Hong Kong jewellery tycoon Cheng Yu-tung dies, aged 91

PUBLISHED : Friday, 30 September, 2016, 5:33pm
UPDATED : Friday, 30 September, 2016, 8:51pm

Hong Kong billionaire tycoon Cheng Yu-tung died on Thursday night at the age of 91, his family said.

Cheng, who was known as the king of jewellery and founded Chow Tai Fook Group, one of the city’s biggest jewellery chains, died peacefully with his family at his side last night, according to an announcement issued by New World Development on behalf of his family on Friday.

The businessman was the third-richest man in the city with an estimated wealth of US$16.6 billion, according to Forbes magazine.

New World Development chairman Henry Cheng Kar-shun, the eldest son of Cheng Yu-tung, said on Friday evening that his father had been in a coma since he underwent brain surgery four years ago. His death will not affect New World Development’s operations, he added.