Article and photos courtesy of LIVE IN Magazine | Jul 21, 2010
The money is in realty (Part 2)
We ran through the top 15 richest men from Hong Kong last week. Let's have a look at the rest in the list.
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
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