New World’s Harvard-educated scion upends his grandfather’s ‘build and sell’ business model as Hong Kong sits at crossroads



Cheng Yu-tung, one of Hong Kong’s best-known tycoons, spared no expense when he led a 1985 effort to build a harbourfront convention centre to host the city’s return to Chinese sovereignty 12 years later.Construction activity on the US$322 million project was a gesture of confidence in a city clawing its way out of recession, buffeted by the exchange of barbs between Chinese negotiators and the city’s then colonial master, Britain.Nearly four decades later, Hong Kong is mired in its worst…

Source link