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> Bloomberg Markets interviews Mr. Li Ka-shing |
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| Q: |
You told Matt Winkler you don't plan to retire
for a long time. You also said: "I will never be satisfied, like the
Olympics." That's a good quote. Does it correctly reflect your drive
and ambition? |
| A: |
There is always much speculation over my retirement.
It started when I was 55.
Well, I have my own definition for the term "retirement". Life was
extremely hard when I was young; today working without the burden
of pressure to me is the same as the luxury of retirement. These few
years, our Group has embarked on some new projects and is in exciting
times. We plan all our projects meticulously. Our work is certainly
challenging, but we are not under any pressure except for the pressure
to outperform.
Since many seem to be interested and concerned, I am happy to report
that I am in good shape, and can rise to the opportunities and challenges
of our times, and I embrace each project with enthusiasm. I also spend
a lot of my time on education and medical care initiatives. This is
a passion that I will never grow tired of. In fact, I consider it
a lifelong endeavor. |
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| Q: |
You have a legendary capacity for hard work. But
you have also built up a sophisticated and talented management team.
What decisions do you take your self and what do you delegate? If
you are ever forced to step down, who will succeed you and what impact
will it have on your businesses? |
| A: |
Over the years, our group's horizons have been
expanding. We are now in 41 countries. With such a wide span of activities
and geography, our company structure and corporate culture must seek
to embrace the aspirations and concerns of our colleagues all over
the world. I consider this of utmost importance.
We are living in a dynamic age with multiple ideas and beliefs of
correctness; this world is not deterministic and not still. A lot
of management theories have suggested numerous ways on how a corporation
could modernize structure and modify corporate culture to equip for
a global economy.
To me, when CKH took over Hutchison in 1979, I focused on establishing
a management structure and corporate culture that could align the
interests of management and shareholders and within which our executives
have the maximum flexibility to realize the full scope of their professional
expertise and enterprising spirit. Truly great talents with capabilities
and strategy are extremely rare and the extra margin on inventiveness,
courage and prudence is even rarer and must be rewarded.
I started with identifying within the fluidity of Chinese philosophical
thinking and the science of western management, the co-ordinates upon
which we could format a seamless management structure. Building on
this foundation, the company structure becomes a life-force that supports
the development of each division of business. Even should I myself
or any senior management retire from office, it would not have any
real effect. Succession is not a concern at all. |
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| Q: |
On the question of risk, you're also exposed to
another poorly performing sector-Hong Kong property. But you don't
seem unduly worried. Why? |
| A: |
"If you think, then you will be prepared. If you
are prepared, then you will have no worries." A traditional Chinese
thought that is practical in the business world. A decade ago, alarmed
by the property frenzy, I decided to accelerate diversification to
reduce our exposure in the real estate market. Before the Asian financial
crisis struck, the signs of a bubble economy were already glaring.
The Government's move to stabilize the property market is, to a certain
extent, good news. Proactive economic policies might yield greater
effects. The timing of economic policies determines the multiplying
effects it has on the economy. Housing is a basic necessity. As people
seek to improve their living environment, there will be continuous
demand for residential property. Investment in real estate market
should have reasonable prospects in the long run. Our Group will proceed
conservatively in this area. |
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| Q: |
At the Hutchison and Cheung Kong results announcement,
you seemed very disappointed by the critical treatment your family
sometimes receives from the Hong Kong media. People may say they put
5 cents of every dollar in your pocket, but you also provide many
jobs. Why do you think some people are so keen to attack you-especially
given the respect your achievements have earned you over the years? |
| A: |
First I want to point out, a responsible media
company believes in being constructive; an irresponsible media company
weakens the fabric of society for its own profit, at the expense of
society. Some people delight in creating controversies and sensationalism;
they blur and shift the line between right and wrong. They craftily
take advantage of people's prejudices and biases to sensitize emotions
to drive sales. They are advocating, not reporting. Beyond the fancy
veil in the name of all kinds of justification you will see its true
face-a money and power game.
I have been working for over 60 years. I segregate news reports into
two categories-those based on facts I certainly would view their criticisms
and opinions with professionalism and objectivity. The others I won't
pay any attention to. I am confident that the people of Hong Kong
know me well. They know that I have worked hard to achieve my success.
As both under the colonial government and at present the SAR government,
my group has never received any special privileges. We have achieved
considerable success in Hong Kong and overseas then and now. We have
investments and operations in 41 countries, and the last time I counted,
our group employs over 150,000 people internationally. I am sure more
people in other countries will understand me now.
All through these years, whether during the colonial administration
or the SAR Government, I have always supported policies that focus
on the economy and the people's livelihood. What saddens me most today
is that Hong Kong is undergoing a difficult economic restructuring,
and what we need is intellectual vigor, innovation and insight, but
some popular media have gone in the opposite direction and are corroding
the public en masse towards intellectual torpor. This is truly regrettable.
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