Due to protests in China, which have been going on for several months, its richest residents lost about $19 billion, because the shares of many companies collapsed.
Bloomberg claims that prolonged mass protests have had a negative impact on Hong Kong’s economy. Public speaking out against the Chinese authorities led to the fact that the shares of many companies collapsed and many of China’s richest people lost billions of dollars.
According to the daily Bloomberg Billionaires Index, the ten richest tycoons whose income comes from companies registered in Hong Kong have fallen by $19 billion since July 23. For example, Li Kashin, who is Hong Kong’s richest resident, fell 9 percent to $2.7 billion. Hong Kong’s stock market has been falling for nine consecutive days. This is the worst result since the city, formerly a British colony, was given to China in 1997.
The losses were caused by a trade war between the United States and China. Earlier it was reported that several hundred flights, both arriving and departing, had been cancelled in Hong Kong. This is due to the fact that the air traffic controller joined the general strike. On 5 August, there was only one runway at Hong Kong airport.
Recall, the protests in Hong Kong are related to the local population’s rejection of amendments to the extradition law, under which the city would begin to extradite to the authorities of mainland China, Macau and Taiwan wanted, as well as suspected of committing crimes, including political crimes.