By Alice Poon
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Extra info for Land and the Ruling Class in Hong Kong
Sample text
The Wharf/Wheelock group was founded by Y. K. Pao, the late shipping magnate who died in 1991. Both Wharf and Wheelock are now chaired by Peter Woo, Pao's son-in-law. Core businesses of the former include property investment, communications, media and entertainment, and logistics (container terminals), and the latter company is principally an investment holding company and property developer. Pao's acquisition in 1980 and 1985 of the Wharf group and the Wheelock group respectively marked his drastic and successful change of business strategy - one involving a retreat from the shipping industry which was going downhill in the late 1970s and a landing on "on-shore" assets.
In all cases, these property-cum-utility / public services conglomerates are controlled by powerful Hong Kong families: the Lis of the Cheung Kong/Hutchison group, the Kwoks of the Sun Hung Kai Properties 22 _ _ _ __ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ The Ruling Class group, the Lees of the Henderson group, the Chengs of the New World Development group, the Pao and Woo of the Wharf/Wheelock group and the Kadoories of the CLP Holdings group. 1! Families controlling these companies effectively lord over Hong Kong's key economic sectors and assume virtual rule on Hong Kong people.
Like Kwok, Lee struck jackpot in the property market when he grabbed the golden opportunity of the 1967 riot to go on a landbuying spree. He also began amassing Letter 8'S/3 which were to become precious jewels in the money-spinning game of government land bidding in the 1980s and 1990s. Lee has two sons and a daughter. K. and has been working under his father since 1985. He is the vice chairman of Henderson Land and Henderson Investment, and chairman and president of Henderson China. His chief responsibility is the group's property development operation in the mainland.