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About of Cheng Yu-Tung

Dato' Dr. Cheng Yu-Tung, (DPMS, LLD (Hon), DBA(Hon), DSSC(Hon), GBM), was born on 26-Aug-1925 at Lunjiao, Shunde, Guangdong. He started his career as a jeweler in 1940 and married in 1942 to his employer's daughter Chow Tsui-ying and together they have four children. Two of them are Henry Cheng and Cheng Ka-shing. He also has a 32-year-old grandson, Adrian Cheng, who is set to inherit his business empire as the joint general manager and a 31-year old granddaughter, Sonia Cheng, who has been appointed as executive director. He moved to Hong Kong in 1946 to open a shop in the British colony.

Cheng Yu-tung is an Asian businessman who has a net worth of $17.7 billion. That net worth makes him one of the richest people in Hong Kong. He has an extensive and varied business interests around the world, ranging from Jewellery, real estate and hotels through to infrastructure development and other operations under New World Development Group. He in his own words - "In the face of challenging economic and market conditions of the past 12 months, our diversified portfolio of multiple earnings streams has served us well."

He's best known in the U.S. as the erstwhile partner in the 1990s of Donald Trump in Riverside South, the big development project on Manhattan's West Side that ended up with a lawsuit (later dismissed) by the Donald against Cheng.

Mr. Cheng demands his employees, many of whom have been with the company for decades, gather for lunch in the company's simple canteen, just as he did as an apprentice. Employees are assigned a time and place at one of three tables, and served traditional Cantonese dishes like steamed fish and stir-fried vegetables cooked by the company's in-house chef and placed family-style in the middle of the table. "At the canteen, he'll sit next to you and speak very casually. He's down-to-earth, not the kind of executive that expects to be worshiped," said Albert Cheng, managing director for the Far East at the World Gold Council.

One economic slowdown - Man in his own words "While the uncertainties that the economic climate holds are a challenge for all companies, we are confident that by drawing from the strengths of our people, as well as on our core values of quality, initiative, trust and creativity, we will maintain our focus and strategic direction. The Group is well positioned to meet the challenges ahead and will as ever continue to pursue higher growth. "

At age 88 he is ailing–reported to have had a stroke in 2012 and no longer active in his varied companies. He announced his retirement in early 2012. Primary duties fell two years ago to his equally press-shy elder son Henry, 66, with a third generation emerging more publicly.

Image Source: Cheng Yu-Tung

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