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Chinese giants are taking over Hong Kong

Chinese giants are taking over Hong Kong
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What a difference 20 years makes. Back when Hong Kong reverted to Chinese sovereignty in 1997, the British colony’s economy was dominated by homegrown tycoons such as Li Ka-shing and colonial-era conglomerates such as Jardine Matheson Holdings Ltd, whose influence dates back to the Opium Wars.

Now, in 2017, a new sheriff is coming to town, so to speak. While Li and his peers are still big, the influence of local tycoons in parts of Hong Kong’s economy is waning while that of mainland Chinese companies is surging—especially in finance, real estate and telecommunications. China’s prevalence continues to grow in other sectors as well.

Read the full story at https://www.bloomberg.com/news/features/2017-06-06/chinese-giants-are-taking-over-hong-kong?cmpid=socialflow-facebook-asia&utm_content=asia&utm_campaign=socialflow-organic&utm_source=facebook&utm_medium=social

SOURCE: Bloomberg

 

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