At a time when Hong Kong tycoons are being called upon to help with the country’s development as it undertakes much-needed reforms, Michael Kadoorie can point to his family’s long-storied involvement in both the city and mainland China as ample proof of that commitment.
Yet in a rare recent interview, the media-shy Kadoorie and his son and heir apparent Philip chose to look ahead when talking about the central government’s expectations.
“We’ve always had wonderfully agile and energetic people here in Hong Kong, and we should never underrate that at times when one’s a little depressed.”
Beijing on Tuesday moved to unleash a slew of stimulus measures, including cuts to the mortgage rate for existing housing and bank reserve ratios, with other new tools on the way, in response to growing calls to arrest weakening economic momentum.
