A Hong Kong property tycoon with close ties to the United States says Washington will ultimately regret waging a trade war against China.
The current U.S. policy is short-sighted and destined to fail, said Ronnie Chan, chairman of Hang Lung Properties, with commercial and residential development in Hong Kong, Shanghai and other mainland cities.
It will only push China to develop in a way that is ultimately against American interests, Chan said at the MIPIM Asia Summit, a real-estate industry conference in Hong Kong on Tuesday.
"In fact, If you were to ask me 'who is the biggest loser in the U.S.-China trade war,' I'll tell you it's actually the United States of America," said Chan, a noted philanthropist whose family foundation pledged $350 million to Harvard University in 2014.
In his view, trade is not the biggest factor for the U.S. Rather, it is Washington's longstanding concerns about China's technological development which could become a military threat, including in cyber warfare.