Breaking News

Billionaire Li Jiacheng: Hong Kong Security Law Is China's Right

Li Ka-shing Photographer: Anthony Kwan / Bloomberg

Hong Kong's richest tycoon Li Ka-shing (Li Ka-shing) has defended the controversial Hong Kong security law, according to Bloomberg. Mr. Ly, the founder of CK Hutchison Holdings Ltd. said on Wednesday 27 May: 
“One of the rights of a sovereign state is to be able to enact laws to ensure national security. Maybe we don't need to explain too much. Hopefully the newly proposed law can ease the interest of the central government in Hong Kong and give rise to positive prospects from there.”
China announced last week that it would write a new law in the Hong Kong constitution, or the Basic Law. The next step after months of pro-democracy protests was seen as challenging the Beijing government.

After the United Kingdom handed over Hong Kong to China in 1997, the territory enjoyed autonomy under the principle of "one country, two regimes" backed by Beijing.
China's proposed national security law pushed Hong Kong stocks plummeting last week.

Mr. Li on Wednesday also called on the Hong Kong government to maintain international trust and strengthen the confidence of citizens in a single country, two regimes.
His eldest son, Victor Li, on Tuesday also expressed hope that the new law could help Hong Kong stabilize and recover.

The proposed national security law is expected to be passed at the National People's Congress of China, before the end of the annual meeting on May 28.

Some businesses and lawyers say the new law lacks detail, while China has sought to reassure Hong Kong that the new law still ensures the city's judiciary remains independent.

With a net worth of about $ 25 billion, Mr. Li is Hong Kong's richest and seventh richest person in Asia, according to the Bloomberg Billionaires Index. His fortune has dropped by about $ 5.6 billion this year, the second of Asia's top 10 tycoons.

No comments