Ke Weixiang
Or Wai Sheun is a male businessman from Chao'an, Guangdong Province, based in Hong Kong and Macau. He is known as the "Li Ka-shing of Macau".[1] He is the major shareholder of the Polytec Group and serves in the management of various companies under the group. He is chairman of Kowloon Development (00034) and Polytec Asset (00208). In addition, he is also a board member of Macau Electricity Company.
Biography
Or Wai Sheun is the third of six siblings—three brothers and three sisters. He moved from his hometown to Hong Kong at a young age and graduated from Pui Yiu English College in Yau Yat Chuen, Kowloon Tong (now Chan Shu Kui Memorial School). He later worked at his father Or Ngok Fung's trading company in Macau, which specialized in textiles and handicrafts. In 1977, the company was renamed "Polytec Group".
During the 1980s, the business shifted to textile and dyeing factories and later entered the real estate market in Macau. The group’s first project was the luxury residential development Sea Fortune Garden near the Macau Ferry Terminal, which generated a profit of nearly HK$200 million. He also began collaborating with the Portuguese Macau government to develop public housing, completing a total of five projects. In 1989, Polytec was granted development rights for the 440,000 square foot site at Ilha Verde in Taipa, but due to land resumption and compensation issues, the project was delayed for over a decade and remained undeveloped.
In December 2001, Or Wai Sheun acquired a 51% controlling stake in Kowloon Development from the four major families behind Kowloon Motor Bus (Tang Shiu Kin, Yue Tao Sang, Louis Rider, and Ng Si Cheong) for HK$890 million. He then made a general offer to remaining minority shareholders, bringing the total transaction value to HK$1.7 billion.
In 2011, Or Wai Sheun was listed in *Forbes* magazine's list of the 40 richest people in Hong Kong, with a personal fortune of US$1.8 billion, equivalent to HK$14.04 billion.