HONG KONG: After 12 months of political turmoil, a pandemic and the worst recession on record, Hong Kong’s richest people have emerged with their fortunes intact.
The billionaire class of real estate developers, taipans and conglomerate founders who dominate Hong Kong’s economy are now lining up to support a controversial national security law, siding with the Chinese government despite widespread opposition from local residents and Western leaders.
"Business leaders in Hong Kong have no choice if they do not relocate themselves and their businesses, ” said Steve Tsang, director of the China Institute at SOAS University of London."The passing of the decision on the national security law is a clear warning to them, and if they do not publicly support it, they know they risk being seen as opposing it.”
Critics have argued that Beijing’s plan to impose the security bill by side-stepping Hong Kong’s legislature will mark the end of the"one country, two systems” principle that has underpinned the city’s status as a global financial hub.
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