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A luxury mansion in Hong Kong, previously owned by Chinese tycoon Chen Hongtian, has seen a significant price reduction of about 60%, now listed for HK$700 million to HK$800 million compared to its purchase price of over HK$2 billion in 2016. The property, located in the upscale Peak neighborhood, spans over 9,200 square feet and has faced challenges in the luxury real estate market due to a downturn exacerbated by factors such as rate hikes and population outflow. The mansion was taken over by the Bank of East Asia Ltd. in 2023, as part of a larger portfolio of properties that Chen lost in the real estate downturn. [Extracted from the article]

A luxury mansion in Hong Kong previously owned by Chinese tycoon Chen Hongtian has seen a 60% price cut, now listed for HK$700 million to HK$800 million compared to its purchase price of over HK$2 billion in 2016. The property, located in the upscale Peak neighborhood, has faced challenges due to the downturn in Hong Kong's luxury real estate market, influenced by factors such as rate hikes and a population outflow. Chen, who founded Cheung Kei Group in 1990, lost a basket of properties worth $1.4 billion in the real estate downturn, reflecting broader challenges faced by Chinese tycoons in the market. [Extracted from the article]

The article from Bloomberg.com reports on the success of toymaker Zhu Weisong, who became a billionaire after Bloks Group Ltd.'s $215 million IPO in Hong Kong. Zhu, a former gaming company executive, owns almost half of the toymaker, with his stake valued at $1.3 billion. Despite Bloks' rapid revenue growth, the company has been unprofitable since at least 2021. [Extracted from the article]

The article from Bloomberg.com discusses how Zhu Weisong, founder and chairman of Bloks Group Ltd., became a billionaire after the company's successful $215 million IPO in Hong Kong. Zhu, a former gaming company executive, owns almost half of the toymaker, with his stake valued at about $1.7 billion. Despite Bloks' rapid revenue growth, the company has been unprofitable since at least 2021. [Extracted from the article]

The article discusses the succession challenges faced by New World Development Co., a Hong Kong property developer, as it undergoes rapid CEO changes. The lack of a clear leadership succession strategy and the company's financial struggles have raised concerns among staff and investors. The Cheng family, who owns the company, is navigating the transition from second to third-generation heirs, a common challenge for family-run conglomerates. The new CEO, Echo Huang, faces the task of reducing debt, selling non-core assets, and completing major residential developments amidst a challenging market environment. [Extracted from the article]

The son of Alimentation Couche-Tard Inc. co-founder Richard Fortin, Eric Fortin, is expanding the family's retail fortunes by investing in Quebec's real estate market through his firm, Kastello Immobilier. Kastello has invested in various projects, including a luxury housing tower in downtown Montreal, and plans to add more rental units in the coming years. The Fortin family aims to diversify their assets beyond their convenience store empire, with Eric and Richard Fortin owning a significant stake in Couche-Tard. The rental market in Quebec has seen robust growth due to an influx of immigrants, with Kastello's properties maintaining low vacancy rates and turning a profit. [Extracted from the article]

Chinese billionaire Ye Guofu, the founder of budget retail chain Miniso, experienced a significant drop in his net worth after his company announced a bid to acquire a majority stake in struggling supermarket Yonghui Superstores. The move spooked investors and caused Miniso's New York-listed stock to plummet. Ye's fortune tumbled by $593 million, leaving him with a net worth of $2.9 billion. The majority of his wealth comes from his stake in Miniso, which has been expanding rapidly overseas. The Chinese economy and consumer sentiment have been uncertain, leading to doubts about the potential return on the acquisition. [Extracted from the article]

The ex-wife of Hui Ka Yan, the founder of China Evergrande Group, has been allowed by a UK court to spend up to £20,000 ($26,187) per month after her assets were frozen in a case brought by the developer's liquidators. This is part of an effort to recover approximately HK$2.8 billion ($359 million) that was paid to Ding Yu Mei through her corporate vehicles as dividends between 2018 and 2020. Ding, who held a 5.99% stake in Evergrande, has over $4 million in her UK bank account and resides in a luxury London apartment. The lawsuit is part of broader attempts to recover $6 billion in dividends and remuneration from Hui, Ding, and other former executives. Hui, once Asia's second-richest person, lost most of his fortune as Evergrande faced financial difficulties. The liquidators have obtained injunctions to prevent Hui, Ding, and others from disposing of their assets. [Extracted from the article]

