Cheng Yu-tung Net Worth & Biography

Cheng Yu-tung was a billionaire and the founder/proprietor of Hong Kong property group New World Development Company Limited. His multi-billion dollar fortune was amassed through building an empire that spans telecoms, jewelry, real estate, hotels, and infrastructure, through numerous lucrative deals including with former United States President Donald Trump. He is also known for his association with Chow Tai Fook Jewelry Group which he joined as an intern in 1947 and eventually made a household name across Asia.

The billionaire businessman who was born in China’s province of Guangdong died peacefully in 2016 with his family at his side. He is survived by his wife Chow Tsui Ying and their four children. His son Henry Cheng already succeeded him at the New World Development Company four years prior to his passing and has now made sure that his father’s death had no impact on the $12 billion company that controls assets across Asia including the Grand Hyatt hotel in Hong Kong. The elder Cheng suffered a brain hemorrhage, underwent a major operation in 2012, and spent the four years preceding to his death in bed. He was unconscious.

At the peak of his career, Mr. Cheng was ranked by Forbes magazine as the third-richest man in Hong Kong and the 58th richest in the world.

Early Life

Mr. Cheng Yu-tung was born on 8 August 1925 in the rural Shunde District in Guangdong, China. His father was a tailor and would have wanted Cheng to learn the trade. In 1940, however, Cheng fled to Macau ahead of the progressing Japanese occupation force. The owner of the Chow Tai Fook store in Macau took him in as an apprentice and he later married the boss’s daughter. In 1946, the family moved to Hong Kong and opened the company’s first store there.

Professional Life

Cheng Yu-tung mainly had an interest in extensive property investment, transportation, infrastructure, jewelry retailing, hotels, and development and service businesses, in Hong Kong, Macau, Australia, the United States, and other areas.

He founded and managed Chow Tai Fook Enterprises, a venture that operates the Sheraton Marina hotel and is the holding company of the property developer New World Development Company Limited which Cheng founded in 1970.

The bulk of his wealth originated from the jewelry business, Chow Tai Fook, which he took over and made a top name in the whole of Asia. He also had interests in and Macau casino group Sociedade de Turismo e Diversoes de Macau and Shun Tak Holdings. He was a real estate investment partner of businessman and former US President Donald Trump. Furthermore, he served on the board of Hong Kong’s third-largest bank Hang Seng Bank., and also served as an honorary consul representing the Kingdom of Bhutan in Hong Kong.

Personal Life

In 1943, Mr.  Cheng married Chow Tsui-ying. She is the daughter of Chow Chi-yuen.

In 1946, Cheng moved to Hong Kong with his family and started his own business there.

He died on September 26, 2016, after a 2012 brain hemorrhage had left him bedbound. His survivors include his wife, and their four children together, namely Lai-ha Cheng, Henry Cheng, Peter Cheng, and Amy Cheng.

Mr. Cheng was known as a poker player and golfer with a reputation for being friendly and soft-spoken. He was friends with other Hong Kong billionaires including Macau casino tycoon Stanley Ho, and chairman of Henderson Land Development Co Ltd Lee Shau Kee. It was a common occurrence for him to be seen on the streets of Hong Kong where he availed himself for photographs by local media.

Cheng Yu-tung Net Worth

Mr. Cheng Yu-tung had a net worth of 14.5 billion dollars at the time he died in September 2016 at the age of 91. His fortune enabled him to be listed as one of the wealthiest people in Hong Kong. He was the founder an chief executive officer of New World Development Company, a top-rated real estate development company which greatly contributed to his wealth and success.

He started his career with the jewelry business Chow Tai Fook Enterprises which later expanded into multiple business ventures, and eventually became the umbrella company for his New World Development Company Limited. The billionaire businessman died peacefully in 2016 after suffering a brain hemorrhage and was unconscious for four years. His son Henry Cheng succeeded him at the New World Development Company which controls assets across Asia including the Grand Hyatt hotel in Hong Kong. At the peak of his career, the late Cheng Yu-tung was the third richest businessman in Hong Kong and the 58th richest in the world.