Author｜Shijie Feng Chenchen
Editor｜Oldly took
Hong Kong landlords donated land, but the donated land is not Li Ka-shing .
On September 25, New World Development Co., Ltd., a subsidiary of the Zheng family, announced that it would donate 28,000 square feet of Hong Kong and build a social house with a symbolic rent of HK$1.
Not only that, New World Development Executive Vice Chairman and General Manager Zheng Zhigang , also announced the long-term plan of the project: the construction of 28,000 square feet is only the first stage, New World will continue to increase its investment and donate 3 million square feet, about 333,000 square meters of farmland.
MY GOD, big money! Here is a thumbs up!
Bank of America Merrill Lynch research data shows that New World Development holds a farmland area of about 17 million square feet, or about 1.89 million square meters. The 3 million square feet of land donation plan is equivalent to taking out nearly 1/5 of New World Development's farmland reserves in Hong Kong. This ratio is not small!
In this era, the land was precious. I have seen those who have acquired land, never seen those who donated land, and never seen those who donated land like this! What is even more eye-catching is that the Zheng family takes action first, and other Hong Kong families are obviously unable to sit still. According to Hong Kong media reports, a Cheung Kong spokesperson responded that it may take a long time for people in need to benefit from the development of farmland. Research will be made on this aspect. The spokesperson said that the Li Ka-shing Foundation and Cheung Kong have also made donations to directly support different social welfare projects. The Hengji Real Estate, the Li Ka-shing-Hotel family of , also responded that it had donated land to build elderly homes, youth dormitories, and provided units as transitional houses. Hengdi said it was willing to consult with the government to actively assist in increasing housing supply and take care of the needs of different classes.
It’s true that one stone stirs up a thousand waves. The Zheng family in Hong Kong is not simple.
climbs the father-in-law to become the "head"
0,000 yuan in cash and started a business in Hong Kong. It was awarded the title of " Jewelry King "
Speaking of the Zheng family, we have to mention the founder of the development of the New World Cheng Yutong , which is Zheng Zhigang's grandfather and Zheng Jiachun's father.
As a well-known legend in Hong Kong, Cheng Yu-tung's history of making a fortune is no less exciting than another well-known Hong Kong rich man, Li Ka-shing. Not only is he known as the "Four Heavenly Kings of Hong Kong's Real Estate" and the "Jewelry King", he is also called "Shardantong" for his decisive work.
1925, Cheng Yutong was born in an ordinary family in Shunde County, Guangdong Province. Similar to Li Ka-shing's early experience, when he was in middle school, due to the constant war in Guangdong, he had to give up his studies and follow his family to Macau to make a living.
It is worth mentioning that Cheng Yu-tung's father and gold businessman Zhou Zhiyuan were friends earlier, and the two families had been married very early. Therefore, after arriving in Macau, 15-year-old Cheng Yu-tung entered his father-in-law's " Weekly Taifu Gold Store". But I don’t know whether it’s for a test or to put pressure on Cheng Yu-tung, but Cheng Yu-tung, who is an apprentice, starts from grassroots work such as washing toilets, like ordinary people.
This situation lasted until three years later, and his father-in-law finally promoted Cheng Yu-tung to become the head of the gold shop and completed the long-definite wedding with his wife Zhou Cuiying. It is commendable that although it refers to marriage, in the decades after marriage, the couple always respect each other, love each other very much, and have a son Zheng Jiachun.
1946, in order to gain experience and lay the foundation for taking over Chow Tai Fook in the future, Cheng Yu-tung took the 20,000 yuan cash and a small amount of gold given to him by his father-in-law, and ran alone to Hong Kong Queen's Avenue to establish Chow Tai Fook Financial Store, and made his business prosperous. It was not until 10 years later that Cheng Yu-tung officially took over Chow Tai Fook and innovatively launched the "Si9 Gold", instantly killing the "29 Gold" of most gold shops at that time. This makes the gold jewelry cast by Chow Tai Fook Gold Store the target of competition and brings huge profits.
In 1960, Cheng Yu-tung changed Chow Tai Fook Jewelry Store to "Chow Tai Fook Co., Ltd.", with a profit of HK$5 million. In order to obtain the diamond rough stone, he flew directly to South Africa and spent a huge amount of money to buy a company with a De Beers license. At this point, Cheng Yu-tung surpassed Liao Guichang, the "diamond king" in Hong Kong at that time, and became the largest diamond importer in Hong Kong, and was awarded the title of "jewelry king".
Entering real estate
"buy at the bottom" Hong Kong real estate projects make a big profit, Queen of England cut the ribbon for her
Of course, Cheng Yu-tung, who made a big splash with the jewelry business, did not meet the status quo, but smelled new business opportunities. Around 1950, Cheng Yu-tung built Lantang Villa in Happy Valley, Hong Kong and Hong Kong Building in Causeway Bay.
