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To: ms.smartest.person who wrote (635)	3/22/2001 11:46:22 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

Li gives thumbs up to S'pore property market Now a S'pore PR, HK tycoon denies plan to cut back HK investments By Quak Hiang Whai in Hongkong HONGKONG tycoon Li Ka-shing and his son Victor have given Singapore and its property market the thumbs up. Replying to queries from BT yesterday, Mr Li, who is the founder and chairman of Hongkong conglomerate Cheung Kong (Holdings), said he has "very good feelings towards the Singapore government" and revealed he holds Singapore permanent residency status. "I have always encouraged my companies to invest more in Singapore," said the billionaire whose flagship was part of a consortium which recently won a major Singapore government land tender. The biggest developer in Hongkong had joined Singapore-listed Hongkong Land and Keppel Land in putting in the winning bid for the "white site" at Raffles Quay/Marina Boulevard. Asked why the Hongkong group had got into Singapore at this time, the younger Li, who is managing director of Cheung Kong, said the group is generally optimistic about the office property market in Singapore. He said the Marina Bay site allows the developer to build a first-class building with rare special features. "We would have a very good future there, and we are very happy that we have been given the opportunity to expand further in Singapore," said the elder son of the most famous businessman in Hongkong. The Cheung Kong chairman, however, denied the participation in the Singapore tender was part of a decision to cut back on Hongkong property investments and stressed it would continue to commit billions to the real estate market in Hongkong. But he conceded that confidence had been lacking in the property market. Asked if the changing political climate in Hongkong had continued to affect his attitude towards Hongkong investments, Mr Li said even if conditions became worse, he would continue to invest in Hongkong because the territory was his hometown. "I have been in Hongkong since 1940 and our base is in Hongkong. Same as the weather -- sometimes good, sometimes bad. But here is our home. Definitely we will still remain in Hongkong." On several occasions in the last two years, the influential tycoon, who was once named the most powerful man in Asia by Asiaweek, had complained about the adversarial politics in Hongkong where he had on many occasions come under attack from bthe media and pro-democracy politicians for his over-arching dominance of Hongkong business. He had also repeatedly threatened to cut back investments in the territory if he continued to come under unwarranted attacks. business-times.asia1.com.sg