Why the world's youngest billionaire plays little part in running her own Hong Kong-listed empire
The secretive 24-year-old Hong Kong woman named by Forbes magazine as the world’s youngest billionaire plays little part in the running of the company she owns, the South China Morning Post can reveal.
The secretive 24-year-old Hong Kong woman named by Forbes magazine as the world’s youngest billionaire plays little part in the running of the company she owns and her residency in the city ensures her mainland father’s business empire is legitimately sheltered from the Chinese government and the taxman, the South China Morning Post can reveal.
Perenna Kei Hoi-ting became a US dollar billionaire after the company in her name, Logan Property Holdings, was listed in Hong Kong on December 20 last year. Her wealth increased following the listing as Logan’s share price rose from HK$2.10 to HK$2.36 on March 19. Forbes put her net worth at an estimated US$1.3 billion.
According to WealthX, an international firm that collates information on the world’s ultra-wealthy, Kei, whose name in Putonghua is Ji Peili, holds liquid assets of at least US$6.5 million and lives in Tsim Sha Tsui.
But despite the reported fortune that suggests a savvy businesswoman who built a mainland real estate empire, Logan’s IPO prospectus paints a different picture. And analysts believe the real power lies behind her throne, with the company using her name and Hong Kong status to minimise taxes and avoid having to reveal the secretive offshore companies owned by her family. This practice is not illegal.
The IPO prospectus, compiled by a company ahead of a listing to give detailed information to prospective investors, firmly states that the company reins are held by Kei’s father, Ji Haipeng, despite Kei jointly owning 85 per cent of the company with her father through various holdings.
Although Kei’s position in her company is legal... there is room for improvement in corporate governance
The prospectus reads: “Given that Ms Kei has limited experience in the real estate business, a declaration was made by Ms Kei which declared the ultimate control over all major affairs of the group are vested in Mr Ji, the father of Ms Kei, and Ms Kei had and will continue to act under the instruction of Mr Ji from time to time.”