Cheng Yu-tung is an extremely influential entrepreneur in Hong Kong. Cheng’s extraordinary thinking earned him the 4th spot on the list of ‘The Richest Men in Hong Kong. Cheng has climbed the stairs of success and created an empire worth $13.3 billion. Cheng has set an example for the generations to come in Hong Kong. Cheng’s fortune comes from Real Estate, Telecommunications, and Infrastructure. Cheng has expanded the root of his business dealings in Macau and Hong Kong.
Early Life and Background
Cheng was born on 26 August 1925, in Shunde, Republic of China. This man is highly qualified. To his name, he has earned degrees in DPMS, LLD in Honors, DSSc in Honors, and DBA in Honors.
Cheng has two brothers named Cheng Yu-pui and Cheng Yu-wing. In 1943, Cheng got married to Tsui-ying Chow. His family tree consists of two sons, Peter and Henry, and two daughters. Peter Ching has created a career as the Executive Director of ‘New World China Land’. After a sudden setback, Cheng’s son Henry has succeeded him and has been appointed as the Chairman of the entire Operation.
The third generation has also set foot in the billion dollar company, Chow Tai Fook, Asia’s largest jewelry retailer. Cheng’s grandson Adrian Cheng Chi-Kong has been appointed in a major role in Chow Tai Fook. In 2007, Adrian was appointed as the Executive Director of the Company. Later on in 2012, he was given more responsibilities and was selected as the Joint General Manager, few years down the line in 2015, he was re-designated as the Executive Vice-Chairman and Joint General manager. His granddaughter Sonia Cheng Chi Man has been appointed as the CEO of their hotel empire called Rosewood Hotel Group.
Cheng Yu Tung massive wealth comes from Chow Tai Fook. Later on, Chow Tai Fook became Chow Tai Fook Enterprises, a firm controlling Sheraton Marina Hotel and the publicly listed company New World Group. One of the sources revealed that Cheng bagged a job as a trainee at the Chow Tai Fook gold shop when he was only 15-years-old. The company was listed in 2011, and currently, it is counted among the world’s largest listed jewelry chains.
Cheng is not keeping well, he stepped down as the CEO and the Chairman of the company making way for the second and the third generations. This is said to be an intentional move in order to pass on the empire to the generations to come.
Cheng is also involved with the International Business Leaders Advisory Council for the mayors of Wuhan Beijing and Foshan.
Cheng’s exceptional leading style caught the attention of the French Government, they honored him with the Commandeur de L’ordre des Arts et des Lettres and the Chevalier de la Legion d’Honneur.
Cheng is numerous businesses in Hong Kong dealing with real estate, retail shops and much more. Another milestone was achieved by Cheng when his company took over Carlyle Hotel in Manhattan.
It is reported that Cheng Yu-tung has an estimated net worth of US$ 19.3 billion.