![]() ![]() That process has been made even more fraught by Walter Kwok’s sudden death by heart attack in October. ![]() Like many other rich clans in Hong Kong, the Kwoks will have to navigate the increasingly combustible environment while also wading through complex succession issues. That’s why young people can’t afford to buy their own homes. “They can’t do anything to influence government policies, especially land policies. “This is one part of the reason that people are so frustrated,” said Alice Poon, author of “Land and the Ruling Class in Hong Kong” and former personal assistant to Kwok Tak-seng, a late family patriarch. While the historic demonstrations were triggered by a controversial extradition bill, many protesters have cited sky-high home prices, a widening wealth gap and the outsized political influence of property tycoons as reasons why they’ve taken to the streets for 12 straight weeks. Their empire is also among the most exposed to anti-government protests that threaten to upend Hong Kong’s status as a global business hub. The Kwoks, who built Sun Hung Kai Properties Ltd. into Hong Kong’s largest developer, control a $38 billion fortune that’s by far the city’s biggest, according to Bloomberg’s list of the richest families in Asia. ![]() But there’s another, lower key, family that has much more riding on the city as it grapples with the worst political crisis in decades. (Bloomberg) - Li Ka-shing, known as Superman by his admirers, is Hong Kong’s most famous billionaire. ![]()
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