New era for HK billionaires

Property tycoon: File picture of Cheng attending a news conference in Hong Kong. Cheng, who died aged 91 on Sept 29, was the billionaire founder of Hong Kong property group New World Development. – Reuters

Cheng’s death comes as many billionaire families struggle to lay down clean succession plans

HONG KONG: Hong Kong's highest profile officials and business people paid their respects to one of Asia's richest men, Cheng Yu-tung, whose passing marked the first of an aging generation of tycoons whose hold on the city's economy faces growing challenges.