Hong Kong's billionaires should give up power to save the city

Government must act to reduce oligarchs' control in face of protests

William Pesek

August 19, 2019 03:00 JST

20190816 Victoria Harbor riot police.jpg

Riot police blocks part of the promenade on Victoria Harbor Central on June 12: breaking up property monopolies is a good first step to narrow the rich-poor divide. © LightRocket/Getty Images

If ever billionaires faced a no-win situation, this is it for Hong Kong tycoons.

For two months, the elite stayed eerily silent about the biggest protests in the city's history. Crossing political benefactors in China could be bad for their fantastically profitable monopolies.