HONG KONG - Ten weeks into the protests that have rattled the Asian financial hub to its core, Hong Kong's billionaires are beginning to break their silence as the costs of escalating violence mount.
Mr Woo's comments, published in the Hong Kong Economic Journal, come as the city's airport cancelled flights after a night of clashes that saw riot cops fire tear gas in a subway station and protesters lash out at undercover officers. Two months of unrest have also weighed on the territory's stock market, wiping more than US$1 billion from Mr Woo's personal wealth.
The perceived passivity of the police response to that incident spurred outrage and shifted the protesters' focus from the extradition bill to law enforcement and the territory's government more broadly. The Real Estate Developers Association of Hong Kong issued a statement Aug 8 condemning violence and calling for peace. Seventeen members co-signed, including Mr Woo's Wheelock, as well as Sun Hung Kai and Mr Li Ka-Shing's Hutchison Properties.
Last week, Wheelock's Wharf Holdings reported falling underlying profit and said demand in Hong Kong weakened due to"travel advisories, economic slowdown, contracting exports/re-exports, falling retail sales, stock market jitters and the threat to employment." Some development tycoons say Hong Kong's population has reason for discontent. Lan Kwai Fong Group head Allan Zeman said on Bloomberg TV Monday that urgent solutions are needed to address the territory's housing crisis.
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