CANNIX YAU CANNIX.YAU@SCMP.COM
PUBLISHED : Tuesday, 29 September, 2015, 8:47pm
UPDATED : Tuesday, 29 September, 2015, 11:23pm
Li asserted that allegations made by mainland media were unfounded. Photo: Nora Tam
Hong Kong’s richest man Li Ka-shing yesterday blasted mainland media for what he called “cultural revolution”-style attacks on him that did not represent central government views, setting forth how he remained very much invested in China.
Breaking his silence for the first time on recent reports that he was “unpatriotic” in offloading his capital from China, Li asserted through a formal statement that all such allegations made by mainland media were “totally unfounded”.
“I understand that freedom of expression is a double-edged sword so even an article with logical fallacies can stir up a heated debate,” he said. “But it is with regret that the tone of the articles sent chills down people’s spine with a distorted view.”
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In a media statement issued by the group’s corporate affairs department, the tycoon made clear he would not benefit from any restructuring of his empire on the mainland, adding that the claim that he withdrew mainland assets valued in the billions of dollars was unsubstantiated.
Explaining why he took a long time to respond, Li said through the statement that he did not want to stoke controversy while President Xi Jinping was visiting the US on an important high-profile trip promoting deeper economic reforms.
“We are vigilant not to let these unfounded allegations escalate to cause investors’ concerns and militate against President Xi’s positive message to the business community and investors at large,” the statement read.
Nor would mainland media attacks affect Li’s relationship with the central government, the statement continued: “Mr. Li doesn’t believe that there’s any revival of ‘cultural revolution’ style thinking. The conduct of some individuals does not represent the position of the central government.” It added that Li felt pained over accusations that he was “unpatriotic”.
Li’s remarks came as mainland media have intensified their criticism of the property magnate for moving his capital from the mainland. The furore started last month when an article on WeChat claimed that Li had “genuinely defined the term ’evil capitalist’” by sitting on his assets until land prices rose, then selling them at a huge profit.
Then came another critique early this month when the think tank Outlook Institution, set up under the auspices of state news agency Xinhua, accused Li of abandoning the mainland market just as its growth was slowing.
Later a commentary appeared in the Securities Timesheadlined: “Let Li Ka-shing go, the sky won’t collapse”, arguing that if authorities forced Li to keep his assets on the mainland, many other companies would lose confidence in doing business there.
Last week, Communist Party mouthpiece People’s Daily urged readers to “build a better country to make [Li’s] departure today become his regret tomorrow”.
The 87-year-old has been restructuring his business empire since the start of the year, widely interpreted as paving the way for his eldest son, Victor Li Tzar-kuoi, 51, to take the helm after he retires.
After investing heavily in the mainland during the 1990s, companies under Li’s control have, in recent years, sold off major property developments there, including Oriental Financial Centre in Shanghai’s Lujiazui district for HK$8.96 billion in 2013.
Li’s capital shift has unnerved many who see it as a vote of no confidence in China’s economy. There has also been mounting concern over the flight of foreign capital from the mainland since a US$113 billion dip in foreign-exchange reserves in the first quarter of this year.
http://m.scmp.com/news/hong-kong/economy/article/1862453/lis-empire-strikes-back-hong-kongs-richest-man-slams-mainland
