Aftershocks have spilled over into other industries. Protesters have been circulating a spreadsheet aimed at boycotting brands perceived to be supportive of the establishment, while China has also been exerting economic pressure. Cathay Pacific Airways Ltd. staff who join the protests face a ban on flights to the mainland, and the Gianni Versace luxury brand apologized for a shirt that allegedly implied Hong Kong wasn’t part of China.
Housing Crisis
Some development tycoons say Hong Kong’s population has reason for discontent. Lan Kwai Fong Group head Allan Zeman said on Bloomberg TV Monday that urgent solutions are needed to address the territory’s housing crisis.
“A lot of these people, I don’t blame them for marching because they don’t have hope,” said Zeman, whose holdings spanning Hong Kong, mainland China and Thailand include the city’s California tower. “They live with their parents, they don’t see a future for themselves.”
In his column, Woo focused on violence wrought by protesters, but not the actions of the police, who he described as “outnumbered.” Wheelock gets about 38% of its revenue from mainland China, making him one of the most exposed to China among Hong Kong’s property billionaires.
The son of an architect, Shanghai-born Woo moved to Hong Kong as a child amid the city’s postwar construction boom. He studied business at Columbia University and married the daughter of tycoon Yue-kong Pao. Woo later structured his father-in-law’s holdings as Wheelock & Co., which he stepped down from as chairman in 2015. He was replaced by his son Douglas.
--With assistance from Venus Feng.
This article was provided by Bloomberg News.