'Liaison Office Expanding Its HK Property Empire'

"); jQuery("#212 h3").html("

Related News Programmes

"); });

2020-04-20 HKT 14:11

Share this story

facebook

  • 'Liaison office expanding its HK property empire'

Pro-democracy group Demosisto said on Monday that Beijing's liaison office has been extending its reach across Hong Kong by dramatically expanding its property "empire" since the 2014 Occupy protests.

Demosisto said it has found that the office has now bought up 757 properties in Hong Kong, worth some HK$3.4 billion.

The group said more than 130 properties have been added to the liaison office's portfolio since 2014.

The vast majority are residential units, but the liaison office also has 10 entire buildings, 12 offices, eight commercial units, and 15 carparks, Demosisto said.

The group said it looked into the office's property ownership to get a better handle on the scale of its operations in the city, and also found that over the past five years, the office was exempted from paying HK$124 million in stamp duty.

Demosisto's Nathan Law said the expansion shows how the liaison office has accelerated its authority over the SAR, in line with political developments in the city.

"Clearly, they are not only playing the role of being a bridge between the Hong Kong people and the Chinese government. They are literally interfering in our local affairs and damaging our autonomy," the disqualified lawmaker said.

"It acts as proof for the international community that the degree of autonomy in Hong Kong has dwindled and has been damaged by the expansion of the liaison office," Law added.

Demosisto's Joshua Wong said they will be submitting their findings to the UK government's All-Party Parliamentary Group on Hong Kong, as well as the US Congressional-Executive Commission on China and the US State Department.

Demosisto's report comes just days after the liaison office and the Hong Kong and Macau Affairs Office issued unprecedented statements berating the actions of pro-democracy legislators and suggesting some should be prosecuted for misconduct in public office.

The liaison office has insisted it is not subject to Article 22 of the Basic Law which states that departments of the central government must not interfere in Hong Kong affairs.

RECENT NEWS

Chinese Regulator Approves Citis Plan For Its Own Securities Firm

Citi has received approval from the China Securities Regulatory Commission (CSRC) to set up a wholly owned capital mark... Read more

HSBC RedCoin Debuts On PayMe With Wider Stablecoin Rollout Planned

HSBC has launched HSBC RedCoin, its first stablecoin, on the PayMe mobile payment app in Hong Kong. Denominated in Hong... Read more

Unlimit Joins Hong Kong Governments Strategic Enterprise Partners

Unlimit has signed a partnership agreement with the Hong Kong Government, which named the global financial infrastructu... Read more

Is Your Crypto Safe If Your Custodian Goes Bankrupt?

No institution moves into digital assets until it knows who will hold them and what happens to those assets if that cus... Read more

EleBank Opens First Physical Store In Hong Kong

Hong Kong digital bank EleBank has opened its first physical store in Causeway Bay as it expands beyond online banking ... Read more

Taiwan Blocks Grabs US$600 Million Foodpanda Acquisition

Taiwan’s Fair Trade Commission (FTC) has blocked Grab’s proposed US$600 million acquisition of Delivery Hero’s fo... Read more