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Hong Kong: A booming property sector and close ties to China’s economy is fueling Hong Kong's has created more billionaires in the territory compared to a decade ago.
Forbes Asia which used to list the net worth of Hong Kong and Taiwanese tycoons together, had to issue a separate top 40 list this year.
The inaugural list of Hong Kong’s richest features 16 new faces, including not just citizens but also long-time residents and together, their combined wealth is US$179 billion.
"This list underscores the fact that Hong Kong, 10 years after its return to China, has kept its niche as one of the world's best conduits for business and investment between mainland China and the rest of the world," said Russell Flannery, Forbes senior editor. "That isn't likely to change anytime soon."
The richest of the rich is Li Ka-shing, 79, head of Cheung Kong Holdings and Hutchison Whampoa. The self-made billionaire is worth $32 billion, an increase of $10 billion over last year. In absolute dollar amounts, his is the biggest individual gain on the list. Li’s Cheung Kong Holdings holds vast tracks of real estate in Hong Kong while his Hutchison Whampoa conglomerate is the world’s largest container terminals operator and largest health and beauty retailer.
The Hong Kong tycoon’s youngest son Richard Li, 41, also features on the list, but only at No.24 with $1.52 billion. He cashed out of two high-profile stakes last year, including his 55%interest in the Landmark Marunouchi Building. The Tokyo property was sold for $1.7 billion,the highest price paid for a single piece of real estate in the Japanese capital.
Second on the 40 Richest people in Hong Kong, are brothers Raymond, Thomas and Walter Kwok of Sun Hung Kai Properties, Hong Kong’s biggest developer by market value. Their combined $10 billion gain in the past year takes them to $24 billion. The brothers also have interest in telecomcompany, SmarTone-Vodafone and in city bus operator, KMB. The Kwok brothers’ gains were enough to edge out last year’s number two, Lee Shau Kee, who comes in third.
Nicknamed “Asia’s Warren Buffett”, Lee’s correct predictions last year on rising China stocks, climbing oil prices and the weak US dollar, led to an impressive $6.5 billion gain and a net worth of $23 billion.
Cheng Yu-tung, head of conglomerate New World Development, is fourth with $9.4
billion, an increase of $2.9 billion. Stanley Ho, Macau’s original casino mogul, is fifth with $9 billion, up $2 billion from the previous year.
The Fung brothers’ joint net worth has been split this year, putting William Fung, managing director of Li & Fung, at No. 15 with $3.1 billion and his brother, Victor, at No. 18 with $2.8 billion. Together they made several acquisitions in 2007, including Peter Black International, shoe supplier to Marks & Spencer, and Tommy Hilfiger’s sourcing operations.
With the death of Nina Wang last April - her $4.2 billion estate is still being contested - only one woman makes the list this year. Newcomer Pong Hong Siu Chu comes in at No. 35 with $1.08 billion. The grandmother of 19, who still goes in to work everyday, cofounded Shiu Wing Steel with her late husband in 1950.
This year’s list of Hong Kong’s 40 richest tells a story of immense success and
adaptability. The former British colony has managed to navigate China’s changing business and political landscape so well in part because many of its dwellers emigrated from the mainland in search of a better life during tougher times. Typifying this spirit is Francis Choi, chairman of toymaker Early Light Industrial, and No. 29 on the list with a net worth of $1.3 billion. Born in Guangdong Province, he was one of the first to relocate his factory across the border to China in 1983.
Others on the Rich List with prominent interactions with China include Lo Ka Shui(No. 28, $1.35 billion) of Great Eagle Holdings and his younger brother Vincent Lo (No. 17,$2.9 billion) of Shui On Land Group. Similarly, David Li, whose Bank of East Asia was one of only four foreign banks to get mainland permission to open a subsidiary in 2006, enjoys a relationship with China that goes both ways. Last November, the Bank of China’s Hong Kong unit, BOCHK, said it bought a 4.9% stake in Li’s bank. He is worth $1.4 billion at No. 27.
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