Li Ka-shing Says Hong Kong May Lose Out to Shanghai

Li Ka-shing, Asia’s richest man, said Hong Kong needs to raise its competitiveness if it wants to avoid losing out to Shanghai, where China is setting up a free trade zone, Radio Television Hong Kong reported.

Li, the 85-year-old chairman of Hong Kong-based Cheung Kong Holdings Ltd. (1) and Hutchison Whampoa Ltd. (13), said the Shanghai free trade zone “will affect Hong Kong heavily,” RTHKreported on its website, citing comments Li made at a briefing yesterday.

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