Hong Kong Tycoons Emerge as Losers From Xi’s Election Revamp
- New rules dilute local billionaires’ role in politics
- Beijing’s mainland loyalists get more say in city’s future
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When China regained control of Hong Kong more than two decades ago, the Communist Party entrusted the city’s wealthiest tycoons with enormous influence over local politics.
This week President Xi Jinping took his most dramatic step yet to grab some of that power back.