Business
Old-school tycoons of Hong Kong are losing to China’s moguls – Sydney Morning Herald
The prediction was vintage Jack Ma, as provocative as it was prescient. “This is the era of the internet,” the Chinese billionaire proclaimed in October 2013. “It…
One consequence has been a dramatic slide in the stock-market valuations for Hong Kongs biggest conglomerates. Over the past five years, five of the citys top groups — CK Hutchison Holdings, New World Development, Henderson Land Development, Sun Hung Kai Properties and Wharf Holdings — have consistently traded at deep discounts to their net assets.
Their shares now fetch just 0.5 times book value on average, versus 10 for the five companies controlled by some of Chinas richest tycoons, data compiled…
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