, Columnist
The Big Threat to Hong Kong's Property Billionaires
Family dynasties have long benefited from government connections. Beijing's encroachment into the city could loosen their grip.
Billion dollar baby.
Photographer: Billy H.C. Kwok/BloombergThis article is for subscribers only.
Can Hong Kong’s billionaire heirs keep their grip on the city? Given Beijing’s increasing assertiveness in the territory, it’s a question worth asking.
For the past five decades, Hong Kong’s family dynasties have controlled the city’s riches, largely thanks to their hold on some of the world’s most expensive real estate. Hong Kong has more ultra-rich individuals than any other city in the world – and eight of its 10 richest men (yes, they're all men) are directly involved in the property sector.