A billionaire from Hong Kong, Cheng Yu-tung GBM (26 August 1925 – 29 September 2016).
He had vast holdings in real estate, development, and service companies, as well as hotels, infrastructure, retail jewellery, and transportation in Hong Kong, Macau, the United States, Australia, and other places. At the time of his passing, he was ranked as the third richest man in Hong Kong.
Cheng Yu-tung Bio/Wiki
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Dr Cheng Yu-Tung was born in mainland China’s Guangdong Province in 1925. He left the mainland at the early age of 13 to escape war, like many other Hong Kong residents of his generation. He began his career as an apprentice at the original Chow Tai Fook gold jewellery store in Macau, which was run by Mr Chow Chi-Yuen, a personal friend of his father.
He was given the responsibility of managing day-to-day activities in 1943 after being promoted to the position of manager. He wed Ms Chow Tsui-Ying, the son of Mr Chow Chi-Yuen, the same year. Dr Cheng Yu-Tung relocated to Hong Kong in 1945 and started working for a Chow Tai Fook location.
In 1956, he took over the management of the jewellery industry. With the post-war economic boom in Hong Kong, the company prospered. Chow Tai Fook rose to the top of the jewellery industry, and its business prospered with each passing day, particularly after Dr Cheng Yu-Tung invented the guarantee of 999.9 gold purity, which later became the industry standard.
Dr Cheng Yu-Tung started making investments in the real estate sector in the 1950s. To enter the Hong Kong real estate development market, New World Development Company Limited was established in 1970.
Cheng Yu-tung Personal Life
The daughter of Chow Chi-yuen, Chow Tsui-Ying, was married to Cheng in 1943. Cheng relocated to Hong Kong with his family in 1946. Henry, Peter, Amy, and Lai-ha Cheng were the four children of Cheng. Cheng decided to transfer his ownership interests in the company to the following generation after suffering a stroke in 2012.
Henry, Cheng’s son, succeeded him as the chairman of the companies that are currently operating. The second son, Peter Ching, is the executive director of New World China Land. His lawful in-law William Doo serves as the chairman of the New World Development. Mr Cheng had a reputation for being amiable and soft-spoken, and he was a well-known poker player and golfer.
He was friends with other Hong Kong millionaires, such as Stanley Ho, the owner of a Macau casino, and Lee Shau Kee, the CEO of Henderson Land Development Co. He frequently appeared on Hong Kong’s streets, posing for pictures with members of the local press.
His professional career was launched at the Chow Tai Fook Jewellery Company Limited. The group presently operates more than 2000 retail locations. Chai Tai Took Enterprises, a conglomerate that was formed from Tung’s business, was established. The establishment of the Sheraton Marina hotel was a significant accomplishment.
The business, which was created in 1970, is now officially known as the New World group. The company has a wide range of properties in Hong Kong, including retail establishments, real estate, and many more. Recently, the company took control of Manhattan’s Carlyle Hotel.
Additionally, Cheung Yu Tung purchased shares of the Sociedade de Turismo e Diversoes de Macau and Shun Tak Holdings. On the academic front, Cheng has degrees in DPMS, LLD with honours, DBA with honours, and DSSc with honours. Since May 2004, he has held the position of Honorary Consul of Bhutan in Hong Kong.
Additionally, he represents the mayors of Beijing, Wuhan, and Foshan as a member of the International Business Leaders Advisory Council. Cheng was also given the Chevalier de la Legion d’Honneur and the Commandeur de L’ordre des Arts et des Lettres by the French government.
Cheng Yu-tung Controversy
After the wars began in 1938, one of the wealthiest men in Hong Kong, Cheng, worked at Chow Tai Fook in Macau. He later married Chow’s daughter, Chow Chui-Ying, in 1943, and took over the family jewellery business in 1956. In the latter half of the 1960s, Cheng made a significant amount of real estate purchases in Hong Kong.
In 1970, he created New World Development. After news reports indicated that the engineering consulting business it hired, Arup Group, utilized sensitive government information in the developer’s application to build opulent residences in the region, the company was recently drawn into the Wang Chau scandal.
According to the company’s website, New World Development engages in the development of real estate, infrastructure, retail, and hotels. The asset value of its entire portfolio is estimated to be over HK$392 billion. Furthermore, Wen Jiabao, a former Chinese premier, and Cheng have strong ties.
According to a 2012 New York Times article, Wen’s relatives and Cheng’s associates co-invested in Sino-Life and Ping An Insurance, among other corporate firms, in which Cheng and his friends also had ownership stakes. In a diamond company supported by Wen’s kin, Cheng also invested. In 2012, Cheng gave his son Henry Cheng Kar-shun the titles of managing director and chairman of the board of New World Development.
