Li Ka-shing remains upbeat about Hong Kong’s mass residential property market, where he says demand is sustainable, the Hong Kong Economic Journal reported Friday.
Asia’s richest man said young people should invest in property whenever they are able to, since the overall level of incomes is rising, and so is inflation.
In the long run, demand for homes about 400 square feet in size should persist, as there is no lack of end users, Li said.
He urged property developers to build more smaller units, such as one-bedroom or studio flats.
However, he said, his flagship Cheung Kong (Holdings) Ltd. (00001.HK) will not focus all its resources on such housing.
Speaking after the firm announced its annual results Thursday, Li also commented on proposed restrictions to the Individual Visit Scheme for travelers from the mainland to Hong Kong.
The biggest advantage the city has is its proximity to mainland China, Li said.
He warned that the retail sector will be hit hard and the benchmark Hang Seng Index will fall 1,000 points if the scheme is scrapped.
Li gave his support to Beijing’s proposed arrangements for the 2017 election for Hong Kong’s chief executive.
He said the plan is, after all, more liberal than the existing system and the central government is unlikely to back any other proposal in the near term if its plan is voted down.
Translation by Vey Wong
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