The ex-wife of China Evergrande Group founder Hui Ka Yan has been allowed by a UK court to spend up to £20,000 ($26,187) per month after her assets were frozen in a case brought by the developer's liquidators. This is part of an effort to recover approximately HK$2.8 billion ($359 million). The ex-wife, Ding, received dividends totaling over $4 million in her UK bank account between 2018 and 2020 and resides in a luxury London apartment. The lawsuit is part of a larger attempt to recover $6 billion in dividends and remuneration from various individuals associated with Evergrande. [Extracted from the article]

Toronto home sales increased by 0.6% in August compared to the previous month, thanks to lower borrowing costs attracting more buyers. However, the rise in inventory has prevented prices from increasing significantly. New listings were higher than the previous year, and the total number of active listings was 46% higher than in August 2023. The benchmark price for homes in Toronto remained relatively stable from July but was 5% lower than the previous year. The Bank of Canada's recent interest rate cut is expected to further support the housing market in the near future. [Extracted from the article]

Chinese billionaire Yang Huiyan, the chair of Country Garden Holdings Co., and a charity connected to her family have received $50.6 million in dividends from a services company within her property empire. This comes despite Country Garden defaulting on $10.8 billion of debt. Yang holds a significant stake in both Country Garden and Country Garden Services, and she transferred part of her stake in the latter to her sister's charitable foundation last year. The dividend payments have raised concerns about the company's prioritization of short-term payouts over debt repayment. [Extracted from the article]

Chinese beverage heiress Kelly Zong Fuli has been appointed as the chairman of Hangzhou Wahaha Group Co., taking over the beverage empire founded by her father. Since her father's death in February, Zong has faced challenges such as internal shareholder disputes and declining sales. Zong, who has spent two decades at the firm, aims to ensure the stable and healthy development of the company. She is part of a new generation of Chinese heirs stepping up to run their family businesses. [Extracted from the article]

Chinese billionaire Yang Huiyan, the chair of Country Garden Holdings Co., and a charity connected to her family have received $50.6 million in dividends from a services company within her property empire. This comes as Country Garden has defaulted on $10.8 billion of debt. Yang holds a significant stake in both Country Garden and Country Garden Services, and she transferred part of her stake in the latter to her sister's charitable foundation last year. The dividend payments have raised concerns among creditors, as the company's financial situation remains unstable. [Extracted from the article]

Colin Huang, the founder of e-commerce giant PDD Holdings Inc., has lost his position as China's richest person after just two weeks. A drop in PDD's shares caused Huang's fortune to decrease by $14.1 billion, making him the fourth-wealthiest person in China with a net worth of $35.2 billion. Huang's company reported lower-than-expected quarterly revenue and warned of slowing sales growth, leading to a significant decline in its US-listed shares. PDD, known for selling inexpensive products, has faced challenges from competitors and protests from suppliers, employees, and governments. [Extracted from the article]

Colin Huang, the founder of e-commerce platform Pinduoduo, has become China's richest person with a fortune of $48.6 billion. Huang's success is attributed to China's changing shopping habits and his expansion outside of China under the brand name Temu. However, his rise to the top has not been without controversy, as he has faced criticism for driving down prices and imposing punishing work schedules on his employees. Despite these challenges, Pinduoduo's rebound and success in the US market have contributed to its surge in valuation and its position as China's second-largest internet firm. [Extracted from the article]

