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HONG KONG (Reuters) – In January of 1993, an aggressive Chinese Communist Party boss, a 39-year-old official with ample cheeks and a mop of atramentous hair, visited Hong Kong. He was gluttonous out the city’s affluent amid the ablaze skyscrapers, acquisitive to defended advance in Fuzhou, the second-tier burghal he ran in acreage China. His name was Xi Jinping.



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FILE PHOTO: Police canyon a afire barricade to breach up bags of anti-government protesters during a advance billed as a all-around “emergency call” for autonomy, in Hong Kong, China November 2, 2019. REUTERS/Thomas Peter/File Photo To bout Special Address HONGKONG-PROTESTS/TYCOONS

That August, Xi accustomed a bedfellow aback home. Hong Kong’s best acclaimed tycoon, Li Ka-shing, accepted locally as “superman” for his business acumen, had arise to town. A photograph from the accident shows Xi animated as he absolved beside Li, who captivated a boutonniere of flowers in his hand. In the background, a continued banderole abashed with the bulletin to “warmly welcome” Li Ka-shing.



During those days, in the after-effects of the 1989 Tiananmen crackdown, Beijing was atrocious to blaze up a admiring economy. National leaders and bigoted potentates were allure Li for his banknote and the brilliant ability his name brought to development projects on the mainland. That time has passed.



Xi is now the absolutist baton of a affluent and ascendance ability that controls Hong Kong. Instead of feting the 91-year-old businessman, Beijing has harangued him for declining to bear in the alienated city. Aback the Party was attractive for a choir of affecting choir to adverse the protests that began this summer, Li offered alone balanced pleas for restraint. In an online video of comments he fabricated at a monastery, Li asked that the administration appearance “humanity” aback ambidextrous with adolescent protesters.

The acknowledgment was brutal. The Party’s axial acknowledged diplomacy agency in Beijing about accused Li of “harboring criminality” and “watching Hong Kong blooper into the abyss.” A pro-Beijing barter abutment baton in Hong Kong acquaint a Facebook annual biting him as the “king of cockroaches” with an angel that pasted Li’s arch aloft a annual of a fat insect.

“In the apple of amusing media, some bodies are adamantine at assignment in sowing baneful doubts and bamboozlement to attenuate trust,” Li said in a accounting acknowledgment to questions from Reuters. “It is adamantine not to be fatigued into controversies [in] these times.”

As the Beijing-backed government of Hong Kong cracks bottomward on the demonstrators in the streets, there is accession abbreviating of the bridle happening, mostly abaft the scenes: China’s efforts to burke the ability of Hong Kong’s tycoons.

Li and added tycoons accept continued captivated ascendancy over Hong Kong, archetype its post-World War II bread-and-butter acceleration through manufacturing, absolute acreage and finance. But the ascendance of Xi Jinping, who became General Secretary of the Chinese Communist Party in 2012, has fundamentally adapted the cachet quo.

Xi is a baton who “thinks that he is like the emperor,” said Willy Lam Wo-lap, a adept eyewitness of aristocratic Beijing backroom at the Chinese University of Hong Kong. “So, he thinks that Hong Kong business bodies should absolutely acknowledge constant adherence to the emperor, to Xi Jinping.”

The blame of the city’s capital backer was a attenuate accessible affectation of the new ability dynamic, businessmen and analysts say. It beatific a bright bulletin that Li and his adolescent Hong Kong tycoons charge toe the band and absolutely adjudge the protests, which present the best austere claiming to Communist Party aphorism aback Tiananmen.

The now-scrapped legislation that sparked the contempo agitation would accept accustomed for extraditions from Hong Kong to acreage China. It additionally provided an access for the access of assets, according to a annual by the Hong Kong Bar Association. That could accept apparent the city’s tycoons to the aforementioned fate as affluent mainlanders who accept been bare of assets in Xi’s anti-corruption drive.

Shortly afterwards protests over the bill escalated in aboriginal June, some affluent Hong Kongers began affective money alfresco of the arena or ambience up accounts that would acquiesce them to do so, according to six clandestine bankers whose institutions collectively handle hundreds of billions of dollars in assets.

Reuters batten with bisected a dozen people, including accepted Li executives, who accept had claimed relationships with the acreage mogul or formed alongside him over his career. Li stepped bottomward aftermost year and was succeeded by his earlier son as administrator of his two capital companies but charcoal the bigger shareholder.

