Robert Ng
Encyclopedia
Robert Ng Chee Siong is the chairman of Hong Kong property development conglomerate Sino Group
, a position he has held since 1981. He is the eldest son of Ng Teng Fong
, the Singaporean real estate billionaire. Forbes
listed the two as the 30th richest people in the world in 1997.
through two Panamanian-registered companies when the October 1987 global stock market crash
began; his paper losses reportedly reached HK$1 billion. At first, Ng refused to pay, claiming to be protected by the limited liability of the companies through which he had traded. This led to the collapse of the futures exchange; trading was also halted on the Hong Kong Stock Exchange
for four days. An investigation by the Commercial Crime Bureau of the Royal Hong Kong Police
revealed that Ng had avoided required margin call
s through collusion with one of his brokers. However, in the end, no charges were laid against Ng because the colonial government of Hong Kong felt that prosecuting him would pose a risk to overall market stability. Instead, a deal was worked out which saw Ng repay HK$500 million, with Hong Kong taxpayers providing the rest of the funds needed by the Exchange through a government bailout. Ng reportedly lost a total of US$250 million in his various investment holdings as a result of the crash.
In June 1995, Ng took over as chairman of Yeo Hiap Seng
(YHS), a Singapore-listed
food and beverages company which had lost US$3.2 million in its previous year of operation. His chairmanship came at the same time as his family increased its stake in the company to 24.9%, just short of the 25% threshold above which they would be required by law to make an offer to buy out all other shareholders. This marked a step forward in his fight with Malaysian billionaire investor Quek Leng Chan
for control of YHS and its land holdings in Singapore's Bukit Timah
district, which could be worth billions of dollars were they redeveloped into residential real estate. In the end, Ng and his father were able to successfully take advantage of squabbles within the Yeo family to buy up 86% of YHS' stock. Their battle to gain control of the company was later described as "one of the most colourful take-over struggles in Singapore history" and led to YHS' transformation from a food company to a luxury real estate
developer.
The Sino Group also spun off their hotel interests into a new company, Sino Hotels, in that year; Ng became chairman of the board of the new company as well from its inception. In early 1997, under Ng's direction, Sino Hotels made several acquisitions, including an 80% stake in the local branch of the Conrad Hotel
for HK$2 billion. Ng also predicted that office properties would perform well during that year. For the latter six months of that year, Sino Hotels reported a 66% fall in net interim profits and 80% fall in operating profit, which Ng attributed to lower contributions not just from hotels but from the company's Fortune chain of Chinese restaurants as well. However, the Conrad proved to be a resilient investment, with the average room rate increasing by 14.7% during the months in question.
system. In 1998, he and companies owned by Sino Group controlled roughly 3-4% of the votes in the real estate constituency, and an additional two votes in the tourism constituency. The voting power he wields through this system has been described as equivalent to anywhere from 6,100 to 15,940 votes in geographic constituencies, which has led to criticism by the Hong Kong Human Rights Monitor
.
Ng has spoken out in support of the "Application List" system for the sale of government land and in 2008 remained publicly optimistic about the prospects for the Hong Kong property market.
Ng's eldest son Daryl Ng Win Kong (黃永光) was born in 1978. Though he holds Singaporean citizenship and returned to Singapore for mandatory military service
, in interviews with Hong Kong media, he emphasises that "Hong Kong blood flows in my veins", reminding his interlocutors that he was born at Queen Mary Hospital
and attended Diocesan Boys' School
rather than an international school
in his youth. He later went to the United States, where he graduated from Columbia University
in 2003, and after two years as a project manager in Sino Group was elevated to the company's board as an executive director in 2005. He is generally expected to be his father's successor. In 2007 he began to take on a more public role within the Sino Group, first appearing at a land auction with his father in October that year. During his first time speaking with the media about the property market in March 2008, he appeared nervous and spoke only briefly. He is married, and has one son (黃家寶, born December 2009).
Ng's eldest daughter Nikki Ng Mien Hua (黃敏華) attended Yale University
as an undergraduate, and went on to receive a master's degree from the University of London
's School of Oriental and African Studies
. She was later appointed to the position of general manager of the Sino Group. Her activities outside of Sino Group include membership of the 11th Qingdao Chinese People's Political Consultative Conference
. Ng also has two younger daughters Jeanne Ng Mien Yi (黃敏儀) and Christine Ng Mien Yin (黃敏音).
Beginning in the late 1990s, the family became more active in the Hong Kong Jockey Club
. Daryl, Nikki, and Jeanne own four horses between them, while the elder Ng himself owns eight and his wife one. At one point in 2002, Ng was said to be interested in joining the 12-member board of stewards of the Hong Kong Jockey Club; however, some of the club's 200 voting members objected due to Ng's conduct during the futures market collapse in 1987.
