Wu Guangzheng

Peter Woo GBM GBS JP (born September 5, 1946), born in Shanghai, is a well-known businessman in Hong Kong. He is the second son-in-law of the late shipping magnate Sir Y.K. Pao, and chairman of Wheelock and Company Limited. He was formerly chairman of The Wharf (Holdings) Limited and is now its senior advisor. He also served as a Standing Committee Member of the Chinese People's Political Consultative Conference (CPPCC) and was chairman of the Hong Kong Trade Development Council from 2000 to 2007.

Background

Peter Woo is originally from Cixi, Zhejiang, and is from the same clan as Wu Jintang. His father, Woo Shao-lin, was a PhD in architecture who studied in Germany. Peter Woo was born in Shanghai and moved to Hong Kong with his parents at the age of 5. He studied at St. Stephen's College Preparatory School (graduated Primary 6 in 1958) and St. Stephen's College. He later studied in the United States at the University of Cincinnati, majoring in physics and mathematics, and graduated with a Bachelor’s degree in 1970. In 1971, he earned an MBA from Columbia University.

After graduation, he worked for Chase Manhattan Bank in New York and Hong Kong. In 1973, he married Betsy Pao Pui-yung, the second daughter of shipping tycoon Sir Y.K. Pao. In 1975, he joined World-Wide Shipping Group, founded by Sir Y.K. Pao, as a director.

In 1981, Sir Y.K. Pao successfully acquired control of The Wharf (Holdings) from British-owned Jardine Matheson. After Pao's death, Peter Woo served as chairman of The Wharf (Holdings) from 1986 to 1994, later resigning and being succeeded by Raymond Lee. He returned as chairman on April 1, 2002, and stepped down again in February 2015. From 1986 to 1996, he was also chairman of Wheelock and Company Limited.

Peter Woo ran in the 1996 Hong Kong Chief Executive election and resigned from all public company positions for the campaign. However, he lost the Election Committee vote to Tung Chee-hwa. He later stated several times that he had no intention to run for Chief Executive again.

On March 1, 2011, Woo's family purchased an 8% stake in Ferragamo’s parent company, Salvatore Ferragamo Italia Spa.

On September 12, 2012, his family acquired a 5.04% stake (260.49 million shares) in Longfor Properties, becoming the company's second-largest shareholder. On December 6, they further increased their holding to 6%.

On November 8, 2012, through Colliton Securities, his family held a 1.84% stake in Sun Hung Kai Properties. He also held a 60.01% stake in Wheelock and Company (1.21935 billion shares).

In May 2015, Peter Woo stepped down as chairman of Wharf Holdings and was succeeded by Stephen Ng.

On July 12, 2021, through Jumbomax Investments Limited, Woo's family increased their stake in Longfor Properties from 6.99% to 7.03%.

Wealth Rankings

• 2021: Forbes estimated the Woo family’s net worth at US$18.6 billion
• 2023: Forbes estimated the net worth at US$13.6 billion
• 2015: Forbes estimated the net worth at US$8.6 billion

Personal Life

In 1973, Peter Woo married Betsy Pao Pui-yung, the second daughter of Sir Y.K. Pao. They have two daughters and one son: Jennifer Woo, Jacinta Woo, and Douglas Woo.

Properties Owned

• House at 22 Big Wave Bay Road
• House at 18 Shek O Road

Public Service

• Chairman, Council of The Hong Kong Polytechnic University (1993–1997)
• Chairman, Hospital Authority of Hong Kong (April 1, 1995 – September 30, 2000)
• Member, Preparatory Committee for the HKSAR
• Standing Committee Member, National Committee of the CPPCC (March 2003 – March 2018)
• Chairman, Hong Kong Trade Development Council (October 1, 2000 – September 30, 2007)
• Chairman, Environment and Conservation Fund Committee, Hong Kong

Honors

• Order of Leopold II (Belgium) – 1993
• Justice of the Peace – 1993
• Gold Bauhinia Star – 1998
• Grand Bauhinia Medal – 2012

See Also

• Pao Family

References

• "Peter Woo says he will not run for Chief Executive again" – Yahoo News, August 15, 2005

External Links

• Lane Crawford
• Imaginex Group
• JOYCE