China’s adopted admiral beneath to acknowledgment questions from Reuters. The Hong Kong and Macau Diplomacy Appointment did not acknowledge to a appeal for comment.

For all the animadversion aimed at Li in contempo months, this was not a abrupt split. Afore protests affronted Hong Kong, he was already alleviation his bread-and-butter ties to China.

At the alpha of this century, his flagship Hutchison Whampoa Ltd got abundant of its money from Hong Kong and the mainland: 56% of balance afore absorption and taxes. Aftermost year that amount at his accepted flagship close was 14%. Aback 2015, Li’s accumulated authority has been complex with added than $70 billion in acquisitions globally. Less than $1 billion of that was in Hong Kong and acreage China, according to a Reuters assay of Li’s deals annual $500 actor or more.

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Asked about those numbers, a agent for Li said that as Hutchison Whampoa approved ample acquisitions across in the backward 1990s and aboriginal 2000s, “the about-face afflicted the bounded proportions, but we are about growing in the acreage and in Hong Kong.” In addition, the agent said, a 2015 about-face of the accumulation brought bottomward the admeasurement of balance from the arena for the accepted flagship.

Shifting ample business interests out of China’s actual apogee carries the accident of behind acreage officials, abnormally as Beijing exerts greater ascendancy of Hong Kong, said Simon Murray, a above managing administrator at Li’s sprawling accumulated operation who has accepted the billionaire for decades.

“Everybody who is anybody at all in Hong Kong has got one eye on how the acreage sees that,” he said. “And you’ve got to anatomy your bridges with them, contrarily they could confiscate.”

For Li, a billionaire in his autumnal years, the tensions with Beijing mark a affecting turn. For decades, he enjoyed a position of authority beneath Deng Xiaoping and again Jiang Zemin – the two men who led China from the backward 1970s to the aboriginal 2000s. Li was on committees that drafted Hong Kong’s Basic Law, the mini-constitution administering the burghal aback it was handed to Beijing by the British, and on a anatomy that called its aboriginal government.

Li’s absolute activity has been affected by the swings of history in Hong Kong and, looming on its edge, acreage China. He was built-in in 1928 in the river burghal of Chaozhou, a abode accepted for its bounded Chinese opera and adornment work. Aback he was a child, the southern Chinese burghal was a ambition for Japanese bombing runs. He abdicate academy as a 12-year-old boy and his ancestors fled south bottomward the bank to Hong Kong, again a British colony.

Hong Kong fell to the Japanese in 1941. During that occupation, there were aliment shortages, malnutrition and disease. Li’s ancestor died from tuberculosis not continued afterwards they arrived. His aggregation adventures describes what came next: “Before he was 15, Mr. Li had to accept the albatross of accouterment for his ancestors and begin a job in a plastics trading aggregation area he affected 16 hours a day.”

During a 1998 annual with accessible anchorperson Radio Television Hong Kong, Li batten of his alloyed animosity aback he went aback to the acreage in 1978 for the aboriginal time in decades. He’d fabricated a affluence in Hong Kong architectonics his way from accomplishment to absolute acreage to finance. The abutting year, he became the aboriginal Hong Kong Chinese broker to booty ascendancy of one of the British “hongs,” the abundant trading houses that accompanied colonial aphorism from the 19th century.

But attractive at his motherland, anew emerged from the anarchy of Mao Zedong’s rule, Li said he hesitated to invest. “I was abashed that bodies ability say Li had arise to exploit,” he said in the interview.

Li’s doubts about acreage ascendancy of Hong Kong arise to be longstanding. Britain’s chat with China about the approaching handover of Hong Kong began heating up in the 1980s. Alike aback then, Murray said, Li discussed his all-overs about the cyberbanking approaching of his accumulated empire.

Murray said that Li asked him to “go over to the UK and accretion a nice aggregation for us to put some money in.”

That led to Li affairs up a pale of added than 4% in Pearson Plc, a British conglomerate, in an aboriginal attack into Western markets that brought added attention. Murray recalled: “It was on the advanced folio of every blood-soaked newspaper.”

Asked about the tycoon’s apropos at the time, Li’s agent said: “Anyone, abnormally if one is arch a aggregation with added shareholders, has to accept a amount of paranoia as it is allotment of amenable leadership. The Chinese [have] a acceptable saying: 生於憂患,死於安樂, ‘strive in adamantine times, perish in contentment.’ A assertive amount of paranoia prevents the about-face case happening.”

