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Shui On chief wins recognition for innovation and leadership

Vincent Lo

Property developer Vincent Lo Hong-shui, chairman of the Shui On Group, was named DHL/SCMP Businessman of the Year last night.

Mr Lo, whose Xintiandi development in Shanghai won plaudits worldwide, has been a trailblazing investor in mainland projects.

He said he was delighted with his win and, with difficult economic times ahead, dedicated the award to Shui On's workforce.

'The current economic situation in Hong Kong is very difficult and the short-term scenario is not promising. We will have to cut costs to stay competitive,' Mr Lo said.

Last week, Shui On reported a 72 per cent drop in net profits for the six months to September 30.

It is not the first time Mr Lo has faced the daunting task of steering Hong Kong-listed Shui On - which he founded 30 years ago - through a downturn.

He said last night he had learned the hard way the importance of keeping Shui On's focus on property, construction materials and construction.

'In the 1980s, with the downturn in the property and construction markets, Shui On diversified into many other different businesses such as hotels, restaurants, photo-finishing, computers, and we really made a mess of all the businesses at the time,' he said.

However, Hong Kong's property crash in the 1980s also prompted him to explore opportunities in the mainland.

South China Morning Post business editor Grant Clelland said: 'Mr Lo's achievement demonstrates the best qualities of Hong Kong's entrepreneurial spirit.'

Po Chung, co-founder and honorary chairman of Asia-Pacific DHL, said: 'His company entered the China property market in the late 80s, making the group one of the first Hong Kong companies to do so, and this move set an example which many firms are now trying to emulate.'

This summer, Shui On finished developing the Xintiandi district in Shanghai, which features restored homes with Shikumen or Victorian-era stone gates. World-famous designers have flocked to Xintiandi to open boutiques, even though Shui On did not advertise.

While many Hong Kong people worry about the threat posed by Shanghai's rapid growth as a financial centre, Mr Lo says the SAR should think about its strengths.

'People in Hong Kong are wasting time crying when Shanghai will overtake us. Actually, if Shanghai is going to overtake Hong Kong, we wouldn't be able to stop them. Hong Kong should think how it can develop and exploit its advantages.'

This year's other winners, named at a ceremony at JW Marriott Hotel:

Executive Award: Michael Chan Yue-kwong, executive chairman, Cafe de Coral.

Enterprise Award: Computer and Technologies (accepted by chairman Ng Cheung-shing).

International Award: Techtronic Industries (accepted by chief executive Horst Pudwill).

Owner-Operator Award: Boby Chan, chairman of Moiselle.

Young Entrepreneur Award: Stephen Greer, chief executive, Hartwell Pacific.

Young Entrepreneur Award certificate of excellence: Alec Pettigrew, managing director, Marlow International.

Graphic: hkbacgwk

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