One of the richest people in Hong Kong has lost $1 billion over the course of the 10-week protests, and now he's joining the chorus of wealthy citizens calling for the protests to end

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Protests have disrupted life in Hong Kong for 10 weeks, closing streets, causing volatility in the stock market, and disrupting flights at its airport. Several of the city's wealthiest citizens have had enough, including billionaire real-estate developer Peter Woo.

"It's time to think deeply," Woo, the former chairman of real estate developer Wheelock and Co. wrote in the Hong Kong Economic Journal on August 12, according to Bloomberg. "Going against the extradition bill was the 'big tree' of this movement. This one and only big appeal has already been accepted by the government, so this tree has fallen."

Over $1 billion has been wiped off of Woo's personal net worth since the protests began, according to Bloomberg. Woo is now worth $11 billion. According to the Bloomberg Billionaire Index, Woo is the eighth-richest person in Hong Kong.

Swire Pacific, the owner of airline Cathay Pacific — the flag carrier of Hong Kong — also released a statement on August 13 calling for an end to the protester's "illegal activities and violent behavior."

"Swire Pacific is deeply concerned by the ongoing violence and disruption impacting Hong Kong," the Hong Kong-based conglomerate said in the statement. The company also said it supports law enforcement and Hong Kong Chief Executive Carrie Lam "in their efforts to restore law and order."

Read more: One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths

The real-estate developer run by Asia's third-richest family, the Kwoks, has also called for an end to the unrest. "The recent series of violent acts to challenge the rule of law have damaged Hong Kong's economy and seriously affect citizens' daily life," Sun Hung Kai Properties said in a statement, according to a translation by Bloomberg. The Kwok family is worth $40.4 billion, according to Forbes.

The net worths of Hong Kong's billionaires are unusually sensitive to market volatility, Business Insider previously reported. In 2018, Hong Kong's high net worth population experienced the steepest drop in collective wealth of any region worldwide, according to French technology consulting firm Capgemini. The net worths of Hong Kong's wealthiest residents fell 13% in 2018, compared to the global average of 3%, according to Capgemini.

Thousands took to the streets of Hong Kong beginning in July over an extradition bill with mainland China but have since expanded their focus to police actions and their democratic system, Business Insider previously reported. Protesters blocked departure gates in Hong Kong's airport on August 13, causing hundreds of flights to be canceled. The protesters held signs apologizing to would-be passengers, saying they are "fighting for our freedom."

On Wednesday morning, ABC News reported, flights at the airport resumed.

MofongoForever on August 15th, 2019 at 02:14 UTC »

He really hasn't lost anything. It is a paper loss, a reduction in the value of his buildings. The people losing here are those who get paid by the hour to work (or commissions), can;t work and are thus earning no cash earnings. Many of those people are protesting.........so they seem to think the protests worth the hit to their pocketbooks.

kelvindegrees on August 15th, 2019 at 01:35 UTC »

Nonviolent protests only work when they disrupt the lives of those you're protesting against. That is the point, it always has been.

Nonviolent protests work because they shut things down. Strikes work because they shut things down.

Vicar_Amelia_ on August 14th, 2019 at 23:14 UTC »

So...

Rich people complaining about losing a fraction of a fraction of their money

V.S.

Citizens protesting about losing human rights and freedom

Edit: It's the value of his assets dropping. So when can I complain about the almost-20% decrease in value of my £ saving?!?! Or am I not rich enough to make a fuss?