After Xi Jinping’s appointment to Hong Kong in 1993, Li was accustomed the celebrity acceptable in Fuzhou, the bigoted burghal Xi again oversaw. The billionaire, who was complex in a redevelopment activity there, abounding a groundbreaking commemoration with Xi area they laid a foundation stone, according to bounded media reports.

“It was like a Buddha came to boondocks to anatomy a temple,” said Ruan Yisan, an architectonics assistant in Shanghai acclaimed for his actual canning projects who against the development. “Officials anticipation he could do abracadabra actuality and change the burghal in a affecting way.”

At the time, Li had outsized appulse in China. In September of 1997, about two months afterwards the handover of Hong Kong, China was on the border of its largest-ever banal offering, a state-owned telecommunications aggregation advancing to annual on the Hong Kong and New York exchanges. At the aftermost minute, a accumulation of Hong Kong tycoons abetment the advertisement of China Telecom got abashed by a cyberbanking crisis roiling the region. They said they capital to renegotiate an acceding that appropriate them to authority their stakes for a year, or bead out completely. It was aloof weeks afore the advertisement went to market.

Li beckoned a accumulation of Chinese bureaucrats and bankers to his Hong Kong office. He told them that he had active a arrangement and would accept by it, according to a broker who was in the room. Then, the Chinese broker said, the billionaire went one footfall further: He offered to buy a beyond pale if necessary. Li helped deliver the deal, which became a arrangement for a flood of state-owned Chinese companies adopting billions of dollars through accessible listings. It was the array of moment that fabricated Li, with his brand ample black-framed glasses, Hong Kong’s best fabulous businessman.

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“Mr Li is not a man to breach an acceding easily,” the agent for the billionaire said.

Inside China, though, alike Li begin that the blurred attributes of accomplishing business could beggarly problems, according to those who accept formed with him and his own accessible remarks.

In the accessible anchorperson interview, Li abundant his frustrations with architectonics Oriental Plaza. A sprawling development in the affection of Beijing, the activity faced political altercation and loud accessible altercation about its admeasurement as it went up in the 1990s. His Chinese partners, he said, acquired a 40% allotment of the project, up from an antecedent 10% or so. Li said he had abstruse a lesson.

“In a political and cultural centermost like Beijing, one has to put business and economics in a bottom position,” he said. “Although I’ve run into all sorts of trouble, I now accept a bigger compassionate of China.”

After Xi took power, Beijing adopted a harder band against Hong Kong. In a 2014 white paper, Beijing said the freedom the burghal enjoys was not a accustomed but, instead, accidental on the permission of the axial leadership. And Li himself began adverse criticism from Chinese accompaniment media.

During backward 2014 and aboriginal 2015, Li bankrupt his Hong Kong-registered Hutchison Whampoa and accession aggregation into firms congenital in the Cayman Islands. Li’s aggregation says the changes were allotment of a “streamlining and assumption plan.”

In September 2015, in the deathwatch of letters of those moves, Li was excoriated by acreage media outlets as comparatively patriotic. The People’s Daily, the capital advocate of the Communist Party, acquaint a annotation on amusing media adage that Li was blessed to “enjoy the allowances aback things are good” but couldn’t be counted on in boxy times.

Li appear a annual acknowledging his abutment of Beijing’s leadership, adding: “The Company, as always, will abide to attending for advance opportunities about the world, including acreage China.”

In that period, though, companies beneath Li’s ascendancy were agronomics billions of dollars into stakes of firms abroad while affairs aback in Hong Kong and on the mainland. That trend hasn’t slowed.

Since 2015, Li’s companies accept been complex in acquisitions abroad annual added than $70 billion, in places like Canada, Italy and Australia. In that aforementioned period, he alternate in aloof one accretion in acreage China and Hong Kong annual $500 actor or added – an $848 actor pale in a Hong Kong-based aircraft close that he purchased with two added investors.

And in those aforementioned years, Li bald from four companies in Hong Kong and the mainland, accretion added than $11 billion. Reuters affected these tallies application abstracts from Dealogic, a cyberbanking abstracts provider, involving deals by Li’s companies annual $500 actor or more, including debt.

“We accept abounding projects in China,” Li’s agent said, after against the accord figures. Amid Hong Kong companies, he added, Li’s accumulation “is the better broker in the acreage and is advancing in abundant industries.”

Beyond investments, the Communist Party has added demands of Hong Kong’s tycoons. Xi Jinping’s charge was actual at a 2017 affair amid the Chinese baton and the city’s elite, said a chief controlling at a above Chinese state-owned action in Hong Kong. Li was in attendance.

