HK Tycoons Lose Billions As Trade Row, Stocks Bite

The mainland's slowdown, trade tensions, stock plunges and a softening of the world's least affordable property market helped wipe some US$20 billion from the fortunes of Hong Kong's wealthiest last year, Forbes has reported.

But the ultra-wealthy in the city had an uncharacteristically tough time last year, according to the latest list of the city's 50 richest tycoons published by Forbes late on Wednesday.

The group's combined wealth fell just over US$20 billion to US$286.75 billion last year, a marked contrast to the year before when they grew by a collective US$60 billion to US$307 billion.

Pollyanna Chu, one of the city's most prominent female entrepreneurs, witnessed the sharpest decline in personal fortune according to Forbes' estimates – a 75 percent drop to US$3.3 billion.

Her wealth via financial powerhouse Kingston Financial was especially vulnerable to the torrid trading on Hong Kong's stock market which plunged 9.4 percent last year.

Galaxy Chairman Lui Che-woo lost US$4.2 billion while Macau casino share prices significantly dented the fortunes of Pansy Ho and her younger brother Lawrence Ho.

Analyst Dickie Wong from Kingston Securities said the wealth of the city's tycoons were often intimately linked to stock market's fortunes. But he added there were other headwinds on the horizon.

"The slowing down (of the mainland's) economy and also the trade war between China and the US – these two will remain key uncertainties if we talk about the economy and the stock market this year," he said.

Trade tensions have already hit some of Hong Kong's wealthiest.

Yeung Kin-Man and Lam Wai Ying, the husband and wife team behind Biel Crystal, the largest maker of iPhone screens, saw their net worth plunge some US$6.4 billion, or 57 percent. Apple has seen sluggish sales recently, particularly on the mainland.

Hong Kong's wealthiest man Li Ka-shing, who has dominated the list ever since it first came out in 2008, saw some US$4 billion wiped off his wealth. But with US$32 billion he still remains ahead of property magnate Lee Shau Kee on US$30 billion.

One major winner from the last year was oyster sauce tycoon Lee Man-tat. His wealth doubled to US$17.1 billion making him the city's third richest tycoon.

Forbes compiles their estimates for personal wealth using information from the individuals, stock exchanges, analysts, private databases, government agencies and other sources. (AFP)