Li Ka Shing

Li Ka Shing

Postby ishak » Fri Aug 22, 2008 4:56 am

Li Ka-Shing says 'worst is yet to come' in global economy slump
Business Times, 22 Aug 2008

(HONG KONG) Hong Kong billionaire Li Ka-shing, who predicted China's stock market bubble would burst, says the 'worst is yet to come' from the global credit crunch.

The crisis is turning Li 'very conservative about acquisitions', he told reporters here yesterday while announcing the results of his companies Hutchison Whampoa Ltd and Cheung Kong (Holdings) Ltd.

The US housing slump has triggered more than US$500 billion in credit- market losses for banks globally and led to the collapse and sale of Bear Stearns Cos, the fifth-largest US securities firm.

Mr Li, Asia's richest man according to Forbes magazine, controls companies that operate businesses including retail, real estate, container ports and energy in 57 countries.

'Mr Li's views tend to be accurate,' said Castor Pang, a strategist at Sun Hung Kai Securities Ltd here.

'Looking ahead, signs of a US economic slowdown will become even more obvious. Asia has a high correlation with the US, so market performances will likely get worse.'

Sometimes called 'superman' by Hong Kong's media for his investing skill, Mr Li arrived here from mainland China in 1940 and built his Cheung Kong (Holdings) Ltd into Hong Kong's second-biggest developer by market value from a company he founded in 1950 to make plastic flowers.

Mr Li's comments echo those of Kenneth Rogoff, former chief economist at the International Monetary Fund, who said 'the worst is yet to come in the US'.

Credit-market turmoil has driven the US into a recession and may topple some of the nation's biggest banks, Mr Rogoff, a Harvard University professor of economics, said in an interview in Singapore on Aug 19.

'The financial sector needs to shrink,' Mr Rogoff said. 'I don't think simply having a couple of medium- sized banks and a couple of small banks going under is going to do the job.'

Hong Kong will be shielded to some extent because of China's economic outlook, Mr Li said.

Hong Kong's negative real interest rates are keeping the housing market stable and real estate 'has always been a big part of the economy here', Mr Li said.

China, the world's fastest growing major economy, will see its economy continue to grow above 8 per cent 'in the next few years', Mr Li said.

China's CSI 300 Index is down 54 per cent this year, the most among 88 major benchmark indexes tracked by Bloomberg, because of concern measures to cool inflation will damp both profit and economic growth.
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Li Ka Shing

Postby winston » Thu Feb 05, 2009 12:54 pm

Li Remains Atop Forbes’ Hong Kong Rich List as Wealth Declines By Joshua Fellman

Feb. 5 (Bloomberg) -- Li Ka-shing remained atop the list of Hong Kong’s 40 richest people even after his net worth dropped by half to $16.2 billion as stock prices tumbled, Forbes magazine said.

The Kwok family and Lee Shau Kee retained their second and third positions on the list respectively, even as their net worths also slumped, the magazine said in a press release for its 2009 rich list for Hong Kong.
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Re: Li Ka Shing

Postby winston » Thu Feb 05, 2009 12:58 pm

Age80
Marital StatusWidowed
2 children

Billionaire nicknamed Superman lost half his net worth in past year as stock of his conglomerate Cheung Kong tumbled. Canadian oil firm Husky Energy, his second-biggest holding, cut spending by almost a third for 2009. His charitable foundation raised $510 million by selling 40% of its stake in Bank of China.
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Re: Li Ka Shing

Postby kennynah » Thu Feb 05, 2009 5:28 pm

winston wrote:Li Remains Atop Forbes’ Hong Kong Rich List as Wealth Declines By Joshua Fellman

Feb. 5 (Bloomberg) -- Li Ka-shing remained atop the list of Hong Kong’s 40 richest people even after his net worth dropped by half to $16.2 billion as stock prices tumbled, Forbes magazine said.


it is so unbelievable that a person could amass so much money....usd16.2billion....wah dao....

that's equal to making an average of usd324 million per year for 50 years continuously... indeed a superman...
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Re: Li Ka Shing

Postby iam802 » Thu Feb 05, 2009 6:32 pm

At the kind of age, I think the drop in wealth troubles superman's son (the one that cannot fly....hahhaah) than superman himself.
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Re: Li Ka Shing

Postby LenaHuat » Thu Feb 05, 2009 8:45 pm

kennynah wrote:
winston wrote:Li Remains Atop Forbes’ Hong Kong Rich List as Wealth Declines By Joshua Fellman

Feb. 5 (Bloomberg) -- Li Ka-shing remained atop the list of Hong Kong’s 40 richest people even after his net worth dropped by half to $16.2 billion as stock prices tumbled, Forbes magazine said.


it is so unbelievable that a person could amass so much money....usd16.2billion....wah dao....

that's equal to making an average of usd324 million per year for 50 years continuously... indeed a superman...


That's almost USD1million per day :!: :shock:
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Re: Li Ka Shing

Postby LenaHuat » Thu Mar 26, 2009 8:35 pm

He's spoken 2day. The Asian oracle look none the least bruised :lol: :
http://www.iht.com/articles/2009/03/26/business/tycoon.php
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Re: Li Ka Shing

Postby LenaHuat » Fri Mar 27, 2009 9:13 am

More from 2day's HK's "The Standard";-
A recovery of the US economy will come soon as the country has implemented aggressive measures to cope with the financial tsunami, said billionaire Li Ka-shing.
"If the US economy stands firm, the world will respond positively," the chairman of Cheung Kong (Holdings) (0001) said.

He believes China would be the fastest to recover of all countries.

Despite Hong Kong exports continuing their downward trend last month, Li said he expects an upswing in April and May."Inventories in the US are getting lower, which is favorable to Asia, especially the mainland and Hong Kong," said Li, who is also chairman of ports- to-telecoms conglomerate Hutchison Whampoa (0013).
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Re: Li Ka Shing

Postby Poles » Fri Mar 27, 2009 1:27 pm

i guess this couple of months is very critical. We have to start manufacturing for year-end festive spending....
if there is no confidence to kick-start manufacturing....this gloom will drag another year.
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Re: Li Ka Shing

Postby LenaHuat » Fri Mar 27, 2009 4:35 pm

I suppose the easiest way for a armchair critic like me is to take a holiday in Macau and cross over to S China. Should I be bothered by smog or idle workers, I will know what the next 2 quarters hold :lol:
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