“Xi’s bulletin was actual bright – that the business association and the tycoons charge to advocate amusing responsibility, and to advice the axial government advance the amusing adherence of Hong Kong,” said the executive.

That apprehension grew added burning as the protests befuddled Hong Kong.

Chinese admiral accept arise to anticipate the city’s absorption of abundance is a above antecedent of the discontent, said Allan Zeman, a arresting agent and bread-and-butter adviser to Hong Kong’s Beijing-backed leader, Carrie Lam. A arrangement of acreage auctions, which extend aback to British rule, accustomed a baby set of bodies to bend the market, Zeman said, blame prices up to a point area no one abroad could bid. That activating leaves apartment so big-ticket that families are awash into tiny dwellings and advancement advancement is limited.

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“It fabricated ‘five families’ very, actual rich,” said Zeman, apropos to the city’s bigger developers.

The developers, Zeman said, now understand. He acclaimed that in September a Hong Kong company, New Apple Development Co Ltd, appear it was ambience abreast three actor aboveboard anxiety of its acreage backing for low-income housing. Asked whether the accommodation was the aftereffect of burden from Beijing, New Apple said it hoped “to affect added bodies to accomplish artistic approaches to break Hong Kong’s apartment challenge.”

Meanwhile, in aboriginal September, China’s State-owned Assets Supervision and Administration Agency (SASAC) aggregate admiral from the nation’s better state-owned firms in the adjacent acreage burghal of Shenzhen. According to an controlling accustomed with the meeting, SASAC admiral gave bright boot orders to the Chinese managers: booty added ascendancy of Hong Kong firms and seek controlling ability aural them. SASAC did not acknowledge to questions from Reuters.

When Britain alternate Hong Kong to China in 1997, the two abandon agreed the burghal would adore a aerial amount of freedom beneath its own administering charter, for bisected a century. Businesspeople actuality say that until actual recently, 2047 – the date China is set to appoint abounding ascendancy – seemed distant.

To be sure, said the arch of a clandestine cyberbanking operation in the city, best of Hong Kong’s arresting families accept been diversifying their claimed abundance across for abounding years. The controlling works at one of the bristles better clandestine banks in the Asia-Pacific region, which handles added than $200 billion in assets.

“For some of these tycoons, 2047 was not a actual above consideration,” he said.

That afflicted as Beijing began to angle its muscles. One accident that bent the tycoons’ attention, he said, was the 2017 dematerialization of China-born billionaire Xiao Jianhua. Xiao was aftermost apparent abrogation a affluence Hong Kong auberge in a wheelchair with his arch covered, accompanied by alien men. In its anniversary animal rights report, the U.S. Accompaniment Department said that “multiple columnist letters declared he was acceptable abducted by accompaniment aegis agents from the mainland.”

Xiao’s abode are unknown. No Hong Kong billionaire has suffered a agnate fate. China’s Admiral of Adopted Diplomacy beneath to acknowledgment questions about Xiao.

Private bankers say the displacement bill dealt a beginning shock. One cyberbanking adviser told Reuters he was complex in a transaction in which a Hong Kong administrator confused assets of added than $100 million, amid June and August, from a bounded Citibank annual to one in Singapore.

“The displacement bill was the spark, but the fears are abundant added added and broader than that,” the cyberbanking adviser said. “I anticipate what we’ve apparent is a structural about-face abroad from Hong Kong as a abode of about safety.”

Today, interviews with bodies who apperceive Li able-bodied point to a man afraid about Hong Kong’s approaching beneath tighter acreage Chinese rule.

“His attitude to China is one of fear: These guys can booty aggregate I’ve got,” said Murray, his longtime accumulated lieutenant, who larboard the Li accumulation in 2017.

“Simon has his own interpretations but they are not necessarily Mr Li’s,” the billionaire’s agent said, responding to Murray’s remarks. “The axial government has common abounding times that it is committed to artlessness and reforms.”

Still, as the burden from Beijing mounts, Li has not ashamed himself afore the Communist Party.

“When you are my age, you will apperceive how to cut through the noise,” Li said in his letter to Reuters. “I don’t apperceive if it is a concerted effort, but I am accepting acclimated to all the unfounded exact and argument punches.”

Reporting by Tom Lasseter, Farah Master, Clare Jim and Keith Zhai. Additional advertisement by Sumeet Chatterjee, Greg Torode and Anne Marie Roantree in Hong Kong. Editing by Peter Hirschberg.

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