ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / ECONOMY & WORK

A politician spent a whopping $1.1 million on his election campaign. He was the only one contesting.

The politician even found a way to circumvent heavy US sanctions that prevented him from having a bank account.
PUBLISHED OCT 21, 2024
A female journalist with a microphone interviewing a businessman | (Cover image source: Getty Images | Photo by bluecinema)
A female journalist with a microphone interviewing a businessman | (Cover image source: Getty Images | Photo by bluecinema)

From massive rallies to TV commercials and promotions on social media, election campaigns in this day and age cost a lot of money, and even billionaires are funding presidential candidates. At the same time, if a candidate has no opponent and needs to make zero effort to win, there isn't any need for an expensive campaign. But Hong Kong's Chief Executive John Lee felt differently when he ran for the post back in 2022 and raised a whopping $1.4 million in cash for his campaign, out of which he even spent $1.1 million. Along with his non-existent opponents, he also beat the U.S. sanctions imposed against him.

 Hong Kong chief executive John Lee delivers his policy address | Getty Images | Photo by Anthony Kwan
Hong Kong chief executive John Lee delivers his policy address | (Image source: Getty Images | Photo by Anthony Kwan)

Here's What he Spent his Funds on

The former security chief, who is widely regarded as a hardliner and staunch Beijing loyalist, was the only person allowed by Beijing to run for the city’s top legislative post, as per Fortune. A special committee approved his candidature in a bid to ensure that only “patriots” take part in the city’s elections.



 

Even though his victory was inevitable, Lee went on to raise HK$11.3 million ($1.4 million at the time) in donations from pro-Beijing businesses and communities, according to official filings, The Guardian reported. He then went on to spend $1.1 million on advertisements, gatherings, office rent, and transportation.

The bulk of the advertising costs were spent on social media promotions that included Facebook and Instagram posts, which often featured cartoons with quotes detailing his proposed policies with the tagline “Brother Chiu can help you”, referring to Lee’s Chinese name Lee Ka-Chiu.



 

Running unopposed, Lee spent as much as six times more on social media compared to the previous chief executive Carrie Lam, who defeated two opponents in 2017.

The unused funds from Lee's campaign were donated to the local charity called the Community Chest of Hong Kong, according to the filing. While such expenses for a one-sided campaign did raise eyebrows, nothing illegal or fraudulent about it was reported. Under Hong Kong’s election laws at the time, the maximum that a chief executive candidate could spend on an election campaign was $17.6 million.

) A view of the Victoria Harbour in Hong Kong | Getty Images | Photo by Lo Ka Fai/China Photos
A view of the Victoria Harbour in Hong Kong | (Image source: Getty Images | Photo by Lo Ka Fai/China Photos)

An Unusual Campaign

While spending so much while running unopposed is bizarre enough, what's more peculiar is that Lee did it while facing heavy U.S. sanctions. In 2020 the U.S. imposed sanctions on 11 Hong Kong and mainland Chinese officials, alleging that they "undermined" Hong Kong's autonomy. Since Lee was one of the sanctioned officials, he was prevented from having a bank account. Thus, Lee raised and spent the funds on his campaign in cold hard cash.



 

“The fact that a candidate ran an election campaign, and took and spent money without banking services due to U.S. sanctions, is unheard of,” former lawmaker Kenneth Chan told Bloomberg.



 

Lee continues to serve as Hong Kong's chief executive to date and he recently delivered his third annual policy address with pledges to reform security with a focus on livelihood issues. Lee has stated that his goal is to position the city as a global hub.

MORE ON MARKET REALIST
A post on X could move trillions of dollars due to the power that retail investors hold
15 hours ago
Despite a poor start, the contestant came close to winning the big prize.
16 hours ago
The retailer had to face big losses as customers abused the no questions asked return policy.
18 hours ago
The President is reportedly looking to pass tax breaks using reconciliation.
18 hours ago
"Monetary policymakers would face tradeoffs between unemployment and inflation," Fed governor said.
18 hours ago
Florida Hardware purchased these treats and distributed them to feed stores in Alabama, Florida, Georgia, North Carolina, and South Carolina.
18 hours ago
The Democrats will make affordability a huge campaign issue ahead of the November elections.
19 hours ago
He believes that the situation is similar to what the country witnessed before the 2008 crash.
21 hours ago
A new report suggests the investment led growth had made the rich richer and put pressure on workers
1 day ago
The low-middle class of the country is feeling the crippling pressure of the affordability crisis
1 day ago
Thankfully, no illness or injury has been reported yet because of the foreign objects.
1 day ago
The OpenAI boss believes that it is impossible to scale such a model at this moment.
1 day ago
He asked Americans to forget about the stimulus checks until the tariffs issue is dealt with.
1 day ago
The technology will see millions out of jobs, cutting their spending power by a huge margin.
1 day ago
He spoke about the 5% wealth tax proposed in California as a starting point.
2 days ago
Child care costs are a major concern in Pennsylvania’s 7th District.
2 days ago
The Shark Tank investor believes that the new Mayor would tax people into oblivion.
2 days ago
The President's tariffs were recently adjudged illegal by the US Supreme Court.
2 days ago
“If Wendy’s wants to stay competitive, it needs mouthwatering vegan options—not another animal on the menu,” PETA president Tracy Reiman stated.
2 days ago