Hong Kong tycoons throw support behind John Lee to be city's leader

HONG KONG (Bloomberg): Hong Kong’s tycoons threw their support for the city’s leading chief executive candidate - reportedly Beijing’s preferred option for the job - in their latest show of loyalty to China.

A slew of property moguls on Thursday (April 7) endorsed John Lee (pic), who resigned as chief secretary this week, including the leaders of Sun Hung Kai Properties Ltd, the CK Group, Henderson Land Development Co and New World Development Co. The families running those empires have a combined fortune of more than US$100 billion, according to the Bloomberg Billionaires Index.

Hong Kong’s once all-powerful tycoons have been increasingly vocal about subservience to Beijing as their political and economic clout waned in recent years. Beijing’s overhaul of the city’s Election Committee last year also diluted the tycoons’ voting power and the political clout they once had.

Separately, Hong Kong’s sole delegate to the National People’s Standing Committee, Tam Yiu-chung, was tapped by Lee to serve as his campaign manager, the South China Morning Post reported, citing unidentified individuals. Former constitutional and mainland affairs minister Raymond Tam, would service as the campaign’s deputy director, according the SCMP.