell 36% for the six months ended December 2022, while underlying profit at Henderson Land fell 29% in the whole of last year.
  • The weak property market has presented an opportunity for Hong Kong’s property barons, with CK Asset and Sun Hung Kai becoming two of the territory’s most active bidders for residential and commercial land.
Hong Kong’s richest families hit by property slide
Beijing’s increased control of former British colony has chipped away at power of territory’s tycoons