Developing global ambitions

Peterson Group had managed to keep a low profile for most of its 54-year existence. But that changed in 2009 when the privately run developer was linked to the controversial 39 Conduit Road project in Mid-Levels, a joint venture with Henderson Land Development.

The luxury development swelled the company's coffers, but it also put it under the public spotlight due to the marketing tactics used to sell the flats.

"I am not sure if we are lucky or unlucky [to have invested in this project]," said Tony Yeung, managing director of Peterson, the third generation of his family to have run the company.

Yeung, who was educated in Canada, said the company was now quitting the local development business that built its fortune as it accelerates plans to become a global developer.

Dubbed the king of buying old buildings, Franco Yeung, the chairman of Peterson and father of Tony, formed a 40:60 per cent joint venture with Henderson Land chairman Lee Shau-kee about 20 years ago to buy the property on the site the 39 Conduit Road development now occupies. Lee sold the interest to his listed vehicle Henderson Land in early 2000, with Peterson owning the remaining 40 per cent interest.

Franco Yeung and his family are the 43rd on the list of Hong Kong's richest people, according to Forbes magazine.