Cheng Yu-tung

Datuk Cheng Yu-tung, known as "Uncle Tung" and "Shark Guts Tung", was born in Lunjiao Town, Shunde, Guangdong Province, China. He was a Hong Kong businessman, the second chairman and co-founder of New World Development, and son-in-law of Chow Chi-yuan, founder of Chow Tai Fook Jewellery. According to Forbes magazine, he was the third richest person in Hong Kong in 2016.

Biography

Early Years

Cheng's father, Cheng Jing-yi, was a satin merchant in Guangzhou and a friend of gold merchant Chow Chi-yuan. Cheng Yu-tung only attended primary school. After the outbreak of the Second Sino-Japanese War in 1938, he dropped out and started working as an apprentice at Chow Tai Fook Jewellery in Macau, owned by his future father-in-law. In 1943, he became the manager, responsible for daily operations. That year, he married Chow Tsui-ying and moved to Hong Kong in 1945. In 1956, he inherited Chow Tai Fook.

Chow Tai Fook pioneered 999.9 pure gold, and in 1964 acquired a company in South Africa with a De Beers diamond license to import diamonds to Hong Kong.

In the 1950s, Cheng developed properties in Happy Valley and Causeway Bay. After the 1967 Hong Kong riots, he began acquiring large amounts of real estate in 1968 and maintained good relations with Hang Seng Bank. In May 1970, Cheng co-founded New World Development with Hang Seng Bank founder Ho Sin-hang and Sun Hung Kai Properties founder Kwok Tak-seng, with Cheng holding a 57% stake and serving as managing director. The company purchased the old Blue Funnel Warehouse site in Tsim Sha Tsui for HK$130 million in 1971. Following a stock market boom in 1972, the company was listed, becoming one of Hong Kong's four major developers.

In January 1982, Ho Sin-hang retired, and Cheng became chairman. That month, New World Centre and the Regent Hotel (now InterContinental Hong Kong) were completed. In 1984, Cheng and other Hong Kong businessmen invested in the China Hotel in Guangzhou.

In the mid-1980s, New World invested HK$1.8 billion to build the Hong Kong Convention and Exhibition Centre and, in 1988, the Tate's Cairn Tunnel to alleviate traffic congestion. In 1988, Cheng and Lam Pak-yan acquired Asia Television, with Cheng initially serving as chairman.

In 1989, Cheng announced retirement, passing leadership to his eldest son, Henry Cheng. However, due to aggressive acquisitions leading to heavy debt, Cheng returned in 1990, selling assets to reduce liabilities, including his stake in Asia Television.

Later Years

In the mid-1990s, Cheng invested in New World Telephone and New World PCS. In 1998, he founded New World First Bus and New World First Ferry. In the 2000s, he collaborated with Joseph Lau to acquire Sogo Hong Kong and, in 2004, acquired Citybus, unifying bus routes on Hong Kong Island.

Cheng also invested in Macau, holding a 5% stake in STDM, and in 1985 acquired stakes in Macau Water and Macau Electricity, later injected into New World Infrastructure. In 2002, he participated in bidding for Macau gaming licenses. In 2011, Chow Tai Fook Jewellery was listed on the Hong Kong Stock Exchange.

Cheng resigned as chairman and executive director of New World Development in February 2012, succeeded by Henry Cheng. In March, he sold his stake in Shun Tak Holdings. In September, Cheng suffered a stroke and remained in a coma until passing away at home on September 29, 2016.

Personal Life

Cheng's marriage to Chow Tsui-ying was arranged before birth. They had two sons and two daughters. Cheng was known to be fond of his wife. He was close friends with Li Ka-shing but admitted not being as hardworking.

Cheng enjoyed golf and had good relations with many tycoons. In the 1980s, he purchased car plate "8888" at auction. He owned racehorses, mostly with "Diamond" in their names. Another horse owner with the same name was a different person.

Cheng's father, Cheng Jing-yi, was born in 1899 and died in 1965.

Public Service

• 1993: Hong Kong Affairs Adviser
• 1995: Member, Hong Kong SAR Preparatory Committee
• 1996: Member, First SAR Government Selection Committee

Honours

• 1992: Honorary Citizen, Guangzhou
• 1993: Honorary Doctor of Social Science, Chinese University of Hong Kong
• 1994: Honorary Citizen, Foshan
• 1995: Honorary Citizen, Wuhan
• 1996: Order of Arts and Letters, France
• 1997: Honorary Doctor of Business Administration, Hong Kong Polytechnic University
• 1999: Honorary Citizen, Beijing
• 2008: Grand Bauhinia Medal

Named Institutions

Cheng donated to numerous institutions, resulting in many buildings bearing his name:

• Cheng Yu Tung East Asian Library, University of Toronto
• Cheng Yu Tung College, University of Macau
• Cheng Yu Tung Building, University of Hong Kong
• Cheng Yu Tung Building, Chinese University of Hong Kong
• Cheng Yu Tung Building, Hong Kong University of Science and Technology
• Cheng Yu Tung Building, Hong Kong Open University
• Shun Tak Fraternal Association Cheng Yu Tung Secondary School
• Principal Chan Free Tutorial World Kwai Chung Cheng Yu Tung Learning Centre
• Cheng Yu Tung Medical Sciences Building, Tsinghua University
• Yutong Stadium