Li Ka-shing warns Hong Kong is a 'spoilt child' set on a dangerous path

Asia's richest man, Li Ka-shing, has warned that Hong Kong is like "a spoilt child" and said the city was headed down a dangerous path of populism. If the trend was not stopped, the city would "have gone totally wrong" in as little as five years.

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Investment in Hong Kong is slipping, says Li Ka-shing. Photo: Caixin Photo

Published: 11:30pm, 6 Mar 2014Updated: 10:59am, 7 Mar 2014

Asia's richest man, Li Ka-shing, has warned that Hong Kong is like "a spoilt child" and said the city was headed down a dangerous path of populism.

If the trend was not stopped, the city would have gone "totally wrong" in as little as five years.

In his second interview with a major mainland news outlet since November, Li advised the city's government to invest more in innovation and technology to improve competitiveness, and not to focus solely on poverty relief.

The chairman of Cheung Kong (Holdings) and Hutchison Whampoa, who is ranked 20th in magazine's list of the world's super-rich this year, told online news service Caixin.com: "My family was poor and there was a time when we were left completely destitute. I will never forget that. I very much understand what it is like when you need to worry about making ends meet every day.

"And it is also natural that such a situation gives rise to populism. But the important point is that society should find ways to resolve problems and not get stuck in a state of anger."

He said Singapore had been outpacing Hong Kong in recent years - without the advantage of having mainland China as its hinterland. "Singapore is congenitally deficient while Hong Kong is a spoilt child. Populism is rising in Hong Kong, and if this goes on, the city would look totally wrong in five to six years."