Chow Tai Fook Enterprises
The Chow Tai Fook group is a privately held conglomerate with operations in a variety of industries, including jewellery, real estate development, hotels, department stores, transportation, energy, telecommunications, ports, casinos, and others. Even though the group’s holding companies, such as Chow Tai Fook Capital Limited, Chow Tai Fook (Holding) Limited, Chow Tai Fook Enterprises Limited, etc. are privately held, the group has had some of its shares listed on the stock market through associate company New World Development and subsidiary Chow Tai Fook Jewellery Group Limited.
According to the Stock Exchange of Hong Kong’s market capitalization as of December 31, 2018, which was $105.68061 billion, New World Development was the 47th-largest business. It is unknown how big the Chow Tai Fook corporate empire’s unlisted sector is, though. You can’t look at [Cheng] without looking at the private side of the business and his capacity to identify promising investment prospects, according to one banker of the Cheng Yu-tung family, who was reported by the Financial Times.
The Rosewood Hotel Group, Alinta Energy, situated in Australia, and the Loy Yang B power plant, which were both bought in 2017, are notable unlisted companies that belong to the group. The late Chow Chi-yuen, the founder of Chow Tai Fook Jewellery, and his late son-in-law, director of Chow Tai Fook (Holding), Henry Cheng, are the owners of Chow Tai Fook Capital.
They were also the parents of the current chairman of the Chow Tai Fook Jewellery Group. In 1956, Chow Chi-son-in-law yuen’s Cheng Yu-tung succeeded him in running the business empire. After the Marxist riots in Hong Kong in 1967 broke out, several Chow sons departed the country, including the architect Stephen Chow Shue-tong who moved to Canada. The Chow Tai Fook group’s real estate sector was established in the 1960s with assistance from Stephen Chow.
The group under Cheng’s leadership was developed into a multifaceted empire with holdings in retail jewels, real estate, hotels, travel, public utilities, and other industries. In Sham Shui Po, Kowloon, at 265-275 Tai Nan Street, Chow Tai Fook Jewellery constructed a residential building.
Also in honour of Tai Fook, the structure bears his name. The group, under Chow Tai Fook Enterprises, also made private investments in hotels and real estate; the real estate sector eventually became the publicly traded corporation New World Development. Chow Tai Fook Enterprises Limited, one of the group’s major holding companies, was established in British Hong Kong on August 10th, 1966, while New World Development Business Limited, the group’s flagship listed company, was established there in 1970.
A new holding company for the jewellery division was established in the Cayman Islands and listed in the Hong Kong S.A.R., now a part of China, as Chow Tai Fook Jewellery Group Limited in 2011. The chain of jewellery stores was first established in British Hong Kong in 1961 as Chow Tai Fook Jewellery Company Limited.
Chow Tai Fook Capital Limited and its subsidiary Chow Tai Fook (Holding) Limited are the other two parent firms that make up the group as of 2018. In the British Virgin Islands, they were incorporated. Parents of Chow Tai Food Enterprises and Chow Tai Fook Jewellery Group are Chow Tai Fook (Holding) and Chow Tai Fook Enterprises, respectively.
Cheng Yu-tung Net Worth
Cheng Yu-net tung’s worth is $16.6 billion. He is an Asian businessman. Cheng Yu-tung is among the wealthiest individuals in Hong Kong thanks to his net worth. Cheng Yu-tung, who was born in Shunde, Guangdong, Republic of China, currently resides in Hong Kong.
He was the CEO of the family-run real estate development company New World Development up until recently. He started in business for himself with Chow Tai Fook, a jeweller. Chow Tai Fook developed into Chai Tai Fook Enterprises and engaged in several business initiatives, including acting as the holding company for New World Development.
Currently, Chow Tai Fook and New World Development are the owners of numerous properties, including five luxury hotels, in Hong Kong, Macau, and other countries. The business most recently acquired Manhattan’s Carlyle Hotel. The Sheraton Marina hotels are also run by the corporation.
He works with Chow Tai Fook in addition to being an honorary consul for Bhutan and a member of the Hang Seng board, which is the third-largest bank in Hong Kong. In the first few months of 2012, he made his retirement official and gave his son the reins.
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How much was the net worth of Cheng Yu-tung?
$16.6 Billion (as of death)
Who was Cheng Yu-tung wife?
What was Cheng Yu-tung age?
91 years (at the time of death)
What was the name of the Cheng Yu-tung firm?
Chow Tai Fook Jewellery Company Limited