Vulnerable situation: The Victoria Dockside district in Hong Kong pays homage to the Cheng family. After a brutal sell-off, bonds issued by New World are yielding double digits, hardly befitting the image of a family that is, by one estimate, worth almost US$30bil.
FROM CK Asset Holdings Ltd’s Li Ka-shing to Henderson Land Development Co’s Lee Shau-Kee, Hong Kong’s (HK) fabulously wealthy tycoons have for decades dominated the city’s property and retail sectors. Now, these families face a big existential crisis. Their founders are either really old or have passed away.
The younger heirs need to prove that the original rags-to-riches business acumen is still in their DNA, at a time when the economy and the financing world are rapidly changing.
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