Intro - Byondlicious tycoons in Hong Kong
Property developers have topped a Hong Kong rich list, according to Forbes magazine. The city’s wealthiest are now worth US$135 billion, up from US$82 billion a year ago, but still well below the peak of US$179 billion in 2008.
As China goes, so too does Hong Kong these days, usually for the better but not without risks, as evidenced by the Hang Seng's recent pullback in response to the Chinese government's plans to tighten lending.
This is particularly true for the city's richest businesspeople, who have largely been upping their bets on the mainland, investing billions in buildings, shops and hotels. Peter Woo's Wheelock is finishing construction on one of Shanghai's tallest towers. Hang Lung Group, run by Ronnie Chan, gets 40 per cent of its rental income from Shanghai. Over a dozen of Hong Kong's 40 richest have substantial real estate investments there.
The mainland has also bolstered fortunes in Hong Kong and Macau as affluent Chinese tourists spend their money in the city's stores, hotels and casinos. All of this has helped push up the total net worth of Hong Kong's richest.
Li Ka-shing is again the city's richest, gaining US$5 billion, though still worth a lot less than his 2008 estimate of US$32 billion. Not one list member is poorer. Twenty-four of the returning tycoons added at least 50 per cent to their net worths.
Forbes’ list was compiled using shareholding and financial information obtained from the families and individuals themselves, stock exchanges and analysts. Stock prices and exchange rates were locked in on 22 January. Private companies were valued based on comparison with prevailing earnings or other financial ratios.
1. Li Ka-shing, 81, widowed, 2 children, US$21.3 billion His Cheung Kong paid US$100 million for shares in Russian aluminium maker Rusal ahead of its January Hong Kong listing; his Hutchison Whampoa offered US$545 million to take its telecom subsidiary private. Li's been buying up shares in both firms. Oil firm Husky Energy, in which he has big stake, made another big gas discovery in the South China Sea in 2009.
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| Li Ka Shing |
2. Lee Shau Kee, 82, divorced, 5 children, US$19 billion
Lee's wealth rebounded, thanks in part to doubling share price of his property firm, Henderson Land. Active investor with stakes in such outperfomers as China Shenhua Energy. Chairman of Hong Kong & China Gas, which distributes gas in more than 90 cities.
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| Lee Shau Kee |
3. Kwok family, US$17 billion
Walter, who ran family's property firm Sun Hung Kai Properties for 18 years before being replaced by his two younger brothers, Thomas and Raymond, in 2008, dropped his lawsuit alleging improper dismissal last year and is now a non-executive director. Mother, Kwong Siu-hing, is non-executive chairman. The firm is finishing construction of Hong Kong's tallest building, the International Commerce Centre. It opened a replica of Noah's Ark in Hong Kong in May as a tourist attraction.
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| Kwok family |
4. Cheng Yu-tung, 84, married, 4 children, US$7 billion
His New World Development, which launched a Facebook page in December, reportedly hired bankers for upcoming debt road show. Cheng's personal investment firm bought stakes in Ming Fung Jewelry, New Times Energy, property firm Evergrande.
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| Cheng Yu-tung |
5. Joseph Lau, 59, divorced, 4 children, US$6 billion
One of Hong Kong's biggest landlords kept occupancy rates above 90% at his Chinese Estates despite downturn. Launched first development in Chengdu. Spent $9.5 million for a 7.03-carat blue diamond, which he renamed "Star of Josephine" after youngest daughter.
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| Joseph Lau |
6. Michael Kadoorie, 68, married, 3 children, US$5 billion
Power generator CLP is still core of Kadoorie's wealth, but Hongkong & Shanghai Hotels generated some of best returns last year. It opened the Peninsula in Shanghai, the city where the family got its start before leaving in the wake of the Communist revolution. It took control of the Peninsula in Chicago.
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| Michael Kadoori |
7. Peter Woo, 64, married US$4.2 billion
Wheelock, whose main subsidiary, the Wharf (portfolio includes Hong Kong's Times Square, Harbour City), rebounded along with real estate sector. The group is close to finishing one of Shanghai's tallest structures in prestigious Jing'an district. Its I-Cable is bidding for a free-to-air broadcast licence, the city's third.
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| Peter Woo |
8. Chen Din Hwa, 87, US$3.2 billion
His Nan Fung Group first made money in textiles; it is now a property developer, with interests also in shipping. Partnering with HSBC to invest in property in China, the two recently formed a venture with UK's Tesco to invest in malls. Chen owns minority stake in Sino Land.
