Cheng Yu-tung, Hong Kong businessman, Died at 91


Cheng Yu-tung was born on August 8, 1925, and died on September 29, 2016.

He was a Hong Kong billionaire with extensive business dealings and real estate interests in both Hong Kong and Macau.

Cheng Yu-tung was the founder and owner of Chow Tai Fook Enterprises, a conglomerate which operates the Sheraton Marina hotel and controls the publicly listed New World group.

His wealth started out from his jewellery business, Chow Tai Fook.

His grandson, who was 37-year-old Adrian Cheng Chi-kong, is set to inherit part of Chow Tai Fook and the Hong Kong-listed New World group, active in property and infrastructure.

Cheng Yu-tungalso had interests in Shun Tak Holdings, and the Sociedade de Turismo e Diversoes de Macau, owned by Stanley Ho.

Since October 2012, The Bloomberg Billionaires List ranks him as the 34th richest person in with world with an estimated net worth of US 19.3 billion.

He also served on the board of the Hang Seng Bank, Hong Kong’s third-largest bank.

Cheng Yu-tung represented the Kingdom of Bhutan in Hong Kong, serving as the honorary consul for the country.

Yu-tung had four children.

Cheng Yu-tung passed away at 91 years old.