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Hong Kong Tycoons Limited to Two Election Seats Per Family, SCMP Says

  • Beijing dilutes kingmaker powers of biggest property families
  • Conglomerate boss Li Ka-shing withdraws from race, sends son
Li Ka-shing in Hong Kong in 2020.
Li Ka-shing in Hong Kong in 2020.Photographer: Justin Chin/Bloomberg

Hong Kong property tycoons will be limited to two seats per family on the body that chooses the city’s leader, the South China Morning Post reported, the latest move by China to curb traditional power bases in the Asian financial hub.

The richest families of the city’s biggest conglomerates, including CK Hutchison Holdings and New World Development, have been informed of the new cap, the newspaper said in a Monday report, citing people familiar with the matter. It didn’t elaborate on who gave the order.