Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    ;
    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Finance > Analysis-Hong Kong fire poses test for China's grip on the city
    Finance

    Analysis-Hong Kong fire poses test for China's grip on the city

    Analysis-Hong Kong fire poses test for China's grip on the city

    Published by Global Banking and Finance Review

    Posted on November 27, 2025

    Featured image for article about Finance

    By Greg Torode and Antoni Slodkowski

    HONG KONG/BEIJING (Reuters) -A huge fire still burning in a Hong Kong high-rise apartment complex that has killed at least 55 people with almost 300 missing poses the biggest test of Beijing's grip on the city it has transformed since the mass pro-democracy protests of 2019.

    Under sweeping legislative changes, pro-democracy voices and other critics have been silenced and elections limited to “patriotic” candidates, with the next legislative council poll set for December 7.

    The fire struck as Hong Kong braces for the sentencing of media tycoon Jimmy Lai - the most prominent of hundreds of pro-democracy figures and activists facing lengthy jail terms under national security and protest-related charges.

    "I think Beijing is attaching great importance to two issues - number one, how will the government handle this tragedy? And secondly, will we see a changing perception of the citizens on the Hong Kong government," said Sonny Lo, a political scientist who has written several books on Hong Kong politics.

    "The government has done well on national security, but national security includes a human security dimension."

    The leadership of both the Hong Kong government and China's Communist Party moved quickly to show they attached utmost importance to the tragedy, with police targetting the construction company in charge of the renovations.

    Hong Kong's sky-high property prices have long been a trigger for discontent and the tragedy could stoke resentment towards authorities despite their efforts to tighten political and national security control, analysts said.

    From faulty fire alarms to workers smoking cigarettes and the risks of traditional bamboo scaffolding, many residents questioned whether risks were ignored and safety systems installed and operational.

    As they huddled in shelters, some criticised what they saw as negligence and cost-cutting as a cause of the fire, echoing similar sentiments online.

    Around 10 p.m. on Wednesday night - with flames still shooting out of windows - Chinese President Xi Jinping in Beijing urged an "all-out effort" to extinguish the fire and to minimise casualties and losses, according to state media reports.

    Xi "expressed sympathy to the families of the victims and those affected by the disaster" and "attached great importance to the accident and immediately sought updates on the rescue efforts and casualties."

    Four hours later, Hong Kong leader John Lee held a news conference after touring shelters for survivors of the blaze.

    Some 4,600 people live in the complex's eight towers, seven of which caught fire.

    "The priority is to extinguish the fire and rescue the residents who are trapped," Lee said. "The second is to support the injured. The third is to support and recover. Then, we'll launch a thorough investigation."

    But at 5:54 a.m., only three hours after Lee's news conference and before the fire was fully under control, police announced the cause of its spread and said three officials from the construction company had been arrested.

    As well as the towers being covered with sheets of protective mesh and plastic that may not meet fire standards, some windows on one unaffected building were sealed with a foam material that had been installed by a construction company carrying out maintenance work, police said.

    "We have reason to believe that the company’s responsible parties were grossly negligent, which led to this accident and caused the fire to spread uncontrollably, resulting in major casualties," said Eileen Chung, a Hong Kong police superintendent.

    Three men from the construction company, two directors and one engineering consultant, had been arrested on suspicion of manslaughter over the fire, she added.

    QUESTIONS OF ACCOUNTABILITY

    While protests are relatively tightly controlled in Hong Kong, a full range of online forums remain accessible and are likely to offer an early barometer of the public mood.

    Analysts say public anger and concern may spread beyond the construction firms to the government's fire safety and building regulators and pressure is likely to build for extensive and open investigations into what happened.

    Traditionally, the Hong Kong government has staged open inquiries into large-scale tragedies, often headed by an independent judge.

    One comparison raised by experts is a commission of inquiry into a fire in a Kowloon commercial building that killed 41 people in 1996, a year before the handover of Hong Kong from Britain to China.

    That inquiry sparked new building and fire safety laws and regulations. But it may no longer be enough.