Hong Kong property tycoon Adrian Cheng is planning to list his venture fund, C Capital, on the Swiss Stock Exchange through a merger with Swiss-listed investment firm Youngtimers AG. The merged entity will be renamed C Capital AG and will be based in Switzerland. C Capital has invested in over 60 companies, including Shein, Nio Inc., XPeng Inc., and Sensetime Group Inc. The merger is expected to result in C Capital AG having over $700 million in assets under management. Adrian Cheng is a member of a prominent real estate family in Hong Kong and is the executive vice chairman and CEO of New World Development Co. and Chow Tai Fook Jewellery Group Ltd. [Extracted from the article]

Oaktree Capital Management's takeover of Inter Milan has resulted in the former Chinese boss, Zhang Jindong, losing almost all of his wealth. Zhang, who was worth $6 billion when he acquired the majority stake in the Italian football club in 2016, had ambitious plans to raise the profile of Suning Holdings Group Co. and expand globally. However, Suning defaulted on a significant debt to Oaktree, leading to the investment firm taking over Inter Milan and wiping out Zhang's fortune. Zhang's wealth had previously peaked at over $11 billion, but his empire faced challenges due to mounting competition and a slowing Chinese economy. [Extracted from the article]

Xiaohongshu, a popular Chinese app, has gained a following among high-income earners in China due to its combination of influential users, artificial intelligence technology, and soft marketing tactics. The app, which has been compared to Instagram and Pinterest, has generated significant profits and created a $6 billion fortune for its co-founders. Xiaohongshu's success is based on its content seeding strategy, where key opinion leaders upload relatable posts that help users with various lifestyle and beauty-related topics. The app's user base consists mainly of young female professionals, and luxury brands have set up online stores on the platform to target wealthy customers. Despite facing competition and challenges in the e-commerce space, Xiaohongshu continues to grow and attract users. [Extracted from the article]

The article discusses the growing market for celebrity memorabilia as an alternative investment. Julien's Auctions, a boutique house specializing in trading celebrity memorabilia, has seen increased interest from hedge funds and is planning to open its first Asian office in Hong Kong. The market for keepsakes is expected to reach $762 billion by 2032, with Asia driving the growth. The article also highlights the involvement of big finance names and corporations in the market, as well as the expansion of international auction houses in Hong Kong. [Extracted from the article]

Simon Sadler, the founder of Segantii Capital Management Ltd., built a fortune of at least $360 million over 17 years. However, Sadler and Segantii are now facing charges of insider dealing from Hong Kong authorities. This has led to institutions like JPMorgan Chase & Co. and Nomura Holdings Inc. distancing themselves from the fund. Sadler, who grew up in Blackpool, also owns Blackpool Football Club and has made significant donations to his alma mater, the University of Manchester. [Extracted from the article]

China's bubble tea industry has created several billionaires in recent years, with at least six individuals becoming billionaires due to the growing popularity of the sweet drink. Sichuan Baicha Baidao Industrial Co., China's third-largest bubble tea chain, is set to raise over $300 million in a Hong Kong listing, potentially giving its founders a combined net worth of $2.7 billion. However, the market debuts of other Chinese bubble tea makers looking to go public in Hong Kong are uncertain due to increased competition and a decline in the city's appeal for deals. The bubble tea trend originated in Taiwan in the late 1980s and has since spread to Hong Kong, mainland China, and other countries. The industry offers a wide variety of tea flavors, fruit combinations, and toppings, appealing to consumers' desire for customization. Baicha Baidao, known as "100 Varieties of Tea," has experienced significant growth by targeting price-conscious consumers and offering affordable bubble tea. Other major players in the industry include Mixue Bingcheng and Nayuki Holdings, but increased competition and price-cutting have impacted their profitability. Despite challenges, analysts remain optimistic about the industry's leaders, but acknowledge that the market for fresh tea drinks is becoming crowded. [Extracted from the article]

The article profiles Chinese tycoons who were affected and whose fortunes have declined following the recent collapse in Chinese real estate. They include Hui Ka Yan of the China Evergrande Group who is in police custody following allegations of fraudulently inflating revenue by 78 billion dollars, Yang Huiyan, whose company Country Garden Holdings Co. faces an offshore lawsuit seeking its liquidation, and Wang Zhenhua who is serving a 5-year prison sentence for child abuse.

