Top 40 Richest Malaysians: Part 2


 

6. TAN SRI QUEK LENG CHAN

Flagship: Hong Leong Group

Net worth: RM15.2bil

OFTEN seen as a businessman with his hands in many different and successful portfolios, Quek, 77, saw his net worth drop by RM800mil or 5% to RM15.2bil in 2018.

The key pillars of his successful swathe of companies last year were his banking and property companies, which saw him benefit from stable income from Hong Leong Bank and also growth potential from expansion of the property businesses in Singapore and China.

His stable of 17 hotels in London with 5,000 rooms on offer was another stabilising factor in a year that was tumultuous for many of the richest men in the country.

With fourth-ranked Hong Leong Bank in the Malaysian banking industry looking at a 5% loan growth this year, Quek’s Bank of East Asia Ltd has one of the largest banking networks in Hong Kong and China. It is the third-largest bank in Hong Kong.

His Guocoland Singapore will provide growth by having acquired four blocks of land worth S$3.4bil over the past two years. In China, the group is looking to develop mixed-development projects that will have a floor area of 5.5 million sq ft.

Quek has a sprawling manufacturing empire that touches on consumer products such as tiles and motorcycles, and industrial products such as cement and semiconductors. His steel operations are conducted through Southern Steel Bhd and in Lam Soon (HK) Ltd, the group is involved in edible oils, flour and home-care products.

His business empire also spans the UK by virtue of an investment in Rank Group that is a listed casino operator in London.

One thing that is apparent within his business empire is that Quek has initiated a succession planning programme. He has since 2016 stepped down as chairman in four companies. His brother Kwek Leng Hai has assumed the reins at Guoco Group and GL Ltd and may be planning to have his other younger siblings and children take over the responsibility of running companies throughout his companies in the UK, Hong Kong, Malaysia and Singapore.

Related stories:

The rich became poorer by RM22bil

Top 40 Richest Malaysians: Part 1

Top 40 Richest Malaysians: Part 3

Top 40 Richest Malaysians: Part 4

Top 40 Richest Malaysians: Part 5

Top 40 Richest Malaysians: Part 6

Top 40 Richest Malaysians: Part 7

Top 40 Richest Malaysians: Part 8

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