Insight - Are Hong Kong property tycoons China’s next target?

Stakeholder capitalism: A man walking past a housing complex by Evergrande in Guangzhou. In China, out of desperation, some cities with red-hot housing markets have instituted price controls. — AFP

FOR anyone who wasn’t paying attention, China is serious about its common prosperity drive.

Aiming to rein in billionaires and reduce income inequality, regulators have cracked down on tech giants and mainland real estate developers alike, costing shareholders over US$1 trillion (RM4.19 trillion) along the way.