March 25 (Bloomberg) -- Leung Chun-ying, a former government adviser, garnered 670 votes in the city’s chief executive election today, according to Cable Television.
He leads Tang, a former chief secretary, who got 271, according to the report. Democratic Party lawmaker Albert Ho trails with about 75 votes. A 1,193-member election committee comprising of businessmen, lawmakers and academics voted today.
The next chief executive will be the last to be chosen by a narrow group in the former British colony, with China having pledged to introduce universal suffrage in 2017. The winner will inherit a city with the biggest wealth gap in Asia, spawned by an influx of money from mainland China that has helped make Hong Kong the world’s most expensive place to buy a home.
“Whoever becomes the next chief executive will have a challenging task of addressing the wealth gap,” said William Fung, executive deputy chairman of retailer Li & Fung Ltd. “The next leader will need to address the housing problem, the affordability issues as well as bringing sustainable economic growth to Hong Kong.”
Since the handover in 1997, median monthly household income has remained unchanged at HK$20,000 ($2,575), while the economy grew 62 percent. London-based Savills Plc said the price of an apartment in Hong Kong is almost two times higher than in London, which placed second on the property broker’s list of most expensive places to buy a home.