Robert Ng: Wikis

  

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This is a Chinese name; the family name is Ng (黄).
Robert Ng Chee Siong
黄志祥
Residence Hong Kong
Employer Sino Group
Known for 1987 Hong Kong Futures Exchange collapse
Title Chairman
Spouse(s) Yeoh Saw Kheng
Children Daryl, Nikki, Jeanne, Christine

Robert Ng Chee Siong (黄志祥, born 1952) is the chairman of Hong Kong property development conglomerate Sino Group, a position he has held since 1981.[1] He is the eldest son of Ng Teng Fong, the Singaporean real estate billionaire. Forbes listed the two as the 30th richest people in the world in 1997.[2]

Contents

Career

Ng was speculating in futures contracts on the Hong Kong Futures Exchange through two Panamanian-registered companies when the October 1987 global stock market crash began; his paper losses reportedly reached HK$1 billion. At first, Ng refused to pay, claiming to be protected by the limited liability of the companies through which he had traded.[3] This led to the collapse of the futures exchange; trading was also halted on the Hong Kong Stock Exchange for four days.[4] An investigation by the Commercial Crime Bureau of the Royal Hong Kong Police revealed that Ng had avoided required margin calls through collusion with one of his brokers.[5] However, in the end, no charges were laid against Ng because the colonial government of Hong Kong felt that prosecuting him would pose a risk to overall market stability.[6] Instead, a deal was worked out which saw Ng repay HK$500 million, with Hong Kong taxpayers providing the rest of the funds needed by the Exchange through a government bailout.[4] Ng reportedly lost a total of US$250 million in his various investment holdings as a result of the crash.[7]

In June 1995, Ng took over as chairman of Yeo Hiap Seng (YHS), a Singapore-listed food and beverages company which had lost US$3.2 million in its previous year of operation. His chairmanship came at the same time as his family increased its stake in the company to 24.9%, just short of the 25% threshold above which they would be required by law to make an offer to buy out all other shareholders. This marked a step forward in his fight with Malaysian billionaire investor Quek Leng Chan for control of YHS and its land holdings in Singapore's Bukit Timah district, which could be worth billions of dollars were they redeveloped into residential real estate.[7] In the end, Ng and his father were able to successfully take advantage of squabbles within the Yeo family to buy up 86% of YHS' stock.[8] Their battle to gain control of the company was later described as "one of the most colourful take-over struggles in Singapore history" and led to YHS' transformation from a food company to a luxury real estate developer.[9]

The Sino Group also spun off their hotel interests into a new company, Sino Hotels, in that year; Ng became chairman of the board of the new company as well from its inception.[10] In early 1997, under Ng's direction, Sino Hotels made several acquisitions, including an 80% stake in the local branch of the Conrad Hotel for HK$2 billion. Ng also predicted that office properties would perform well during that year.[11] For the latter six months of that year, Sino Hotels reported a 66% fall in net interim profits and 80% fall in operating profit, which Ng attributed to lower contributions not just from hotels but from the company's Fortune chain of Chinese restaurants as well. However, the Conrad proved to be a resilient investment, with the average room rate increasing by 14.7% during the months in question.[12]

Voting and political views

Due to his business positions, Ng wields a significant amount of power under Hong Kong's functional constituency system. In 1998, he and companies owned by Sino Group controlled roughly 3-4% of the votes in the real estate constituency, and an additional two votes in the tourism constituency.[13][14] The voting power he wields through this system has been described as equivalent to anywhere from 6,100 to 15,940 votes in geographic constituencies, which has led to criticism by the Hong Kong Human Rights Monitor.[14][15]

Ng has spoken out in support of the "Application List" system for the sale of government land and in 2008 remained publicly optimistic about the prospects for the Hong Kong property market.[16]

Family and personal life

Ng is married to Yeoh Saw Kheng (楊素瓊).[17]

Ng's eldest son Daryl Ng Win Kong (黃永光) was born in 1978. Though he holds Singaporean citizenship and returned to Singapore for mandatory military service, in interviews with Hong Kong media, he emphasises that "Hong Kong blood flows in my veins", reminding his interlocutors that he was born at Queen Mary Hospital and attended Diocesan Boys' School rather than an international school in his youth.[18] He later went to the United States, where he graduated from Columbia University in 2003, and after two years as a project manager in Sino Group was elevated to the company's board as an executive director in 2005. He is generally expected to be his father's successor.[1][19] In 2007 he began to take on a more public role within the Sino Group, first appearing at a land auction with his father in October that year. During his first time speaking with the media about the property market in March 2008, he appeared nervous and spoke only briefly.[20] He is married, and has one son (黃家寶, born December 2009).[21]