Both Daryl and Nikki are members of the five-person board of the Hong Kong Heritage Conservation Foundation. The HKHCF was initially set up under the name Nice Brilliant Limited in December 2007, and changed its name in March 2008. In October 2008, the HKHCF made a bid for the revitalisation
of the Old Tai O Police Station
, with the intention of turning it into a boutique hotel
; legislators looked suspiciously at the foundation's ties to the Sino Group, with Fernando Cheung
accusing them of being a "one-man NGO" set up for business purposes rather than social service. The HKHCF's bid was eventually successful; their conversion project is planned for completion at the end of 2011, with an estimated cost of HK$64.9 million.
Ng's father Ng Teng Fong died in Singapore on 2 February 2010 at the age of 82 after suffering a cerebral haemorrhage. Ng said his father was "always optimistic and hardworking".
Sino Group
Sino Group is one of the largest property companies in Hong Kong. The Group comprises private holding companies owned by the Ng family, and three publicly listed companies:*Tsim Sha Tsui Properties Limited*Sino Land Company Limited...
, a position he has held since 1981. He is the eldest son of Ng Teng Fong
Ng Teng Fong
Ng Teng Fong was a Singaporean real estate tycoon with a major presence in Hong Kong.-History:He was born in a small village in Putian prefecture level city, Fujian province, China...
, the Singaporean real estate billionaire. Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
listed the two as the 30th richest people in the world in 1997.
History
Ng was speculating in futures contracts on the Hong Kong Futures ExchangeHong Kong Futures Exchange
Hong Kong Futures Exchange was a futures exchange in Hong Kong. Established in 1976, it offered a variety of options and futures contracts, linked to stock market indices, stocks, short term interest rates, and foreign exchange.-History:...
through two Panamanian-registered companies when the October 1987 global stock market crash
Black Monday (1987)
In finance, Black Monday refers to Monday October 19, 1987, when stock markets around the world crashed, shedding a huge value in a very short time. The crash began in Hong Kong and spread west to Europe, hitting the United States after other markets had already declined by a significant margin...
began; his paper losses reportedly reached HK$1 billion. At first, Ng refused to pay, claiming to be protected by the limited liability of the companies through which he had traded. This led to the collapse of the futures exchange; trading was also halted on the Hong Kong Stock Exchange
Hong Kong Stock Exchange
The Hong Kong Stock Exchange is a stock exchange located in Hong Kong. It is Asia's third largest stock exchange in terms of market capitalization behind the Tokyo Stock Exchange and the Shanghai Stock Exchange and fifth largest in the world...
for four days. An investigation by the Commercial Crime Bureau of the Royal Hong Kong Police
Hong Kong Police Force
The Hong Kong Police Force is the largest disciplined service under the Security Bureau of Hong Kong. It is the world's second, and Asia's first, police agency to operate with a modern policing system. It was formed on 1 May 1844, with a strength of 32 officers...
revealed that Ng had avoided required margin call
Margin Call
Margin Call is a 2011 American independent drama film, written and directed by J.C. Chandor. The film has an ensemble cast that includes Kevin Spacey, Demi Moore, Paul Bettany, Jeremy Irons, Zachary Quinto, Stanley Tucci, Simon Baker, and Penn Badgley...
s through collusion with one of his brokers. However, in the end, no charges were laid against Ng because the colonial government of Hong Kong felt that prosecuting him would pose a risk to overall market stability. Instead, a deal was worked out which saw Ng repay HK$500 million, with Hong Kong taxpayers providing the rest of the funds needed by the Exchange through a government bailout. Ng reportedly lost a total of US$250 million in his various investment holdings as a result of the crash.
In June 1995, Ng took over as chairman of Yeo Hiap Seng
Yeo Hiap Seng
Yeo Hiap Seng Limited is an investment holding company as well as a drink manufacturer in Singapore and Malaysia. It produces its own Asian drinks and has the license from Pepsico to produce Pepsi, 7 Up, Mountain Dew, Mirinda and Mug Root Beer...
