At the commencement ceremony of Shantou University in China’s Guangdong Province, Hong Kong billionaire Li Ka-shing said there are three things that have bothered him to the extent that he cannot sleep well at night. What are the three things that made this 85-year-old magnate so worried and sleepless at night? Is it related to his recent property sell-off in mainland China and Hong Kong? Let’s see the following reports.
On the morning of June 27, Chairman of Hong Kong’s Cheung Kong Holdings (CKH) Li Ka-shing, attended
the commencement ceremony of Shantou University, which he founded. As honorary chairman of the university council, Li Ka-shing gave a speech entitled, "Sleepless Night."
In his speech, he said that at 85-years-old, he has long taken various personal losses and gains lightly.
What else is there for him to be concerned about?
Li Ka-shing, “What I'm worried about is that in the era of the globalization and knowledge economy, differing intelligence, capability and effort have turned the imbalance of opportunities into a new norm. I’m worried that limitations of national resources may become a problem for future development.”
Li Ka-shing worries that the high social welfare burden as well as anger and unrest due to disparity may prolong social stagnation.
Since June 23, Li Ka-shing’s venture capital firm, Horizons Ventures, has been on a promotional tour in China’s six cities. In her remarks at a promotional seminar, Solina Chau, head of the promotion campaign, also mentioned that Li Ka-shing is worried about the continued disparity of global wealth, especially in China. He is worried about China's lack of arable land and safe drinking water. In addition, he is also worried about the lack of mutual trust among people, that is people do not tell the truth to each other. These are the three things that have made it difficult for him to fall asleep.
Former Associate Professor of Beijing Capital Normal University Li Yuanhua: “He can’t sleep because he noticed the many impoverished people in Chinese society, and he sees them in a lot of pain. Education has became an industry, a tool for making money. He sees the essence of the problem from another aspect, and that is under the Chinese Communist Party’s rule over the past decades, the Chinese traditional morality has been damaged and there is no basic trust among people.”
Li Yuanhua expressed that as a Chinese, Li Ka-shing hopes he can improve Chinese people’s living, and that education will really cultivate some talents who will enhance the well-being of society. In fact, he is disappointed by the realities, but he cannot express it outright.
Li Yuanhua: "Because he has dealt with Chinese government officials at various levels in Chinese society, he knows that Chinese society is currently very corrupt. He has also noticed that China’s economy is on the brink of collapse. In particular, he has foreseen the risks in real estate and other various businesses he invested in.”
As the richest Chinese business tycoon for 16 consecutive years, Li Ka-shing has sold his shopping plaza
in the Guangzhou Metropolitan Plaza, the Credit Agricole in Shanghai and the International Financial Center in Nanjing. They were priced 35 percent lower than last August’s market price. His son Richard Li also sold his Beijing shopping mall, Pacific Century. It seems that the Li family has no longer owns large-scale real estate projects in China.
According to United Nations Development Program statistics, currently China’s poorest people account for 20 percent of its population, but their income and consumption only account for 4.7 percent of the national data. But the richest 20 percent of the population dominate as much as 50 percent of the income or consumption in China. These figures show that China is now the country with the largest income disparity in the world.
Gong Shengli, chief researcher at Beijing's Internal Reference Magazine: "According to the UN's standard of $1 per person per day, there are over 300 million poor people in China. If more stringent data is used for the real poverty line, China will have close to 400 million people in poverty.
Gong Shengli feels that CCP's monopoly of industries, finance, and even society, had created the wealth disparity.
Gong Shengli: "Neither the government nor its financial currency has credit. As a result the government-owned enterprises do not fulfill their contracts. China's overall credibility, morality, culture, and society
have suffered a huge retrogression. The result of the retrogression is that people have lost credibility."
Li Yuanhua indicates that Li Ka-shing's concerns and divestment are in fact a distrust or worry
about the entire Chinese Communist Party's rule.