In 1967, a storm was coming in Hong Kong, and many rich people sold land and buildings at low prices. But Cheng Yu-tung did the opposite and became a brave "taker". Since 1968, Cheng Yu-tung has purchased a lot of real estate properties and has maintained good relationships with Hang Seng Bank , becoming the old owner of land and buildings.
In 1970, Cheng Yutong cooperated with jewelry peers such as Yang Zhiyun and Xian Weijian. New World Development Co., Ltd. was officially established, and Cheng Yutong owns 57% of the shares. As the Hong Kong property market began to recover, New World took the opportunity to go public, and the prices of more than 20 places Cheng Yu-tung bought also began to soar, causing his wealth to grow exponentially. At this point, Cheng Yu-tung won the new title of "Real Estate Big Brother".
In fact, New World later spent HK$130 million to buy Tsim Sha Tsui sea blue chimney land from Swire Group, and in 1982 it became the center of the New World of "City in the City". Since then, the real estate prices in Hong Kong have soared, and the land purchased alone has been worth HK$1 billion, and the New World Hotel and Regent Hotel have earned hundreds of millions of Hong Kong dollars for Cheng Yu-tung every year.
In December 1984, New World Development Budget invested HK$1.8 billion to jointly build the Hong Kong International Convention and Exhibition Centre in Wan Chai, Hong Kong Island. The Queen of England even cut the ribbon for it, which made the names of Cheng Yu-tung and the Hong Kong International Convention and Exhibition Centre resound throughout the world.
"Some people call me "Sha Dantong". In fact, I do everything thoroughly and do not be eager for quick success or instant benefits. Taking the Convention and Exhibition Center as an example, when I did this, others said I was bold, but in fact I had seen through it, China would eventually take back Hong Kong. In 1997, many people had no confidence in China, but I did, that's it." Cheng Yu-tung once admitted in an interview.
bet on the mainland
From the China Hotel to the Guangdong-Hong Kong-Macao Greater Bay Area, accounting for 40% of the proportion of
As the first representative of Hong Kong-funded enterprises to invest in mainland construction, New World Group has become one of the largest direct investors of Hong Kong businessmen in 40 years, and currently invests in many projects in Shanghai, Guangzhou, Xi'an and other regions.
As early as 1982, Cheng Yu-tung visited Beijing and discovered business opportunities for building hotels in the mainland. Therefore, the construction of China Hotel in Guangzhou was built with a total investment of US$120 million, of which New World accounted for 18% of the equity. Cheng Yu-tung originally planned to recover the cost in 15 years, but he made a profit in 9 years, which undoubtedly enhanced his confidence in investing in the mainland. In early 1996, New World announced that it would increase its investment in the mainland to 40% of its total assets.
For some time, New World has invested more than 10 billion yuan in infrastructure and real estate projects in the mainland. In the late 1980s, New World signed a contract with an investment of 3.8 billion yuan to build the North Ring Expressway and the Pearl River Power Plant in Guangzhou. During the same period, Zheng Jiachun replaced his father Cheng Yu-tung and served as director and general manager of New World Group.
Zheng Jiachun once made it clear, "New World will continue to invest and support the construction of the mainland. New World China, New World Department Store and Chow Tai Fook will fill the team to cover all real estate businesses in the mainland and achieve a diversified development pattern. The Guangdong-Hong Kong-Macao Greater Bay Area is the most priority and most important development strategy for New World Group in the next five years, and will invest about 20 billion yuan in the future."
Zheng Zhigang, who served as executive director and co-general manager in 2012, has a unique vision for mainland investment. On July 26, 2019, New World announced that it plans to acquire 51% of Ningbo Property's equity for HK$4.3 billion. Just a few days later, New World announced that it would spend HK$10.8 billion to acquire the Wangjiang plot in Hangzhou, further expanding its capital map in the mainland.
In fact, from the architecture of New World Group, it can be seen that it attaches great importance to mainland investment.At present, New World Group has a total of three listed companies, including New World China, which specializes in operating mainland residential projects, and New World Department Store, which specializes in managing mainland businesses, especially department stores, while Hong Kong's business is mainly concentrated in New World Development.
September 29, 2016, Cheng Yu-tung passed away. Now it seems that his son Zheng Jiachun and grandson Zheng Zhigang not only inherited Zheng Yutong's inheritance, but also inherited his will. In March 2019, Hurun Research Institute released the "2019 Hurun Global Real Estate Rich List", and the Zheng Jiachun family ranked sixth on the list with a wealth of 115 billion yuan, second only to Li Ka-shing and Li Ka-ki in Hong Kong.
This article was created by the author of the Tree Project [Shijie] and was exclusively published on Today's Headlines. It may not be reproduced without authorization.