(YHS), a Singapore-listed
Singapore Exchange
Singapore Exchange Limited is an investment holding company located in Singapore and providing different services related to securities and derivatives trading and others. SGX is a member of the World Federation of Exchanges and the Asian and Oceanian Stock Exchanges FederationSingapore Exchange...
food and beverages company which had lost US$3.2 million in its previous year of operation. His chairmanship came at the same time as his family increased its stake in the company to 24.9%, just short of the 25% threshold above which they would be required by law to make an offer to buy out all other shareholders. This marked a step forward in his fight with Malaysian billionaire investor Quek Leng Chan
Quek Leng Chan
YBhg Tan Sri Quek Leng Chan is a Malaysian tycoon who co-founded Hong Leong Group Malaysia. He is one of the richest men in Malaysia with an estimated net worth of US$2.9 billion according to Forbes in 2007....
for control of YHS and its land holdings in Singapore's Bukit Timah
Bukit Timah
Bukit Timah is an area in Singapore and a hill in that area. Bukit Timah is located near the centre of the Singapore main island. The hill stands at an altitude of 163.63 metres and is the highest point in the city-state of Singapore...
district, which could be worth billions of dollars were they redeveloped into residential real estate. In the end, Ng and his father were able to successfully take advantage of squabbles within the Yeo family to buy up 86% of YHS' stock. Their battle to gain control of the company was later described as "one of the most colourful take-over struggles in Singapore history" and led to YHS' transformation from a food company to a luxury real estate
Luxury real estate
Luxury real estate is the real estate market niche targeted at the highest socio-economic group of consumers. -Definition:The characteristics that define luxury real estate differ among countries...
developer.
The Sino Group also spun off their hotel interests into a new company, Sino Hotels, in that year; Ng became chairman of the board of the new company as well from its inception. In early 1997, under Ng's direction, Sino Hotels made several acquisitions, including an 80% stake in the local branch of the Conrad Hotel
Conrad Hotels
Conrad Hotels is an international brand of upscale luxury hotels and resorts owned and operated by the Hilton Worldwide. Conrad was considered the luxury flagship brand in the Hilton Family of Brands, named after company founder Conrad Hilton, until being supplanted by The Waldorf-Astoria...
for HK$2 billion. Ng also predicted that office properties would perform well during that year. For the latter six months of that year, Sino Hotels reported a 66% fall in net interim profits and 80% fall in operating profit, which Ng attributed to lower contributions not just from hotels but from the company's Fortune chain of Chinese restaurants as well. However, the Conrad proved to be a resilient investment, with the average room rate increasing by 14.7% during the months in question.
Positions
, Ng is the director of a number of subsidiaries and associated companies of Sino Group:- the Chairman of Tsim Sha Tsui Properties LimitedTsim Sha Tsui Properties LimitedTsim Sha Tsui Properties Limited focuses on investing in properties in Hong Kong. The holding company invests in commercial, residential, and industrial properties, as well as provides a variety of other related services through its subsidiaries...
, parent company of Sino Land - the Chairman of Sino Hotels (Holdings) LimitedSino Hotels (Holdings) LimitedSino Hotels Limited is a hotel operator based in Hong Kong but incorporated in the Cayman Islands. It is affiliated with Sino Land Company Limited in Hong Kong and the Far East Organization in Singapore.-Properties:...
- an independent non-executive director of The Hongkong and Shanghai Hotels, LimitedHongkong and Shanghai HotelsThe Hongkong and Shanghai Hotels, Limited , , is an investment holding company based in Hong Kong. It is the owner of Hong Kong's famous Peninsula Hotel and its sister hotels, the Peak Tram and many other residential and commercial properties and other businesses...
- a director of the Real Estate Developers Association of Hong Kong
- a member of the 11th National Committee of the Chinese People’s Political Consultative Conference
- a non-executive director of SCMP GroupSCMP GroupThe SCMP Group is a publishing group in Hong Kong. SCMP publishes:* South China Morning Post - a daily English-language newspaper in Hong Kong* Hong Kong edition of Cosmopolitan, CosmoGirl and Harpar's Bazaar* Automobile...
Limited from May 2004 to May 2007
Voting and political views
Due to his business positions, Ng wields a significant amount of power under Hong Kong's functional constituencyFunctional constituency
In the political systems of Hong Kong and Macau, a functional constituency is a professional or special interest group involved in the electoral process...
system. In 1998, he and companies owned by Sino Group controlled roughly 3-4% of the votes in the real estate constituency, and an additional two votes in the tourism constituency. The voting power he wields through this system has been described as equivalent to anywhere from 6,100 to 15,940 votes in geographic constituencies, which has led to criticism by the Hong Kong Human Rights Monitor
Hong Kong Human Rights Monitor
Hong Kong Human Rights Monitor is a local non-governmental organization which was established in April 1995. It aims at promoting better human rights protection in Hong Kong in the aspect of legislation and people's everyday life....
.
Ng has spoken out in support of the "Application List" system for the sale of government land and in 2008 remained publicly optimistic about the prospects for the Hong Kong property market.
Family and personal life
Ng is married to Yeoh Saw Kheng (楊素瓊).Ng's eldest son Daryl Ng Win Kong (黃永光) was born in 1978. Though he holds Singaporean citizenship and returned to Singapore for mandatory military service
National Service in Singapore
Conscription in Singapore, called National Service , requires all male Singaporean citizens and second-generation permanent residents who have reached the age of 18 to enrol in the military...
