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Hong Kong elects a surveyor as Chief Executive

Hong Kong: A 1,193-member panel of Hong Kong billionaires, academics and professionals elected Leung Chun-ying, a real estate surveyor, over two other candidates to lead the city, as the next Chief Executive, for the next five years.

According to Bloomberg report, Leung will help shape the city’s economy and relationship with China through 2017, when Beijing has pledged to allow Hong Kong to elect its own leaders. He must also address anger over rising living costs spawned by an influx of money from mainland China and surging property prices that have made Hong Kong the world’s most expensive place to buy a home.

The election committee chose Leung with 689 votes, or 61 percent of ballots cast. His rivals, Tang garnered 285 votes while Democratic Party lawmaker Albert Ho got 76 votes. Leung succeeds Donald Tsang, who has led Hong Kong since 2005.

Leung, a graduate of the Hong Kong Polytechnic, founded his own surveying company in 1993. He became Asia chairman and a director for London-based DTZ Holdings Ltd. in 2006 following a merger between the two companies. Leung resigned last year to run in the election.

At age 31, Leung was appointed by Beijing as a member of the committee to help draft the city’s basic law, which would become Hong Kong’s de-facto constitution after its handover to China in 1997.

Source: Bloomberg