Li Ka-Shing Chokes Up While Speaking About Hong Kong's Economy

Billionaire Li Ka-shing appeared to hold back tears while speaking about Hong Kong’s economy, underscoring the tycoon’s continued pessimism about conditions in a market that he’s described as being in its worst state in two decades.

Hong Kong’s richest man, 88, was talking about how the city’s economy was expanding at a slower pace than the rapid growth he witnessed in the past. Now, people focus on making more money and building taller buildings, he said.

Li Ka-shing on March 22

Photographer: Justin Chin/Bloomberg

The tycoon, who heads CK Hutchison Holdings Ltd. and Cheung Kong Property Holdings Ltd., said he was just getting emotional and didn’t cry. Li has also been nursing a cold, he said.

To read a Gadfly column on Li Ka-shing, click here

Li, speaking during his annual earnings press conference, earlier pointed out that tourism-related industries in Hong Kong have deteriorated in the past year. He also said that within his retail operations worldwide, Hong Kong’s performance was among the worst.

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