Sheikh Ali Al Maktoum, who claims to be a relative of Dubai's ruling family, has unexpectedly postponed the opening of his family office in Hong Kong due to "urgent matters in Dubai." The new date for the opening will be announced later. This comes as Hong Kong is making efforts to attract more family offices, and Sheikh Ali was among the high-profile guests at the city's Financial Mega Event Week. Hong Kong has been offering incentives, including tax benefits, to attract wealthy individuals to establish family offices, and the government is confident in reaching its target of persuading over 200 family offices to establish or expand their operations by the end of 2025. [Extracted from the article]

Sheikh Ali Al Maktoum, who claims to be a relative of Dubai's ruling family, has unexpectedly postponed the opening of his family office in Hong Kong. The delay is due to "urgent matters in Dubai," and a new opening date will be announced later. This comes as Hong Kong is actively trying to attract more family offices, and Sheikh Ali was a prominent guest at the city's Financial Mega Event Week. The size and source of Sheikh Ali's wealth, as well as his ties to Dubai's ruling family, are currently unknown. Hong Kong has been offering incentives, including tax benefits, to encourage the establishment of family offices, and the government is confident in reaching its target of attracting over 200 family offices by the end of 2025. [Extracted from the article]

Yang Huiyan, the chair of Country Garden Holdings Co., will receive approximately 160.2 million yuan ($22 million) in dividends from her direct stake in Country Garden Services Holdings Co. Additionally, a family foundation she transferred more than half of her stake to in July will receive 198.7 million yuan. Despite Country Garden Services reporting an 85% decrease in net income for 2023, the company still declared dividends as a token of appreciation to shareholders. Country Garden, once China's largest developer, has faced financial difficulties due to the nation's property crisis, resulting in a significant decline in Yang's fortune. [Extracted from the article]

Kelly Zong Fuli, known as the "Princess of Wahaha," is set to take over her father's struggling beverage empire, Hangzhou Wahaha Group Co., following his death. The company has faced declining sales and increased competition in the market, with rival Nongfu Spring Co. surpassing them as China's wealthiest beverage company. Wahaha has been slow to adapt to changing consumer tastes and habits, losing business to online shopping. Kelly Zong plans to focus on low-sugar, healthier drinks to appeal to consumers' current preferences. [Extracted from the article]

Sheikh Ali Al Maktoum, the nephew of Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum, is opening a family office in Hong Kong with a $500 million investment. The office will focus on opportunities in Asia, particularly in sectors such as artificial intelligence, construction, electric vehicles, tourism, and fintech. Hong Kong has been actively trying to attract foreign capital and has introduced tax and residency incentives to appeal to the super-rich. Sheikh Ali sees Hong Kong as an advanced city with potential for long-term growth and wants to strengthen the bonds between mainland China and Hong Kong through his family office. [Extracted from the article]

Michelin has released its annual list of starred restaurants in Hong Kong and Macau, with one restaurant losing its three-star status. The total number of starred restaurants in the two cities remains the same as last year, with Hong Kong having 79 and Macau having 16. The government has taken measures to support the restaurant industry, including distributing dining vouchers and attracting tourists to the cities. Michelin also recently published its Bib Gourmand list of value-for-money eateries in Hong Kong and Macau. [Extracted from the article]

Michelin has released its annual list of starred restaurants in Hong Kong and Macau, with one restaurant losing its three-star status. The Eight in Macau's Grand Lisboa was downgraded to two stars, while Italian restaurant Noi in Hong Kong's Four Seasons and The Huaiyang Garden in Macau both received two stars. The total number of starred restaurants in the two cities remained the same as last year, with Hong Kong having 79 and Macau having 16. The restaurant industry in Hong Kong has faced challenges in recent years due to pandemic restrictions, an exodus of expats, and an economic slowdown. The government has tried to encourage dining out by distributing dining vouchers to residents. In addition to the starred restaurants, Michelin also released its Bib Gourmand list of value-for-money eateries, with Hong Kong having 67 and Macau having 10. The Hong Kong and Macau Michelin guide was first published in 2009. [Extracted from the article]

