Giving it all away

Ronnie Chan Chi-chung, chairman of Hang Lung Properties, grew up knowing he would never inherit his father's fortune. He can't recall explicitly being told of the arrangement - it was just something he understood from a very early age. But when it came to his own children, Chan made sure he spelt it out.

"I knew my father was wealthy, but it never, even once, came into my mind that one day my brothers and I would inherit anything. I wanted to make sure my sons understood that," says Chan.

When his eldest son, now in his 30s, was seven and sitting comfortably between him and his wife, Barbara, Chan got his opportunity. He was going through a company report and Barbara was reading a storybook aloud to their son. When she read the word "inheritance" he asked what it meant and Chan explained, then asked him, "What do you think your inheritance will be one day?"

"The kid thought about it, then said 'nothing'. Good kid, smart kid," says Chan. "So they never grew up with the expectation that they would get a penny. If there is no expectation, there is no problem. If they grow up with the expectation and you don't give it to them, then you have a problem."

And dealing with people's hopes and expectations is something he has to deal with on a regular basis. He has been personally successful in his business ventures - although those with Enron pensions weren't as fortunate; Chan was on the audit committee of Enron when it collapsed, wiping out billions of dollars in employee benefits - and over the years he has given a lot of it away.

"A guy in my position, you better know how to say no or you don't survive. A lot of non-government organisations come to Hong Kong, there must be eight to 10 doors they knock on, if you don't know how to say no you are in trouble. I tell people no to their face many times. Just say no - be honest. Cut off all expectation," says Chan.