This is an interesting remark. I reckon it is more of a normal business operation, rather than an act of immoral misconduct. Otherwise, value investing will become an immoral act, OMG...
People’s Daily blasts Li Ka-shing for Chinese divestment
BEIJING — The People’s Daily, the official newspaper of the Chinese Communist Party, has slammed Asia’s richest man for divesting some of his assets in China, describing his actions as immoral, ungrateful and ultimately self-defeating.
Mr Li Ka-shing, the 87-year-old Hong Kong property, telecoms and port tycoon, who is worth nearly US$33 billion (S$45 billion), has been alternately lambasted and defended in Chinese media and the Internet in recent weeks for a series of deals that reoriented his business empire away from greater China and towards Europe.
“Concerning the controversy over (Mr Li’s) divestments from the mainland, the war of words continues: Is it a normal business operation or an act of immoral misconduct? A legal adjustment or a helpless evacuation?” the newspaper asked in an editorial posted on Chinese social media.
“Li Ka-shing’s choices do appear particularly brazen. In the eyes of ordinary people we shared comfort and prosperity together in the good times but when the hard times come he abandons us — this has really left some people speechless.”
The article questioned Mr Li’s patriotism and said he would ultimately be the biggest loser as China’s economy continues to grow in the future.
...
http://www.todayonline.com/chinaindia/ch...divestment
(23-09-2015, 09:41 AM)CityFarmer Wrote: [ -> ]This is an interesting remark. I reckon it is more of a normal business operation, rather than an act of immoral misconduct. Otherwise, value investing will become an immoral act, OMG...
People’s Daily blasts Li Ka-shing for Chinese divestment
BEIJING — The People’s Daily, the official newspaper of the Chinese Communist Party, has slammed Asia’s richest man for divesting some of his assets in China, describing his actions as immoral, ungrateful and ultimately self-defeating.
Mr Li Ka-shing, the 87-year-old Hong Kong property, telecoms and port tycoon, who is worth nearly US$33 billion (S$45 billion), has been alternately lambasted and defended in Chinese media and the Internet in recent weeks for a series of deals that reoriented his business empire away from greater China and towards Europe.
“Concerning the controversy over (Mr Li’s) divestments from the mainland, the war of words continues: Is it a normal business operation or an act of immoral misconduct? A legal adjustment or a helpless evacuation?” the newspaper asked in an editorial posted on Chinese social media.
“Li Ka-shing’s choices do appear particularly brazen. In the eyes of ordinary people we shared comfort and prosperity together in the good times but when the hard times come he abandons us — this has really left some people speechless.”
The article questioned Mr Li’s patriotism and said he would ultimately be the biggest loser as China’s economy continues to grow in the future.
...
http://www.todayonline.com/chinaindia/ch...divestment
Only CCP will know what is the next course of action... Communist capitalism works differently
Lks has already been selling out of china for sometime now. Having all the political and business insider info, he knows when the real estate or economy is gonna go downhill usually a year or two before others realise and its too late. He will be back when the dust eventually settles and things start to boom again.
His investment to uk just on currency terms is already doing very well with the recent appreciation of the pound. He probably sees value in europe and overvalue in china so reallocate away from china.
sent from my Galaxy Tab S
yeah! LKS will come back and buy-buy-buy when China's market is at bottom, with his new UK profits!
That is the ultimate patriotism sir!
My point of view focuses on why People's daily is blasting LKS...
It seems strange as such statement is only seen during crisis. Perhaps, it really is....
This tell how poor equip on financial knowledge is the daily. Someone has to be willing to buy from him for the sale to be able to take place. Maybe sore buyers ? Is either he lose money or the buyer. Someone has to lose. What has it got to do with being immoral and ungrateful ? Really puzzling.
(24-09-2015, 01:11 AM)corydorus Wrote: [ -> ]This tell how poor equip on financial knowledge is the daily. Someone has to be willing to buy from him for the sale to be able to take place. Maybe sore buyers ? Is either he lose money or the buyer. Someone has to lose. What has it got to do with being immoral and ungrateful ? Really puzzling.
I will rather take it as political view, rather than economical one. I really doubt the Daily is lacking the financial common sense.
A PR statement from Mr. Li...
Asia's richest man Li voices support for China's leadership
HONG KONG - Asia's richest man Li Ka-shing voiced support for Chinese president Xi Jinping on Tuesday and rejected claims he was divesting assets from China after a barrage of media articles accused him of turning his back on the mainland.
In January this year, Hong Kong-based Li overhauled his business empire to create two listed companies - one focused on property and the other on telecoms. This saw a shift in the incorporated base of his two main firms to the Cayman Islands from Hong Kong, fuelling speculation the tycoon was pulling out of China.
In an emailed press release sent on September 29, Li said he resolutely supported China's path to reform and opening up.
"Li has great confidence in China and greatly admires Xi's leadership style," the statement said. It cited billions of dollars spent by Li and his family in greater China for education, innovation and medicinal research purposes.
His comments come a week after official Chinese media made pointed commentaries about his business decisions.
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http://www.todayonline.com/world/asias-r...leadership