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| Chen Din Hwa |
9. William Fung, 60, married, 1 child, US$3 billion
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| William Fung |
10. Victor Fung, 63, married, 2 children, US$2.9 billion
Outsourcing giant Li & Fung just signed an agreement to act as a buying agent for Walmart. Last year, it picked up Liz Clairborne's sourcing operations in Asia, became exclusive sourcing agent for Talbots, and bought children's apparel maker Wear Me and footwear supplier Shubiz. William, who was named to Singapore Airlines board in January, is managing director; brother Victor, a US citizen, is chairman. Possible successor: Victor's son Spencer, an executive director. The brothers own stakes in newly public luxury men’s wear retailer Trinity.
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| Victor Fung |
11. Chee Chen (CC) Tung, 66, married, US$2.89 billion
The family's shipping firm, Orient Overseas, lost US$231 million in the first half of 2009. Its stock jumped in January after it sold US$2.2 billion worth of mainland property. CC has headed Orient since brother Tung Chee Hwa stepped down to lead Hong Kong's government between 1997 and 2005.
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| CC Tung |
12. Ronnie & Gerald Chan, 60/58, US$2.6 billion
Hang Lung Group, the property developer that Ronnie heads, gets more than 40 per cent of its rental income from Shanghai, through such landmarks as Plaza 66. It uses the same digits on other mainland projects in Dalian, Tianjin and elsewhere. Gerald leads the family's Morningside Group, with interests in media, Internet and life sciences.
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| Ronnie Chan |
13. Michael Ying, 60, married, 3 children, US$2.5 billion
The former chief of Esprit steadily reduced his stake in the apparel maker, pocketing close to US$2 billion over time. He retains almost 9 per cent in the company, which just reported its first annual profit decline in a decade. Said to be an amateur palaeontologist, he is married to former Taiwanese actress Brigitte Lin.
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| Michael Ying |
14. Richard Elman, 69, married, 4 children, US$2.3 billion
The British national has run commodities trading firm, Noble Group, from Hong Kong for more than two decades. He recently sold part of his stake to a Chinese-government-owned investment firm; he still has 24 per cent. Elman grew up in Brighton; he quit school at 15. He worked in scrap business in the US, Japan, Thailand, and India. Later, he became the regional director of commodities trader Phibro.
Richard Elman
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5. Patrick Lee, 66, married, 5 children, US$2.25 billion
The net worth of Lee & Man Paper's founder, which dropped from US$3.2 billion to US$485 million last year, has more than quadrupled as stock recovered strongly, making him the year's biggest percentage gainer. The group's delayed Vietnam expansion is apparently back on track.
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| Patrick Lee |
Forbes’ list was compiled using shareholding and financial information obtained from the families and individuals themselves, stock exchanges and analysts. Stock prices and exchange rates were locked in on 22 January. Private companies were valued based on comparison with prevailing earnings or other financial ratios.
16. Michael & Patrick Wu, 72/71, US$2.13 billion
The cousins cashed out at the top of the market, selling the family's Wing Lung Bank, which they ran together, to China Merchants Bank for three times the book value in 2008.
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| Michael and Patrick Wu |
17. Stanley Ho, 88, married, 17 children, US$2.1 billion
The fortunes of Macau and its casino king are rebounding, thanks to the new political leadership in the gambling mecca and hopes for economic recovery. His SDTM (Sociedade de Turismo e Diversões de Macau) bought Mandarin Oriental Hotel in Macau last year, renaming it Grand Lapa. He also has real estate in China. Ho was hospitalised briefly late last year, causing speculation about the succession of his empire.
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| Stanley Ho |
18. Tang Yiu, 74, married, US$2 billion
Tang is the founder of Belle International, China's largest retailer of women's shoes with about 7,000 stores. Its Hong Kong-traded shares tripled this past year on strong consumer spending. Tang and other executives sold some shares in December. He shares his fortune with daughter Tang Ming Wai, the group's executive director, to whom he lately transferred more shares.
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| Tang Yiu |
19. Vincent Lo, 61, married, 2 children, US$1.95 billion
His wealth rebounded thanks to improving fortunes of his property developer Shui On Land, best known for its Shanghai Xintiadi development. He has announced plans to find a successor in the next year though he says he'll remain chairman. He also heads cement producer Shui On Construction. Lo took over two hotels in Shanghai in late December. He is a member of the Chinese People's Political Consultative Conference, and a director at Hang Seng Bank. He remarried, to former Miss Hong Kong 2008, and recently bought a plane.
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| Vincent Lo |
20. Li Sze Lim, 51, married, US$1.9 billion
The stock of Guangzhou R&F Properties, of which he is chairman, jumped along with China's property market. The Math major is a part-time professor at Sun Yat-Sen and Jinan universities.
