Rags-to-riches tales in Hong Kong
0 Comment(s)
Print
E-mail China.org.cn, July 4, 2012
Cheng Yu-tung
 |
|
Cheng Yu-tung became a controlling shareholder of Rongsheng Heavy and Xinjiang Goldwind Science last year. [File Photo] |
Cheng's wealth originated from his jewelry business. His Chow Tai Fook Jewelry set up its 1,000th chain store in Beijing in November last year. Due to the tax increases of real estate transaction in Hong Kong, his New World Development's performance was far from ideal. Cheng became a controlling shareholder of Rongsheng Heavy and Xinjiang Goldwind Science last year.
Wars put an end to Cheng's middle school life and his family fled to Macau when he was young. In 1940, Cheng came to his future father-in-law's gold shop as an apprentice. Hard-working and honest, Cheng soon became a professional businessman. The quick-minded man often learned from others' strong points and closed the gap. He was promoted to shop supervisor three years later, when he got married to Chow's daughter. After that, he worked even harder, assisting his father-in-law in all aspects. In 1946, Cheng was sent to Hong Kong to start a branch store. He opened a chain gold store at No. 148, Queen's Road.
He began his investment in real estate in 1952, when he built a villa in a race track. He also constructed the Hong Kong Building in downtown Causeway Bay. In 1968, his real estate business reached its peak. In 1970, Cheng and some other business tycoons set up New Word Development Company. Holding 57 percent of its shares, Cheng marched into the real estate industry in a sweeping manner.
Go to Forum >>0 Comment(s)