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  • Dec 27, 2014
  • Updated: 9:34am

Cheung Kong Holdings

Hutchison Whampoa, one of Hong Kong’s largest listed companies, is controlled by  Cheung Kong Group, a property company. Hutchison's operations span ports, property and hotels, retailing, power generation and telecommunications. It owns Cheung Kong Infrastructure, and  is headed by Li Ka-shing, Asia’s wealthiest man. 

Lai See

PUBLISHED : Thursday, 25 January, 2007, 12:00am
UPDATED : Thursday, 25 January, 2007, 12:00am

property tycoon li ka-shing may soon lose his roof - to expansion

Li Ka-shing, who has put roofs over the heads of hundreds of thousands of Hongkongers, soon may not have a home to call his own.

The tycoon, who heads a seven-member household, will be moving out of his 43-year-old Deep Water Bay Road residence for a few months pending the addition of an extra floor.

According to the Hong Kong Economic Times, once construction starts later this year, Mr Li will occupy a big house on Shouson Hill Road, just a few doors down from the official residence of Financial Secretary Henry Tang Ying-yen.

The newspaper reported that Mr Li's temporary digs were acquired by his Cheung Kong (Holdings) from Dr Leung Chi-hung's family in 2001. However, Cheung Kong's spokesman denied ownership of the house when we called up to inquire.

Last year, Mr Li got approval from the Buildings Department to add a floor to his own three-storey, 6,600 square foot mansion, which he shares with the family of elder son Victor Li Tzar-kuoi. (Apparently the tycoon has already moved into the basement to give his son more room after the birth of another child nine months ago.)

Mr Li's expanding book collection is in need of more space too.

egg tart strategy

Standard Chartered Bank appears to believe that the fastest route to a customer's heart is through their stomach.

Yesterday, at a New Year luncheon, the bank brought in Master Au Yeung (right), who spent 46 years at Central's famous Tai Cheong Bakery, to give journalists a few lessons on how to make egg tarts.

Standard Chartered has been offering similar tuition to its Priority Banking customers. It's been one of the bank's most popular customer events, drawing 400 people to three sessions.

investing in sport

Ever wonder how much Standard Chartered spends on its annual Hong Kong marathon?

We don't have the full picture but thanks to the annual report of the Hong Kong Amateur Athletic Association, which organises the event on behalf of the bank, we have an idea.

According to the report, private companies owned by HKAAA chairman William Ko Wai-lam received HK$4.9 million for services to last year's marathon - HK$2.6 million to Sports Promotions International for event organisation and HK$2.3 million to Champion Chip Hong Kong for timing services.

Mr Ko stood down as chairman of the sporting body at Friday's annual general meeting, after 28 years in the post.

This was apparently in response to doubts about the propriety of his profiting from an event in which the HKAAA plays a key role. But, as no one else has stepped up to be chairman, there's a strong chance he will be asked to stay on.

tools of the trade in boardroom

The latest issue of Business Week alludes to a recent major executive appointment that escaped the attention of most local scribes, even though it concerned a local firm, Techtronic Industries.

Back in November, the struggling maker of power tools hired Joseph Galli as chief executive of its floor-care appliances division.

Mr Galli's name pops up in the magazine's cover story, with the title 'Sweet Revenge', about ambitious executives who have walked out on their employers after being passed over for the top job.

In 1999, Mr Galli was president of Black & Decker, the biggest US name in power tools. After failing to persuade his boss to step down, he defected to Amazon.com; some analysts said he wasted his year as chief operating officer by pushing tools to the detriment of products that might have sold better online.

He finally became chief executive at Newell Rubbermaid but left in 2005 after failing to turn it into Black & Decker's legitimate challenger.

Mr Galli's non-compete clause covering the tools business runs out later this year, so he could be Techtronic's boss waiting in the wings.

The company must be impatient to see him throw off his legal shackles and take belated revenge on Black & Decker.


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