Kwek Leng Beng

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Kwek Leng Beng
Native name
郭令明
Born1941
ResidenceSingapore [1]
NationalitySingapore
OccupationChairman, Hong Leong Group
Net worth$3.2 billion (January 2018)[1]
Spouse(s)Cecilia Kok
ChildrenSherman Kwek
Kingston Kwek
Parent(s)Kwek Hong Png
RelativesKwek Leng Joo (brother)
Quek Leng Chan (cousin)

Kwek Leng Beng (Chinese: 郭令明; pinyin: Guō Lìngmíng; Pe̍h-ōe-jī: Koeh Lēng-bêng; born 1941)[1] is a Singaporean billionaire businessman. He is the executive chairman of Hong Leong Group Singapore. In 2015, Forbes estimated his net worth to be US$7.4 billion.[1]

Early life[edit]

Kwek's father, the late Kwek Hong Png left Tongan, Fujian province, China as a penniless teenager for Singapore and subsequently founded the Hong Leong group there. Kwek Leng Beng was trained as lawyer in London, but chose to join the family business in the early 1960s.

Career[edit]

He became chairman in 1990 and went on to establish an international reputation for his leadership of the Hong Leong Group, which is now a conglomerate with more than 300 companies, including 12 listed ones.

Kwek is the chairman of City Developments Limited (CDL), an international property and hotel conglomerate and the leading real estate developer in Singapore. It operates in 20 countries in Asia, Europe, North America and Australasia. CDL has over 250 subsidiaries and associated companies including 8 companies listed on the stock exchanges of Singapore, London, Hong Kong, Amsterdam, New Zealand and Manila. CDL has a market capitalization of US$5.8 billion and ranks just outside Singapore's top 10 listed companies. It is also the second-biggest property developer in Southeast Asia.

Kwek chairs Millennium & Copthorne (M&C) Hotels, a London-listed international hotel group of which a 53% share belongs to CDL. M&C is ranked 40th among the world's top international hotel groups and has a portfolio of over 120 owned and managed hotels with about 36,500 rooms in 19 countries (including those in the pipeline).[2] In an interview, Kwek mentioned that the Millennium Resort Patong is the first resort operated by the group in Phuket.[3]

Kwek's Hong Leong Group also owns Hong Leong Finance, Singapore's largest finance company, with a network of 28 branch offices. Kwek is a member of the board of trustees of the Singapore Management University. He received an honorary doctorate from Oxford Brookes University. Kwek oversees the Singaporean operations of the Hong Leong Group, while his cousin and fellow billionaire Quek Leng Chan oversees the Malaysian.

Private life[edit]

Kwek is married to Cecilia Kok. The couple's son Sherman is CDL's CEO since January 2018.[4] His younger son Kingston was a private investor in the equity and debt markets who became a venture capitalist.[5][6]

References[edit]

  1. ^ a b c d "Kwek Leng Beng". Forbes. Retrieved 2 January 2018.
  2. ^ M&C Corporate Profile
  3. ^ Editor, eTN Managing (18 January 2008). "Millennium opens in Phuket. - eTurboNews (eTN)". Retrieved 2 January 2018.
  4. ^ "CDL names Sherman Kwek CEO-designate with resignation of Grant Kelley, Q2 profit falls 17.9%". Retrieved 30 August 2017.
  5. ^ Zachariah, Natasha Ann. "Kwek Leng Beng on succession planning: "I can't force (my children) to do things they don't want."". The Peak Magazine. Retrieved 30 August 2017.
  6. ^ "Stocks". Bloomberg.com. Retrieved 2 January 2018.

External links[edit]