Ng's eldest daughter Nikki Ng Mien Hua (黃敏華) attended Yale University as an undergraduate, and went on to receive a master's degree from the University of London's School of Oriental and African Studies.[22] She was later appointed to the position of general manager of the Sino Group.[23] Her activities outside of Sino Group include membership of the 11th Qingdao Chinese People's Political Consultative Conference.[22] Ng also has two younger daughters Jeanne Ng Mien Yi (黃敏儀) and Christine Ng Mien Yin (黃敏音).[24]

Beginning in the late 1990s, the family became more active in the Hong Kong Jockey Club.[24] Daryl, Nikki, and Jeanne own four horses between them,[25][26][27][28] while the elder Ng himself owns eight and his wife one.[29][30] At one point in 2002, Ng was said to be interested in joining the 12-member board of stewards of the Hong Kong Jockey Club; however, some of the club's 200 voting members objected due to Ng's conduct during the futures market collapse in 1987.[31]

Both Daryl and Nikki are members of the five-person board of the Hong Kong Heritage Conservation Foundation.[22] The HKHCF was initially set up under the name Nice Brilliant Limited in December 2007, and changed its name in March 2008. In October 2008, the HKHCF made a bid for the revitalisation of the Old Tai O Police Station, with the intention of turning it into a boutique hotel; legislators looked suspiciously at the foundation's ties to the Sino Group, with Fernando Cheung accusing them of being a "one-man NGO" set up for business purposes rather than social service.[32] The HKHCF's bid was eventually successful; their conversion project is planned for completion at the end of 2011, with an estimated cost of HK$64.9 million.[33]

Ng's father Ng Teng Fong died in Singapore on 2 February 2010 at the age of 82 after suffering a cerebral haemorrhage. Ng said his father was "always optimistic and hardworking".[34]

