Li Ka-shing urges Hong Kong people not to speculate in real estate, saying Bitcoin is "definitely risky"

Li Ka-shing. Image source: Hong Kong's Ta Kung Pao.

According to Hong Kong's Ta Kung Pao, at the beginning of the new year, Hong Kong entrepreneur and Cheung Kong Holdings Chairman Li Ka-shing said that he expected the US to raise interest rates two to three times this year, and Hong Kong would follow suit. He reiterated that Hong Kong people should not speculate in real estate, and if they can afford it, it is no problem to live in it themselves.

In his speech at the dinner, Li Ka-shing reminded people to remain vigilant against various uncertainties, including the change in the trend of low interest rates, the emergence of trade confrontations, and the rise of innovative technological revolutions. The main rhythm of 2018 should be "development without forgetting stability". He also mentioned that the "Belt and Road" and "Greater Bay Area" strategies are conducive to the overall economic development, and believed that Hong Kong "must have opportunities to find".

Regarding the Hong Kong property market, Li Ka-shing reiterated: "If you live in the property yourself, it is fine if you can afford it, but if you want to 'speculate' in the property, that is not good." He mentioned that "nano-property" is also a matter of market supply and demand, and he believes that the relevant supply will increase in the future.

In November last year, Cheung Kong sold 75% of the ownership of its landmark commercial building "Central" for HK$40.2 billion, setting a record high for office property prices in Hong Kong. When asked whether he would sell Hong Kong properties again, Li Ka-shing responded that he would not sell any more properties for the time being, and emphasized that he was building a hotel and was also acquiring shopping mall properties, and believed that this year's fixed income could reach a new high.

Li Ka-shing said that the group's fixed income has made steady progress over the past year and that the fixed income business will become an "extremely important part" in the future, and he is confident that it will record substantial growth.

When talking about the recent hot Bitcoin, Li Ka-shing did not give a direct answer as to whether he had invested in it. He only said, "I am conservative. (Bitcoin) definitely has risks."