Ongoing Hong Kong protest has shut down the whole city. These protests have caused huge economic loss and uncertainty in the city. The federal government of China is unable to resolve the issues which led to these protests. Airport and stock exchange have been forced to shut down, thousands of people are facing problems.
Hong Kong’s billionaire Kwok family owns Sun Hung Kai Properties, the largest real-estate developer in Hong Kong. Sun Hung kai shares have plunged 11% since mid-June, Bloomberg reported.
It was reported that thousands took to the streets of Hong Kong beginning in July over an extradition bill with mainland China but have since expanded their focus to police actions and their democratic system.
Raymond Kwok and Thomas Kwok, two of the members of the Kwok family each lost 1 billion due to the ongoing protests in Hong Kong.
The family has lost most of its money in the sector of retail and tourism. These protests have hit the hardest in the past month. Some of the malls owned by the family have been affected by the protests. Other big moguls have also lost money due to these protests.
According to Capgemini, the net worth’s of Hong Kong’s wealthiest residents fell 13% in 2018, compared with the global average of 3%.
