Hong Kong tycoons downplay impact of Middle East war on city’s fortunes

Hong Kong tycoons have downplayed the impact of the escalating Middle East conflict on the city, while expressing confidence in the region’s economic outlook amid continued strikes by the United States and Israel on Iran and Tehran’s retaliatory attacks.Speaking to the media in Beijing on the sidelines of the “two sessions” – the nation’s annual parliamentary meetings – on Wednesday, New World Development scion Adrian Cheng Chi-kong said the Middle East’s economic prospects remained promising.“Most of the Middle East’s economies are mature; we are cautiously optimistic about their prospects,” the Chinese People’s Political Consultative Conference (CPPCC) member said.The former heir apparent to the Hong Kong property giant also said the city could benefit from turmoil.“If Hong Kong continues as a superconnector between the mainland and the world while cementing its role as an international financial centre, it will emerge as an excellent safe haven for capital,” he said.Adrian Cheng is the former heir apparent to New World Development. Photo: HandoutCheng’s remarks came after US-Israel strikes on Iran disrupted global supply chains and drove up oil prices, as US President Donald Trump warned the war could last four to five weeks.