Hong Kong tycoon¹ Li Ka-shing said on Friday that he is retiring from his business empire.

 

香港大亨李嘉诚周五宣布将退休。
 

 

Li said he would officially step down as the chairman of CK Hutchison Holdings Ltd. and CK Asset holdings Ltd. at the annual general meeting of the company on May 10 and would serve as a senior adviser².

 

He will be succeeded by his elder son Victor Li Tzar Kuoi.

 

Li, who will turn 90 in July, made the announcement at a press conference where his four listed companies, CK Hutchison Holdings Ltd, CK Asset Holdings Ltd., CK Infrastructure³ Holdings Ltd. and Power Assets Holdings Ltd., released their annual results.

 

The central government has reiterated⁴ that deepening economic and financial reforms is a priority, and rolled out the Belt and Road Initiative and the development plan for the Guangdong-Hong Kong-Macao Greater Bay Area, he said in a statement.

 

"These initiatives should create ample opportunities for Hong Kong and for many of our regional businesses," Li added.

 

Li said at the press conference that Hong Kong's property market is still in face of risks, and the income of the general public cannot keep up the pace with the surging property prices.

 

He said China's Hong Kong Special Administrative⁵ Region's (HKSAR) government has been working hard to tackle the housing problem and he hoped that the land supply can be increased.

 

When asked about his view towards the co-location arrangement at the cross-border railway station in West Kowloon of Hong Kong, Li said it is absolutely a correct move and hoped it can be implemented⁶ soon.

 

"It takes me at least two hours to travel to Shan Tou (Li's hometown in Chinese mainland) by plane," he said, "I will travel there by high-speed train when it is in service, which is more comfortable."

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