TNAG-2190-FCO40-3127-Hong-Kong-nationality-package-1990 — Page 182

SECRET

2

Top Businessmen (para. 1 . Appendix I)

2.

in the

Shaw.

We have conside ed very carefully how we should deal with the very small numer of top people in the private sector who, by virtue of the economic clout that they command and the number of people they employ, are the cornerstones of both the economy and of confidence in the territory. They include people league of Mr. LI Ka-shing, Sir Y. K. Pao and Sir Run Run They are highly visible local personalities. Their presence in Hong Kongis perceived by many to be the real guarantee for continued business confidence in the territory. Indeed their departures would cause widespread repercussions in the local financial markets and hence the general public perception of imminent debacle of the local economy. Ironically, these people for a variety of reasons may not apply or qualify (largely because of their age) under the General Allocation Scheme. They might consider it derisory to submit themselves to be assessed under a points system and to reveal their financial assets in the process. They would not apply if they felt that there was any likelihood of failure. It is thus proposed to deal with them in a very special way under the General Allocation Scheme as follows:

"In considering the claims of key persons in Hong Kong under the General Allocation Scheme, the Steering Group will be required to deal with a very small number people whose emigration from Hong Kong is likely to have an adverse effect on business and public confidence. Each one of them is known internationally

in his field of business with extensive investment locally and employing a vast number of people in Hong Kong. Indeed they personify the success and prosperity of modern Hong Kong. For this select group of people, numbering about 50 in the whole of Hong Kong, it would not be appropriate to consider their individual merits under a points system. It is proposed that the Steering Group should identify these individuals as soon as the General Allocation Scheme is launched, and invite them to apply under the scheme. These people are exceedingly mobile and it is thus important for the Steering Group to take the initiative to ensure that they remain in Hong Kong for the foreseeable future before they decide to emigrate. On receipt of their applications, the cases will be submitted forthwith to Home Secretary for consideration on the recommendation of the Governor."

the