Mr. Cheng started his career as a jeweler in 1940 in Chow Chi-Yuen gold shop named Chow Tai Fook (meaning good fortune). Within two years of job he impressed his mentor so much that Mr. Chow's agreed to marry his daugther to Mr. Cheng. Marriage took place in 1942.
He was first acknowledged as "the king of jewellery" in the gold business. Later, he gained the same title in recognition of his diamond empire.
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 been awarded the Commandeur de L'ordre des Arts et des Lettres and the Chevalier de la Legion d'Honneur by the French Government. Dr. Cheng holds DPMS, LLD in Honors, DBA in Honors and DSSc in Honors Degrees.
As the jewelry business prospered, Mr. Cheng invested in real estate. "In the late '50s and early '60s, I was in the jewelry industry when some friends told me property is better," he said in an interview with analysts at brokerage firm CLSA in 2009. He began New World Development Co. Ltd., the conglomerate for his property and nonjewelry investments, in 1970.
Mr. Cheng favours Nike sneakers with his tailored suits.
A down to earth person would usually sit next to the employee and talks casually at the catnteen during lunch times.
Mr. Cheng also bet on the world's top real-estate markets, including New York, where he led a consortium of Hong Kong investors in 1994 in a $90 million deal with Donald Trump for an apartment complex on Manhattan's West Side. The group sold its stake for $1.3 billion in 2005, but were sued by Mr. Trump, who shared in the profits but claims they sold too low. The lawsuit was dismissed in 2006.
Cheng’s success is also determined by his decision to buy a stake in Macau gambling. In 1960s, a fire sale prices occurred and Cheng used the opportunity to purchase Hong Kong property as the foot print of New World which was founded in 1970 and listed in Hong Kong two years later.
Dr. Cheng is media shy person.
Image Source: Cheng Yu-Tung
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