References

Notes

  1. ^ a b Management Profile, Sino Land Company Limited, http://www.sino.com/eng/default.asp?xid=ci_mp_sl#001 . Simplified Chinese version and Traditional Chinese version
  2. ^ "Biz Notes", The Oklahoma City Journal Record, 1997-07-15, http://findarticles.com/p/articles/mi_qn4182/is_19970715/ai_n10111583, retrieved 2009-06-05 
  3. ^ Studwell 2007, p. 116
  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, 2007-10-23, http://www.asiasentinel.com/index.php?option=com_content&task=view&id=788&Itemid=256, retrieved 2009-06-05 
  5. ^ Studwell 2007, p. 116
  6. ^ Studwell 2007, p. 117
  7. ^ a b "Tea for Two: Battle for a Great Name and Address", CNN Asianow, 1995-07-28, http://www-cgi.cnn.com/ASIANOW/asiaweek/95/0728/biz1.html, retrieved 2009-06-05 
  8. ^ Backman 2001, p. 96
  9. ^ Porter, Barry (1997-06-01), "Transforming a soft-drink sluggard", The Standard, http://www.thestandard.com.hk/archive_news_detail.asp?pp_cat=&art_id=49635&sid=&con_type=1&archive_d_str=19970601, retrieved 2009-07-15 
  10. ^ Management profile, Sino Hotels (Holding) Limited, http://www.sino.com/Cht/default.asp?xid=about_mg_shl#001, retrieved 2009-07-16 
  11. ^ Guyot, Erik (1997-01-27), "Ng to Continue Prowl For Land in Hong Kong", The Wall Street Journal, http://online.wsj.com/article/SB854303243380530000.html?mod=googlewsj, retrieved 2009-07-16 
  12. ^ Cruz, Bayani (1998-03-19), "Tourism slump hits Sino Hotel earnings", The Standard, http://www.thestandard.com.hk/archive_news_detail.asp?pp_cat=&art_id=6295&sid=&con_type=1&archive_d_str=19980319, retrieved 2009-07-16 
  13. ^ "Rights Group Attacks Electoral System", South China Morning Post, 1998-12-04 
  14. ^ a b "Corporate Voting is Highly Corrupt", Hong Kong Human Rights Monitor, December 1998, http://www.hkhrm.org.hk/english/reports/enw/enw1298b.htm, retrieved 2009-07-14 
  15. ^ Callick 1998, p. 148
  16. ^ "黃志祥讚勾地多元化", Ta Kung Pao, 2008-03-02, http://www.takungpao.com/news/08/03/02/GW-871522.htm, retrieved 2009-07-14 
  17. ^ "黃志祥家族谷草旺", Apple Daily, 2009-02-11, http://hk.mark6.atnext.com/template/racing/art_main.cfm?sec_id=3403908&showdate=20090211&art_id=12188550, retrieved 2009-07-15 
  18. ^ "香港富豪第三代表現受關注/Performance of Hong Kong's third-generation tycoons closely watched", Ta Kung Pao, 2009-06-21, http://www.takungpao.com/news/09/06/21/EP-1100906.htm, retrieved 2009-07-15 
  19. ^ "Citywalk開幕 信和接班人出席/Sino heirs appear at Citiwalk opening", Ming Pao, 2008-07-31, http://financenews.sina.com/mingpao/000-000-107-104/404/2008-07-31/1612328512.shtml, retrieved 2009-07-15 
  20. ^ "信和太子爺首評樓市 講完即閃/Sino prince's first time discussing the property market; finishes speaking and immediately disappears", Ming Pao Finance, 2008-03-29, http://www.mpfinance.com/htm/Finance/20080329/News/ek1_ek1b1.htm, retrieved 2009-07-15 
  21. ^ "中環出更:黃永光一索得男四代同堂", Oriental Daily, 2009-12-08, http://orientaldaily.on.cc/cnt/news/20091208/00176_087.html, retrieved 2010-03-17 
  22. ^ a b c About us, Hong Kong Heritage Conservation Foundation, http://www.hkheritage.org/en/about.asp, retrieved 2009-07-15 
  23. ^ "「大好友」第三代亮相「荃新天地」/Sino's third generation make public appearance at Citiwalk", Wen Wei Po, 2008-08-04, http://paper.wenweipo.com/2008/08/04/QB0808040002.htm, retrieved 2009-07-15 ; includes a picture of Daryl and Nikki Ng at a ceremony after the opening of one of the Sino Group's new real estate projects
  24. ^ a b "黃志祥家族大反撲/Robert Ng's family makes a comeback", Apple Daily, 2008-03-30, http://hk.mark6.nextmedia.com/template/racing/art_main.cfm?sec_id=3400631&art_id=10925146&showdate=20080330&tt_cat=3472284, retrieved 2009-07-15 
  25. ^ "North Hill (J082)", Racing Information: Horses, Hong Kong Jockey Club, http://www.hkjc.com/english/racing/Horse.asp?HorseNo=J082, retrieved 2009-07-15 
  26. ^ "Hawkes Bay (G064)", Racing Information: Horses, Hong Kong Jockey Club, http://www.hkjc.com/english/racing/Horse.asp?HorseNo=G064, retrieved 2009-07-15 
  27. ^ "Happee Gift (H313)", Racing Information: Horses, Hong Kong Jockey Club, http://www.hkjc.com/english/racing/Horse.asp?HorseNo=H313, retrieved 2009-07-15 
  28. ^ "Walkonthewildside (G033)", Racing Information: Horses, http://www.hkjc.com/english/racing/horse.asp?HorseNo=G033, retrieved 2009-07-15 
  29. ^ "Robert Ng Chee Siong", Racing Information: Owner Search, Hong Kong Jockey Club, http://www.hkjc.com/english/racing/ownersearch.asp?horseowner=Robert%20Ng%20Chee%20Siong, retrieved 2009-07-15 
  30. ^ "Yeow Saw Kheng", Racing Information: Owner Search, Hong Kong Jockey Club, http://www.hkjc.com/english/racing/ownersearch.asp?horseowner=Yeoh%20Saw%20Kheng, retrieved 2009-07-15 
  31. ^ Pun, Pamela (2002-06-18), "HK Confidential", The Standard, http://www.thestandard.com.hk/archive_news_detail.asp?pp_cat=&art_id=17747&sid=&con_type=1&archive_d_str=20020618, retrieved 2009-07-15 
  32. ^ Ng, Joyce; Wong, Olga (2008-10-08), "Developer sets up NGO to bid for heritage site: Sino Land wants to turn Old Tai O Police Station into boutique hotel", South China Morning Post 
  33. ^ Batch I of Revitalisation Scheme: Result of selection, Commissioner for Heritage's Office, Development Bureau, 2008-02-17, http://www.heritage.gov.hk/en/rhbtp/ProgressResult_Tai_O_Police_Station.htm, retrieved 2010-03-17 
  34. ^ 林卓豪; 呂啟思 (February 2010), "封面故事: 過江龍打拼三十年 信置躍身四大", Capital Weekly (222), http://www.capital-weekly.com/common_emag/view_content.php?issue_no=222&pub_id=26&top_id=45&art_id=101336, retrieved 2010-03-08 

Sources

  • Callick, Rowan (1998), Comrades & capitalists: Hong Kong since the handover, UNSW Press, ISBN 9780868407289 
  • Backman, Michael (2001), Asian eclipse: exposing the dark side of business in Asia, J. Wiley, ISBN 9780471479123 
  • Studwell, Joe (2007), Asian Godfathers: Money and Power in Hong Kong and Southeast Asia, Atlantic Monthly Press, ISBN 9780871139689 







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