Michelin has released its annual list of starred restaurants in Hong Kong and Macau, with one restaurant losing its three-star status. The total number of starred restaurants in the two cities remains the same as last year, with Hong Kong having 79 and Macau having 16. Among the new one-star outlets, Mora and Feuille were recognized for their eco-friendly focus, while Cristal Room by Anne-Sophie Pic became another French one-star dining room in Hong Kong. The restaurant industry in Hong Kong has faced challenges in recent years due to the pandemic and economic slowdown. [Extracted from the article]

Hong Kong will raise taxes on high earners for the first time in two decades in an effort to reduce the city's fiscal deficit. Starting in April, a two-tier tax system will be implemented, with income up to HK$5 million taxed at a maximum of 15% and anything above that taxed at 16%. This change will affect about 0.6% of taxpayers, or approximately 12,000 people. The move is expected to generate an additional HK$910 million in revenue each year and is seen as a fair way to address the deficit without making significant changes to the entire tax system. [Extracted from the article]

Hirotake Yano, the founder of Japanese discount retailer Daiso Industries Co., has passed away at the age of 80. Yano was known as a pioneer of the dollar-shop business model and had a net worth of $1.9 billion. After starting his career by selling goods from the back of a truck, Yano incorporated Daiso in 1977 and the company became successful as Japanese consumers sought better value for their money. Daiso currently has thousands of stores both domestically and overseas. [Extracted from the article]

A Chinese billionaire has purchased a luxury property in Hong Kong's Victoria Peak at a discount of over 30% due to the city's real estate downturn. The mansion was sold for HK$838 million ($107 million), compared to an asking price of HK$1.3 billion. The buyer, Xu Hang, is a co-founder of a medical-equipment maker and has a net worth of about $12 billion. The seller, Tsim Wing Kong, is a local businessman who made his fortune in the toy industry. Luxury assets in Hong Kong have been affected by the property downturn, with a 4.1% decline in the second half of last year. Demand from mainland Chinese buyers is limited, and the market is expected to drop another 5% this year. Xu Hang represents a new type of Chinese entrepreneur who has benefited from opportunities during the pandemic and the demand for bio-pharmacy products and services. [Extracted from the article]

Solina Chau, the co-founder of Li Ka-shing's venture arm, has purchased a luxury apartment in London for £20.5 million ($26 million). The property is located in St James's Place, between Buckingham Palace and the Mayfair district, and was one of the most expensive apartment deals in London last year. Chau is known for her successful investments in companies such as Zoom Video Communications and DeepMind Technologies. London's luxury real estate market has remained strong, with wealthy overseas buyers spending over £100 million on properties in the city in 2023. In contrast, the market in Hong Kong has suffered, with luxury property prices declining by 25-30% in the past 18 months. [Extracted from the article]

VMS Group, a money manager for wealthy individuals in Hong Kong, has partnered with Esther Wong, a former executive from China's SenseTime Group Inc., to create the 3Cap AGI Fund. The fund will focus on early-stage investments in artificial intelligence (AI). Local billionaire families have already committed half of the targeted $150 million for the fund. This investment in AI follows the success of ChatGPT, which attracted over $21 billion in investments in the first nine months of 2023. VMS Group also plans to raise a $300 million fund in 2024 to invest in healthcare and tech businesses supporting China's aging population and digital transition. [Extracted from the article]

Thai billionaire Chatchaval Jiaravanon, a member of the Charoen Pokphand Group family, is teaming up with Hong Kong-based asset manager Wonder Capital Group to invest in luxury real estate in Southeast Asia. They are launching CMAG Funds, a new investment pool, and are aiming to raise up to $100 million. Their first investment will be in Cambodia's tallest building, Mesong. Despite challenges in the global real estate market, Chatchaval sees this as a long-term opportunity due to the demand for high-end properties in Southeast Asia. [Extracted from the article]

