When the rich applaud the rich

PUBLISHED : Saturday, 15 July, 2006, 12:00am
UPDATED : Saturday, 15 July, 2006, 12:00am

No longer just a playboy tycoon, Cecil Chao Sze-tsung is now certifiable as a fully fledged property tycoon.

How else can you explain this full-page advertisement (pictured), placed by none other than the city's richest, among them Li Ka-shing, Nina Wang, Cheng Yu-tung, Stanley Ho Hung-sun, Vincent Lo Hong-sui, David Li Kwok-po and Lee Shau-kee? It was a congratulatory note for the Cheuk Nang Holdings boss being named a sponsor and guest speaker at an official conference on the mainland property market to be held in Shenzhen later this month. Mr Chao is also building a giant shopping mall bearing his name in the heart of Kuala Lumpur.

Actually, the significance of the Shenzhen occasion eludes us but you can be sure every media hack will be covering it now that the city's most powerful tycoons have attached their names to it.

Our city's magnates know where the real money and power plays are, unlike the rest of us.