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As Beijing seeks to tighten its grip over Hong Kong, it has a new mandate for the city's powerful property tycoons: pour resources and influence into backing Beijing's interests, and help solve a potentially destabilising housing shortage.
>> it is the culmination of a whole career. i mean donald trump was -- has been a pathological but also machiavellian liar for his entire career before he became president into the presidency. this thing, it is the salesman's gift, right, or curse, whatever you want to call it. i mean we know tycoons, aspiring tycoons, people who want to be players in new york society, people who want to -- who got a bridge to sell you, you know, people who play that game from the most legitimate to the least legitimate. they believe their own bs. they can spin just endless spools of it, endless spools of bs, ...
By more than $2 trillion, largely on wealthy people and profitable corporations. but this morning, "the new york times" reports that plan, quote, stopped well short of changes needed to didn't the vast fortunes of tycoons like jeff bezos and elon musk or to thoroughly close the most egreejuous loopholes exploited by high-flying captains of finance. senior house democrats opted to be more mindful of moderate concerns in their party than of its progressive ambitions. the focus on traditional ways of raising revenue, raising tax rates on income rather than targeting wealth itself. the times conti...
>> reporter: socialism with chinese characteristics, as it's called here. the party's returning to its self-acclaimed motto of serving the people. led by an increasingly powerful she ji xi jinping. >> he really wants a disciplined regime, disciplined people dedicated to the party in many ways and in making china strong. >> reporter: and it means weakening some of the country's biggest tycoons. in recent months, beijing has targeted some of china's most successful companies. imposing harsh regulations and fines on ride-hailing company, dd, and tech giants alibaba and ten cent. it's coincided wi...
Communist party, having just celebrated its 100th birthday, is implementing a series of drastic policies, upending everything from multibillion dollar businesses to pop culture. >> it's back to socialism. and the party, i think, wants to remain ahead of the curve. >> reporter: socialism with chinese characteristics, as it's called here, they return to, quote, serving the people led by an increasingly powerful xi jinping. >> he really wants a disciplined regime, a disciplined people all dedicated to the party, in many ways, and making china strong. >> reporter: and it means weakening some of th...