Sevva, a popular rooftop bar and restaurant in Hong Kong, is set to close in May after 16 years of operation. Located in the Prince's Building, a hub for international banks and law firms, Sevva has gained a loyal customer base with its renowned rooftop bar. The closure is attributed to external pressures, including the social movements of 2019 and the ongoing pandemic. Hong Kong's hospitality and tourism industries have been severely impacted in recent years, with rents in the city's most expensive retail area reaching a decade low. Sevva plans to host a farewell event in early 2024 to commemorate its history. [Extracted from the article]

Sevva, a popular rooftop bar and restaurant in Hong Kong, will be closing in May after 16 years of operation. Located in the heart of Hong Kong's financial district, Sevva has been a go-to spot for bankers and professionals to make deals and celebrate. The closure is attributed to external pressures, including the social movements of 2019 and the ongoing pandemic. Hong Kong's hospitality and tourism industries have been severely impacted in recent years, with rents in the area reaching a decade low. Sevva plans to host a final celebration in early 2024 to commemorate its history. [Extracted from the article]

Lei Jun, the billionaire co-founder of Xiaomi, has made a record cash donation of 1.3 billion yuan ($182 million) to his alma mater, Wuhan University. This is the largest ever cash donation to a Chinese university from an alumnus. The money will be used to support computer science innovations, students' development, and research on six fundamental disciplines. Donations from wealthy individuals in China have been increasing in recent years as President Xi Jinping aims to reduce the wealth gap. Lei Jun, who graduated from Wuhan University in 1991, is now worth $14.3 billion. Xiaomi recently reported its first revenue gain in almost two years. [Extracted from the article]

Around 500 Hong Kong taxis will go on strike for three hours on Wednesday to protest the government's lack of action against ride-hailing services like Uber. The strike will begin in the Tai Po area and is unlikely to cause major disruptions. The taxi industry has been critical of Uber, which is officially illegal in Hong Kong but has grown to about 14,000 driver partners since 2014. The industry claims that Uber costs them over HK$20 million ($2.6 million) in revenue each day and creates unfair competition. The taxi industry is also facing safety concerns due to accidents involving elderly drivers, as well as criticism for not accepting credit cards or e-payment systems. [Extracted from the article]

Hong Kong taxi drivers have decided to cancel a planned strike in protest of the government's failure to crack down on ride-hailing services like Uber. The decision came after the government expressed a willingness to review regulations on curbing illegal online hailing services. The government has agreed to meet with taxi drivers for further communication. The taxi industry in Hong Kong has been facing safety concerns and competition from Uber, which is estimated to cost the industry millions of dollars in revenue each day. [Extracted from the article]

Jack Ma, co-founder of Alibaba Group Holding Ltd., has experienced a significant decrease in his wealth due to a major selloff of Alibaba's stock. The company's stock plummeted 9% after it reversed plans to spin off its $11 billion cloud business unit, which was influenced by increased US restrictions on chip sales to China. Ma's net worth now stands at $29.2 billion, and he plans to sell 10 million shares worth about $870 million next week. Ma has been gradually selling his shares in recent years, and his stake in Alibaba is now below 5%. [Extracted from the article]

ByteDance co-founder Zhang Yiming's venture capital firm, Cool River Venture HK Ltd., has leased space in Hong Kong's Two International Finance Centre. The firm, which Zhang established in May, will share the 21st floor with CTBC Bank Co. This move is seen as an indication of Zhang's future intentions, as he has largely stayed out of the public eye since stepping back from his corporate roles in 2021. Zhang, who holds a Hong Kong ID card, has an estimated fortune of $42.3 billion. [Extracted from the article]

The online retail frenzy has produced several shopping moguls from China, including Jack Ma of Alibaba Group Holding Ltd., China's largest e-commerce company, who's worth $28.5 billion. Li, who has an 11% stake in J&T, is the latest Chinese billionaire to be created from the online shopping surge of the past two decades, and the first with a fortune that originated in Southeast Asia, according to the Bloomberg index. (Bloomberg) -- Another billionaire has been minted thanks to the online shopping boom that's expanding from China to Southeast Asia. [Extracted from the article]