Cheng Yu-tung

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Cheng Yu-tung
GBM
Born (1925-08-26)August 26, 1925
Shunde, Guangdong, Republic of China
Died September 29, 2016(2016-09-29) (aged 91)
Hong Kong
Net worth Decrease US$16.6 billion (February 2016)[1]
Spouse(s) Chow Tsui-ying (m.1943)
Children Henry Kar-shun, Peter, Amy, Lai-ha
Relatives Chow Chi-yuen (father-in-law), Adrian Cheng Chi-kong (grandson)

Cheng Yu-tung GBM (simplified Chinese: 郑裕彤; traditional Chinese: 鄭裕彤; pinyin: Zhèng Yùtóng; Sidney Lau: Jeng6 Yue6 Tung4; 8 August 1925 – 29 September 2016) was a Hong Kong billionaire with extensive property investment, development and service businesses, hotels, infrastructure, jewellery retailing and transportation interests in Hong Kong, Macau, United States, Australia and elsewhere.

Early life[edit]

Cheng was born in rural Shunde District in Guangdong, the son of a tailor, and fled to Macau in 1940, ahead of the advancing Japanese occupation force. The goldsmith owner of the Chow Tai Fook store there took him on as an apprentice and he eventually married the boss's daughter. They moved to Hong Kong in 1946 and opened the company’s first store there.[2]

Business career[edit]

He founded and owned Chow Tai Fook Enterprises, a conglomerate which operates the Sheraton Marina hotel and controls the publicly listed property developer New World group, which Cheng founded in 1970. Cheng’s wealth originated from his jewellery business, Chow Tai Fook.[3] Cheng’s grandson, Adrian Cheng Chi-kong, is set to inherit part of Chow Tai Fook and the Hong Kong-listed New World group, active in property and infrastructure.[4] He also had interests in Shun Tak Holdings, and Macau casino operator Sociedade de Turismo e Diversoes de Macau, owned by Stanley Ho.

Cheng was a one-time real-estate investment partner of Donald Trump.[2]

Shortly before his death, Forbes listed him 58th wealthiest in the world and 3rd in Hong Kong with US$16.6 billion,[1] and was at one time listed by Bloomberg as high as 34th.[5][6]

Cheng also served on the board of Hang Seng Bank, Hong Kong's third-largest bank.

He represented the Kingdom of Bhutan in Hong Kong, serving as the honorary consul for the country.

He had four children, the eldest of whom, Henry Cheng, born 1946, is chairman of New World Development and related businesses.[7]

Death[edit]

Cheng spent the last four years of his life in bed after suffering a brain haemorrhage in 2012 and undergoing a major operation. He was unconscious before he died.[6]

References[edit]

  1. ^ a b "The World's Billionaires". Forbes Media, LLC. Retrieved 1 October 2016. 
  2. ^ a b Chow, Jason; Fong, Dominique (30 September 2016). "Cheng Yu-tung, Hong Kong Jewelry, Real Estate Tycoon, Dies". The Wall Street Journal. Retrieved 1 October 2016. 
  3. ^ Forbes "#4 Cheng Yu-tung", Forbes
  4. ^ Alex Frew McMillan "Still in Control, Hong Kong Property Tycoons Face a Younger Generation", CNBC, 24 October 2011
  5. ^ "Bloomberg Billionaires Index". Bloomberg LP. 
  6. ^ a b Hong Kong billionaire tycoon Cheng Yu-tung dies aged 91, Coconuts, 30 September 2016
  7. ^ Top 10 richest Chinese in the world

Further reading[edit]

External links[edit]

Business positions
Preceded by
Deacon Chiu
Chairman of the Asia Television
1989–1990
Succeeded by
Wong Po-yan
Order of precedence
Preceded by
Henry Hu
Recipient of the Grand Bauhinia Medal
Hong Kong order of precedence
Recipient of the Grand Bauhinia Medal
Succeeded by
Chan Sui-kau
Recipient of the Grand Bauhinia Medal