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Property mogul unveils start-up fund

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Peggy Sito

Shih Wing-ching aspired to a better life, quit his secondary school teaching job and established Centaline Property Agency in 1978.

Thirty-two years later, Shih, now 61, has stepped down from the helm of what is now one of the two largest property agencies in Hong Kong and one of the biggest on the mainland. This time he is chasing other dreams.

A start-up fund and book writing are what he has in mind. 'I plan to set up a venture capital fund that will invest in start-ups in Hong Kong. Anyone who believes he has a sound business idea can submit a proposal to me,' Shih said.

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He is willing to give up to HK$5 million to each start-up, but with a rider. Those backed by his fund will have to abide by his business philosophy - a third of the profit has to be distributed among employees.

'One-third must go to employees, one-third to shareholders and the rest is to be kept for future development,' Shih said.

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Imperfection in profit distribution was the root of all problems in many societies, he said.

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