NYT: Luxury Homes Tie Chinese Communist Elite to Hong Kong’s Fate
Fri August, 2020, Age: 4 years
A NYT investigations shows that three top leaders of China’s Communist Party have relatives who own assets in Hong Kong, including real estate valued at more than $51 million. Members of the Communist nobility are embedded in the fabric of Hong Kong’s society and financial system, binding the former British colony closer to the mainland. By building alliances and putting their money into Hong Kong’s real estate, China’s top leaders have inextricably linked themselves to the fate of the city. The recent passing of a highly controversial national security law could protect these investments by stopping the protests which have wreaked havoc on Hong Kong’s economy for the past year, but it could also expose said properties to sanctions.