Major real estate tycoon and billionaire Peter Woo has voiced out against Hong Kong’s protestors urging them to take gains and retreat, citing the government’s willingness to suspend the extradition bill.
«It’s time to think deeply,» Peter Woo said, in report from local media firm, Hong Kong Economic Journal. «Going against the extradition bill was the «big tree» of this movement. This one and only big appeal has already been accepted by the government, so this tree has fallen.»
Woo is the largest shareholder and former chairman of developer Wheelock & Co with a net wort valued at $9.9 billion as of August 12, according to Forbes. After two months of unrest in Hong Kong and the resultant market impact, more than $1 billion of his wealth has been erased. In addition, about 38% of Wheelock’s revenue is generated from mainland China, making Woo amongst billionaires most exposed to the economy.
Loyalist
Woo has positioned himself consistently and frequently since 2014 when he along with other billionaires opposed a mass rally. On August 8 this year, the Real Estate Developers Association of Hong Kong issued a statement signed by a 17-strong list of major players, including Woo’s Wheelock, condemning the conflicts.
Among the others co-signing the statement was New World Development’s Henry Cheng, who emphasized concerns about Beijing’s sentiments towards Hong Kong and jewellery sales.
According to Woo’s column, protestor violence has to be controlled especially as they «outnumbered» the police force. Some are exploiting tensions and «purposely stir up trouble,» he added.
