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How KB built up Goodwill

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IN a town in which the financial markets are often a soap opera, a sub-plot which involves duelling dynasties always has an audience. One of the favourite scripts in Hong Kong concerns the alleged bust-up of the Fung boys following the death of the legendary Fung King-hey, who built the Sun Hung Kai (SHK) securities and property empire.

The gossip is that Mr Fung's son, Tony, fell out with Fung Ka-pun, said to be a close, but unspecified, relation, over the direction the company should take.

The result was that Tony Fung stayed at SHK, while K B Fung, as he is known, was forced to strike out on his own, and established Goodwill International.

Sadly for the ill-informed tale-tellers, the story is a myth, insists K B Fung. He says he is no relation and there never was any problem between him and Tony Fung.

K B said he stayed on as managing director for Sun Hung Kai after Mr Fung's sudden death, out of a moral obligation.

'I was happy with what I was doing under Mr Fung's helmsmanship. I revered him and turned down repeated attempts by head-hunters. When the company was solid under Tony Fung, I left to establish my own business.' K B said there was never any feud between him and the changed management at SHK.

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