Hong Kong billionaire Li's force field may be fading

HONG KONG (Jan 12): Billionaire Li Ka-shing is so powerful, Hong Kongers quip, he emanates a force fieldshielding the city from dangerous typhoons that could harm his businesses. Yet Li’s magic is showing signs of wearing off after his wealth shrank by US$1.3 billion ($1.9 billion) in 2016 amid headwinds from Europe -- a trend that’s likely to persist this year.

After Britain’s unexpected decision to leave the European Union drove down shares of Li’s companies last year, Hong Kong’s wealthiest tycoon is preparing for more uncertainty as elections loom in the Netherlands, France and Germany that could reshape the political landscape in the region in 2017.

"The coming year of Rooster may usher in greater political and economic challenges, but the Rooster is a symbol for self-respect, ambition and perseverance," Li, 88, told more than 2,000 of his employees at an annual gathering in Hong Kong last week. "We shall cast our eyes far and wide to identify both dynamic and stable, long-term opportunities."

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