Hongkong Textile And Retail Giants Are Optimistic About China's Economy

Kenneth Fang, a giant merchant in Hongkong, knows from experience how much money it can bring to meet the needs of Chinese consumers.

In 1998, Fang Kun and his two brothers set up an era supermarket in mainland China and expanded the chain to 65 stores, most of which were in wealthy Jiangsu Province, and then sold it to Lotte Shopping in 2009 for 630 million dollars.

Fang brothers, who had 72% of the company's shares, was able to include $450 million into their pockets.

"The capital and energy needed to run it are beyond my scope."

He said in a recent interview.

But this year, Fang Keng and other members of the family have not been complacent, nor have they been shrinking because of the recent slowdown in China's economy and the high cost of labour that led to a poor business situation.

"People have purchasing power, especially in

Fang Keng did not give up a more profound business than Fang's family chain: "I am still concerned about the textile industry."

Fang Keng said.

He has various titles and honors in this industry, including the honorary president of Hongkong Textile Association and chairman of the board of directors of Hongkong textile and garment research and development center.

In 2007, he was awarded the title of "outstanding industrialist" by the Federation of Hongkong industries of Hongkong's top industrial and Commercial Association.

This month, Hongkong Star Island News Group awarded it the title of "outstanding leader".

"My manufacturing business has been shrinking, but there is still a difficult road for China to usher in the era of quality products."

Fang Keng said.

He also has a special liking for clothing retailing.

"To enter the Chinese consumer market is about to fight.

Fang Keng's father Fang Zhaozhou moved from Shanghai to Hongkong on the eve of the change of Chinese regime in 1948, where he founded S.C. Fang &Sons, and became one of Hongkong's largest textile manufacturers.

For many years, Fangshi group has been a supplier of many brands including Gap, Liz Claiborne and Martha &Spencer (Marks &Spencer).

In this process, Fang Zhaozhou spares no effort to cultivate children's leadership.

Fang Kun returned to Hongkong and joined the management of family business after receiving his master's degree in chemical engineering from Massachusetts Institute of Technology (MIT).

Today, the export factory of Fang family, located in the former Hongkong textile industry center, is still operating, but its surroundings are changing.

Real estate developers are dismantling warehouses that are not fully utilized today.

Manufacturing costs have been squeezed out of Hongkong's rising manufacturing costs for many years, and the cancellation of global textile quotas has consolidated over the past few years.