Robert Ng

Robert Ng Chee Siong ( Chinese  黄志祥 , Pinyin Huáng Zhìxiáng ; * 1952 in Singapore ) is a Sino - Singaporean entrepreneur . He has been chairman of Hong Kong- based Sino Land since 1981 and controls Tsim ShaTsui Properties . He is the eldest son of Ng Teng Fong, a Singapore real estate billionaire. According to Forbes Magazine , Ng is one of the richest Southeast Asians along with his brother Philip Ng.

Life

Ng was speculating in futures contracts on the Hong Kong Futures Exchange through two Panama- registered companies when the stock market crash began on October 19, 1987 on Black Monday . His losses apparently reached HK $ 1 billion . Initially, Ng refused to pay, claiming he was protected by the limited liability of the companies he had acted through. This led to the collapse of the futures exchange and trading on the Hong Kong Stock Exchange was also halted for four days. An investigation by the Hong Kong Police's Commercial Crime Bureau found that Ng had avoided required margin calls by negotiating with one of his brokers. However, no charges were brought against Ng, as the Hong Kong colonial government felt the persecution could pose a risk to the stability of the entire market. Instead, a deal was worked out that Ng would repay HK $ 500 and Hong Kong taxpayers would provide the remainder of the funds needed by the stock market as a result of the government bailout. Ng's losses to various investment holdings as a result of the crash totaled approximately $ 250 million .

In June 1995, Ng took over as chairman of Yeo Hiap Seng (YHS), a Singapore-listed food and beverage company that had lost US $ 3.2 million in previous years in the previous year of operations. His chairmanship came at the same time as his family increased their stake in the company to 24.9%, just below the 25% threshold at which they would have had to make an offer to all other shareholders by law. This marked a step forward in his battle with Malaysian billionaire Quek Leng Chan for control of the YHS and his land in Singapore's Bukit Timah district, which could be worth billions of dollars if redeveloped into residential real estate. In the end, Ng and his father were able to successfully exploit squabbles within the Yeo family and buy 86% of the share capital. Her struggle for control of the company was later described as “one of the most colorful takeover battles in Singapore history” and led YHS to transform from a food company to a luxury real estate developer.

Sino Land spun off their interests in the hotel industry into a new company, Sino Hotels. Ng has also been chairman of this company from the start. In early 1997, Ng-led Sino Hotels made several acquisitions, including an 80% stake in Conrad Hotel's local subsidiary for HK $ 2 billion. Ng predicted that office properties would "do well" in 1997. For the last six months of the same year, Sino Hotels reported a 66% decrease in net interim profits and an 80% decrease in operating profit, which Ng attributed to low hotel and fortune chain contributions from Chinese restaurants. Still, Conrad turned out to be a resilient investment, with the average room rate increasing 14.7% during the months in question.

Ng is director of "The Real Estate Developers Association of Hong Kong" and a member of the 11th Political Consultative Conference of the Chinese People .

Private

Ng's father was the Chinese entrepreneur Teng Fong Ng . His brother is Philip Ng Chee Tat, co-administrator of Teng Fong Ng's estate. Ng lives in Singapore , is married to Yeoh Saw Kheng ( Chinese  楊素瓊 ) and has four children: Daryl, Nikki, Jeanne and Christine.

literature

• Rowan Callick: Comrades & capitalists: Hong Kong since the handover, UNSW Press, 1998, ISBN 978-0-86840-728-9
• Michael Backman: Asian eclipse: exposing the dark side of business in Asia, J. Wiley, 2001, ISBN 978-0-471-47912-3
• Joe Studwell: Asian Godfathers: Money and Power in Hong Kong and Southeast Asia, Atlantic Monthly Press, 2007, ISBN 978-0-87113-968-9

Individual evidence

1. ↑ ^{a b c} Sino Land Company Limited: Management Profile ( Memento of the original from July 18, 2011 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. . 
2. ↑ Forbes Magazine: Robert Ng .
3. ^ ^{A b} Studwell, Joe (2007), Asian Godfathers: Money and Power in Hong Kong and Southeast Asia, p. 116, Atlantic Monthly Press, ISBN 978-0-87113-968-9
4. ↑ ^{a b} Remembrance of Things Past: Hong Kong's market collapse of 20 years ago is worth recalling during the present turmoil , Asia Sentinel, October 23, 2007.
5. ^ Studwell, Joe (2007), Asian Godfathers: Money and Power in Hong Kong and Southeast Asia, p. 117, Atlantic Monthly Press, ISBN 978-0-87113-968-9
6. ↑ ^{a b} Tea for Two: Battle for a Great Name and Address ( Memento of the original from February 6, 2009 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , CNN Asianow, July 28, 1995. 
7. ↑ Backman, Michael (2001), Asian eclipse: exposing the dark side of business in Asia, J. Wiley, p. 96, ISBN 978-0-471-47912-3
8. ^ Porter, Barry, "Transforming a soft-drink sluggard," The Standard, June 1, 1997
9. ↑ Management Profile Sino Hotels ( Memento of the original from May 6, 2012 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. , Sino Hotels (Holdings) Limited 
10. ↑ Guyot, Erik, “Ng to Continue Prowl For Land in Hong Kong,” The Wall Street Journal, Jan. 27, 1997.
11. ↑ Cruz, Bayani: "Tourism slump hits Sino Hotel earnings," The Standard, March 19, 1998