New World patriarch Cheng Yu-tung in hospital with unknown illness
Tycoon's son says the 87-year-old's health is not a serious problem as company shares dip
Hong Kong property tycoon Cheng Yu-tung, who retired as chairman of New World Development in March, is in hospital with an unknown illness.
His eldest son, Henry Cheng Kar-shun, the firm's new chairman, confirmed his father was in hospital but said there was no serious problem with his health.
A domestic helper at the elder Cheng's home said on the phone yesterday her boss had not yet been discharged from hospital.
Shares of New World fell 1.77 per cent to HK$11.10 yesterday. The benchmark Hang Seng Index fell 1.2 per cent.
Alex Wong Kwok-ying, asset management director at Ample Capital, said investors did not panic because the property empire had already been transferred to the second and third generations of the Cheng family.
Another reason is investors know blue-chip property firms are well-established and their daily operations are not seriously affected, Wong said.