    "I believe we need to seriously review fire safety and site safety management across the entire industry, including government oversight," said Chau Sze Kit, chairman of the Hong Kong Construction Industry Employees General Union.

    (Reporting by Greg Torode in Hong Kong and Antoni Slodkowski in Beijing; additional reporting by Clare Jim, David Lague and James Pomfret in Hong Kong; Editing by Kate Mayberry)

    Related Posts
    Fitch places Euroclear Bank on 'rating watch negative' over EU's Russian asset plans
    Fitch places Euroclear Bank on 'rating watch negative' over EU's Russian asset plans
    Oil jumps over 1% as Trump orders blockade of sanctioned oil tankers leaving, entering Venezuela
    Oil jumps over 1% as Trump orders blockade of sanctioned oil tankers leaving, entering Venezuela
    UK to provide financial support to save its last ethylene plant
    UK to provide financial support to save its last ethylene plant
    Polestar secures $600 million loan from majority owner Geely Holding
    Polestar secures $600 million loan from majority owner Geely Holding
    Man, couple who died trying to stop Bondi Beach attackers praised for heroic efforts
    Man, couple who died trying to stop Bondi Beach attackers praised for heroic efforts
    Analysis-Consumer goods firms cut CEO tenures short in push for growth
    Analysis-Consumer goods firms cut CEO tenures short in push for growth
    BAE Systems halves stake in Kazakh carrier Air Astana
    BAE Systems halves stake in Kazakh carrier Air Astana
    Tesla ramps up battery cell investments at German gigafactory
    Tesla ramps up battery cell investments at German gigafactory
    Stellantis says EU proposals fall short on auto industry's energy transition needs
    Stellantis says EU proposals fall short on auto industry's energy transition needs
    OpenAI taps former UK finance minister Osborne to lead global Stargate expansion
    OpenAI taps former UK finance minister Osborne to lead global Stargate expansion
    US threatens countermeasures on European service providers after EU fines
    US threatens countermeasures on European service providers after EU fines
    EU drops 2035 combustion engine ban as global EV shift faces reset
    EU drops 2035 combustion engine ban as global EV shift faces reset

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    Previous Finance PostWacker Chemie to cut more than 1,500 jobs, blaming high energy prices, German red tape
    Next Finance PostFrench antitrust watchdog dismisses complaint filed against Microsoft

    More from Finance

    Explore more articles in the Finance category

    Volkswagen welcomes EU move to drop combustion engine ban

    Volkswagen welcomes EU move to drop combustion engine ban

    Incoming Kraft Heinz CEO says he reserves right to improve split

    Incoming Kraft Heinz CEO says he reserves right to improve split

    FCAS fighter jet "very unlikely" after ministers' talks, source says

    FCAS fighter jet "very unlikely" after ministers' talks, source says

    Campari's parent company settles tax dispute with 405 million euro payment

    Campari's parent company settles tax dispute with 405 million euro payment

    Universal offers to sell Downtown's Curve to win EU approval, source says

    Universal offers to sell Downtown's Curve to win EU approval, source says

    Auto sector divided as EU unveils plans to undo 2035 combustion engine ban

    Auto sector divided as EU unveils plans to undo 2035 combustion engine ban

    Italy's offshore wind push languishes, putting climate goals at risk

    Italy's offshore wind push languishes, putting climate goals at risk

    New Rome metro stations showcase ancient treasures after years of delays

    New Rome metro stations showcase ancient treasures after years of delays

    Exclusive-California Pizza Kitchen reaches buyout deal, names new leadership

    Exclusive-California Pizza Kitchen reaches buyout deal, names new leadership

    Greeks protest against low wages ahead of 2026 budget vote

    Greeks protest against low wages ahead of 2026 budget vote

    AI boom seen lifting chipmaking equipment sales 9% to $126 billion in 2026

    AI boom seen lifting chipmaking equipment sales 9% to $126 billion in 2026

    New Czech government signals tough stance on migration, EU emissions rules

    New Czech government signals tough stance on migration, EU emissions rules

    View All Finance Posts