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| Li Sze Lim |
21. Or Wai Sheun, 58, married, US$1.8 billion
His Kowloon Development recovered from investment losses in 2008 in part through successful sales of luxury projects in Hong Kong, Macau. He is working with Hong Kong's Urban Renewal Authority and Hong Kong Playground Association to create a combination sports stadium, youth centre, commercial complex and residential tower.
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| Or Wai Sheun |
22. David Li, 70, married, 2 children, US$1.55 billion
His Bank of East Asia is back on track after the 2008 run on shares due to discovery of undisclosed derivative trading losses. Its stock soared on news that Malaysian billionaire Quek Leng Chan upped his stake in an apparent takeover attempt. The Bank of East Asia then issued shares to two other banks in a defensive move that diluted existing shareholders.
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| David Li |
23. Francis Choi, 63, married, 3 children, US$1.5 billion
He made his initial fortune in toy manufacturing, and now owns dozens of properties in Hong Kong, including parking lots, malls and homes. His other assets include shares in Regal Hotels, Town Health and cars; he is expecting delivery of a new yacht this year.
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| Francis Choi |
24. Lui Che Woo, 80, married, 5 children, US$1.47 billion
The construction tycoon who got a Macau gaming licence is again a billionaire, thanks to the rebound in his Galaxy Entertainment. He upped the budget of his mega-resort on Cotai by 40 per cent, and plans to look for funding for the resort, now expected to open in 2011. He also leads property firm K Wah International.
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| Lui Che Woo |
25. Helmut Sohmen, 70, married, 3 children, US$1.39 billion
The Austrian national settled in Hong Kong almost 40 years ago. He chairs BW Group, one of the world's largest maritime groups. His wife is the daughter of the late shipping tycoon Yue-Kong Pao.
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| Helmut Sohmen |
26. Richard Li, 42, single, 1 child, US$1.3 billion
His telecom, PCCW, dropped its US$2.1-billion privatisation plan after the deal ended up in court. It later issued a special one-time cash dividend to shareholders, including Li. He formed a joint venture with China's Caijing magazine to start a news service, and is negotiating to buy AIG's asset management business for US$500 million. His girlfriend, Isabella Leong, 21, a former actress, gave birth to a boy in April 2009.
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| Richard Li |
27. Alfred Chan & Edward Tan, 62/66, US$1.29 billion
The brothers, who spell their surname differently, successfully listed in December their luxury department store operator, PCD, which Alfred chairs. Canadians by nationality, the Hong Kong residents already had success with luxury fashion retailer Ports 1961, listed since 2003, which also operates stores in China for BMW.
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| Alfred Chan |
28. Lee heirs, US$1.25 billion
Peter Lee, long-time head of the largest commercial landlord in Hong Kong's busiest shopping district, Hysan Development, died in October. His cousins Anthony Hsien Pin Lee, Chien Lee, and Deanna Ruth Tak Yung Rudgard, with whom he shared the fortune, are overseeing the transition of business founded by their grandfather Lee Hysan.
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| Peter Lee |
29. Hui Sai Fun, US$1.2 billion
With his family, he operates Central Development, the owner of valuable Hong Kong properties, including the Central Building.
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| Hui Sai Fun and wife |
30. Patrick Wang, 59, married, 4 children, US$1.15 billion
His fortune doubled, thanks to the improved outlook for his Johnson Electric, maker of automotive micro motors. He opened a factory in Chennai in January, and secured a US$400-million loan in December to be used to refinance debt. Johnson chief executive, his mother Yik-Chun Koo Wang, is the honorary chairman, with his two brothers and a sister sitting on the board.
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| Patrick Wang |
31. Lo Ka Shui, 62, married, 4 children, US$1.1 billion
The brother of Vincent Lo, he runs property developer, hotel operator Great Eagle, and opened a Langham boutique hotel in Shanghai 2009.
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| Lo Ka Shui |
32. Allan Wong, 59, married, 2 children, US$1.06 billion
He co-founded Video Technology in 1976 to make home TV game consoles. Today VTech, which he heads, is one of world's largest makers of cordless phones, and is number one in the US. It also makes electronic educational toys.
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| Allan Wong |
33. George Wong, 58, US$1.05 billion
He and three brothers own property developer Chyau Fwu Group, with hotels and residences in Asia and Europe. His father built up the family business in Taiwan before moving its headquarters to Hong Kong.
34. Pong Hong Siu Chu, 88, widowed, 7 children, US$1 billion
She co-founded Shiu Wing Steel with her late husband, Pong Ding Yuen, in 1950. It is now Hong Kong's only remaining steel producer. Most of the family fortune comes from its 1997 property sale. Despite her age, she still goes to the office.
Source: forbes.com
