Zhou Dafu And Zheng Yutong's Way Of Buying Property

Hero late, 87 year old Hongkong rich Cheng Yu-tung And his empire of wealth is facing the test of succession.

A few days ago, Zheng Yutong admitted to hospital for stroke. In September 26th, Zheng Yutong's new world development performance conference, the eldest son Zheng Jiachun did not mention his father's illness, but he said his father had not participated in the operation since he retired. Therefore, the father's illness will not have any impact on the operation of the enterprise. It is reported that at present, Zheng Yutong's condition is stable and is expected to be transferred from the intensive care unit to the private ward soon.

Zheng family is one of the four largest families in Hongkong. In the 2012 Hongkong Forbes rich list, Zheng Yutong ranked fourth in 15 billion dollars, which is 6 billion dollars higher than 9 billion dollars in the previous year.

"Unlike Li Jiacheng and other four big families, the assets of Zhengjia are stronger in terms of confidentiality. Whether in the process of management or information disclosure, the transparency is slightly lower. Until recently, the decision of several major companies was Zheng Yutong's own ghosts." A Moodie analyst told the newspaper that when the new world developed bonds, there was no Moodie rating because most of them sold to institutional investors familiar with the company. This means that enterprises rely heavily on the interpersonal networks of big bosses.

　　 15 billion Dollar Empire

How many dollars are there in the 15 billion dollars? Zheng Yutong is known as "the king of jewelry" and "the four heavenly kings of the real estate industry in Hongkong". It has a wide range of business, including jewellery, real estate, energy, retail and infrastructure projects. The project covers Hongkong, Macao and Mainland China.

The information disclosed by Zheng Yutong's listed companies shows that Zheng family controls the listed companies of the family through two BVI. Zhou Dafu's listing data in 2011 showed that Zheng held 49% and 40.2% Zhou Dafu capital by holding Cheng Yu Tung Family (Holding) Limited and Cheng Yu Tung Family (Holding Holding), respectively, holding 74.1% Zhou Dafu holdings from Zhou Dafu capital, holding 89.5% Zhou Dafu by Zhou Dafu holding company and 100% equity with Zhou Dafu company. Zhou Dafu enterprises hold 64.77% and 42.11% of RIFO and new world development respectively.

Wang Xiaogang, senior consultant of Hongkong branch of Duhe Duan law firm, told reporters that although it was generally believed that Zheng family held its interests in the listed companies through the above two BVI, the prospectus did not disclose whether Zheng Yutong and his family members had some rights and interests in the two BVI companies, how and how personal proportions they owned. "This is very interesting and worth drawing lessons from many mainland enterprises."

In addition, according to the information disclosed by the HKEx, Zheng Yutong also owns several listed company shares through personal name and Cheng Yu Tung Family (Holdings) Limited. For example, he directly owns 29.16% of new era energy, 25.01% of Giordano shares, and 0.09% of Australian investment.

At present, the second, third generation of Zhengjia has gradually entered the operation of Zheng Yutong's listed companies.

HKEx information shows that besides Zheng Jiachun, eldest son Zheng Zhiheng, second son Zheng Jiacheng, two daughters and Zheng Jia Chun's eldest son Zheng Zhigang, second daughter Zheng Zhiwen and three sons Zheng Zhiming, and Zheng Yutong other collateral relatives, are in the family company high position.

　　 Two ups and down

Caroline Edwards, managing director of recruitment company DHR International in Hongkong, told the newspaper that the succession of Hongkong's large family businesses, the founders will gradually cultivate their successors in the future generations of children, and spend years running in.

It is easy to see that Zheng Yutong's successor is Zheng Jiachun.

However, many shareholders of Zhou Dafu and new world development have told reporters that they are still worried about whether Zheng Jiachun can stay behind after Zheng Yutong's fading out, so as to maintain the "status" of Zheng family.

Their worries are not without reason. Zheng Yutong, a young man, had the name "shark Tong" and was famous for his large investment in the economic downturn. Zheng Jiachun inherited the bravery nature of "shardan Tong", but when he was young, he lacked the care of his father.

According to the list of market capitalization of the 20 largest listed companies in the whole world, the market value of the new world ranked 11 in 1988. Zheng Jiachun took over in 1989, and the new world dropped to 15 place. In 1990, it fell to the 19 place.

Compared to Zheng Yutong, Zheng Jiachun was too young at that time.

In 1991, Zheng Yutong went back to the mountains again to reduce the debt ratio by selling off group assets and returning to the new world. This is another 21 years. At the end of 2011, our reporter met Zheng Yutong in Hongkong central to visit Zhou Dafu's central shop and talk with employees.

　　 Zheng Jia Chun Era

In the 29 year of February 2012, the new world development bulletin stated that Zheng Yutong resigned as chairman of the new world development board, headed by Zheng Jia Chun and executive director Zheng Zhigang as co general manager.

After Zheng Yutong abdicated, the new world development started a reform plan. In September 26th, at the new world development 2011 performance report meeting, Zheng Jiachun told reporters that in the past year, the company has undergone major changes. It is expected that the company's internal management can be strengthened through reform. It is mainly reflected in three aspects: first, all departments clearly define governance and division of labor; second, through coordination among departments, reduce management regulations, improve efficiency, make the structure simple and direct; third, strengthen the company's standardized process, effectively supervise the operation of the Department, and improve the cost-effectiveness.

He disclosed that at present, the main part of the reform has basically completed and entered the stage of perfecting rules.

In addition, the development of the new world has increased the pace of expansion. In February 29th of this year, Zheng Jiachun revealed that the group has worked out a 5 year plan. It expects to complete 6 million square feet of floor space every year before 2015, and hopes that every year there will be double-digit growth in the company's business.

While promoting sales, it also speeds up the pace. Zheng Jiachun said that as of the end of June this year, the net debt ratio of the new world development increased from 31.9% in the previous year to 36.6%, mainly because the Group paid a lot of money this year to pay the land price. In September of this year, the new world development invested the Hongkong Municipal Construction Bureau in the development project of laundry street in Mong Kok, Hongkong. This is the first time in the past 12 years that the new world development has been awarded the Hongkong Municipal Construction Bureau project.

An investment bank told reporters that in recent years, Zheng Yutong frequently attended the rich party, and with the Hongkong rich Francis Choi, Yang Shoucheng and Joseph Lau together to fight new shares. These rich people are younger than Zheng Yutong, and their association has accumulated a valuable human asset for Zheng Jiachun.

Where will the Zheng family go in the future? Fan Bohong, associate professor of accounting and Finance Department of Chinese University Hong Kong, believes that many Zheng family members are involved in business operations. Although the problem of insufficient human capital has been solved for enterprises, the complex conflicts of interest are also accompanied.

In addition, the above Moodie analysts believe that, because the family business is highly dependent on human relations, Zheng Yutong has not really Decentralization for many years, and is not standardized. management model It will enable Zheng Jiachun to shoulder the heavy responsibility of inheriting family business.