, in interviews with Hong Kong media, he emphasises that "Hong Kong blood flows in my veins", reminding his interlocutors that he was born at Queen Mary Hospital
Queen Mary Hospital, Hong Kong
Queen Mary Hospital , located in Pok Fu Lam on Hong Kong Island of Hong Kong, is the flagship teaching hospital of the Faculty of Dentistry and Li Ka Shing Faculty of Medicine of the University of Hong Kong...
and attended Diocesan Boys' School
Diocesan Boys' School
Diocesan Boys' School is a boys' school located at 131 Argyle Street, Mong Kok, Kowloon, Hong Kong. It was founded in 1869, making it one of the oldest secondary schools in Hong Kong....
rather than an international school
International school
An International school is loosely defined as a school that promotes international education, in an international environment, either by adopting an international curriculum such as that of the International Baccalaureate or Cambridge International Examinations, or by following a national...
in his youth. He later went to the United States, where he graduated from Columbia University
Columbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
in 2003, and after two years as a project manager in Sino Group was elevated to the company's board as an executive director in 2005. He is generally expected to be his father's successor. In 2007 he began to take on a more public role within the Sino Group, first appearing at a land auction with his father in October that year. During his first time speaking with the media about the property market in March 2008, he appeared nervous and spoke only briefly. He is married, and has one son (黃家寶, born December 2009).
Ng's eldest daughter Nikki Ng Mien Hua (黃敏華) attended Yale University
Yale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...
as an undergraduate, and went on to receive a master's degree from the University of London
University of London
-20th century:Shortly after 6 Burlington Gardens was vacated, the University went through a period of rapid expansion. Bedford College, Royal Holloway and the London School of Economics all joined in 1900, Regent's Park College, which had affiliated in 1841 became an official divinity school of the...
's School of Oriental and African Studies
School of Oriental and African Studies
The School of Oriental and African Studies is a public research university located in London, United Kingdom and a constituent college of the University of London...
. She was later appointed to the position of general manager of the Sino Group. Her activities outside of Sino Group include membership of the 11th Qingdao Chinese People's Political Consultative Conference
Chinese People's Political Consultative Conference
The Chinese People's Political Consultative Conference [], shortened as 人民政协, Rénmín Zhèngxié, i.e. "People's PCC"; or just 政协, Zhèngxié, i.e. "The PCC"), abbreviated CPPCC, is a political advisory body in the People's Republic of China...
. Ng also has two younger daughters Jeanne Ng Mien Yi (黃敏儀) and Christine Ng Mien Yin (黃敏音).
Beginning in the late 1990s, the family became more active in the Hong Kong Jockey Club
Hong Kong Jockey Club
The Hong Kong Jockey Club is one of the oldest institutions in Hong Kong, founded in 1884 to promote horse racing. It was granted Royal Charter and renamed to "The Royal Hong Kong Jockey Club" in 1959...
. Daryl, Nikki, and Jeanne own four horses between them, while the elder Ng himself owns eight and his wife one. At one point in 2002, Ng was said to be interested in joining the 12-member board of stewards of the Hong Kong Jockey Club; however, some of the club's 200 voting members objected due to Ng's conduct during the futures market collapse in 1987.
Both Daryl and Nikki are members of the five-person board of the Hong Kong Heritage Conservation Foundation. The HKHCF was initially set up under the name Nice Brilliant Limited in December 2007, and changed its name in March 2008. In October 2008, the HKHCF made a bid for the revitalisation
Revitalising Historic Buildings Through Partnership Scheme
The Revitalising Historic Buildings through Partnership Scheme is an initiative launched by the Hong Kong Government, part of a broader policy of Heritage conservation in Hong Kong....
of the Old Tai O Police Station
Old Tai O Police Station
The Old Tai O Police Station is a former police station in Hong Kong. It is located on the small hill next to Tai O Ferry Pier, at the south-western tip of Tai O, which canbe considered the very west part within Hong Kong.-History:...
, with the intention of turning it into a boutique hotel
Boutique hotel
Boutique hotel is a term popularized in North America and the United Kingdom to describe intimate, usually luxurious or unique hotel environments. Boutique hotels differentiate themselves from larger chain/branded hotels and motels by providing personalized accommodation and services / facilities...
; legislators looked suspiciously at the foundation's ties to the Sino Group, with Fernando Cheung
Fernando Cheung
Fernando Cheung Chiu-hung is a Hong Kong politician, the vice-chairman of the Civic Party, he is a former member of the Legislative Council.Cheung worked in the United States from 1988, and became a naturalized United States citizen. He graduated from the University of California, Berkeley in...
accusing them of being a "one-man NGO" set up for business purposes rather than social service. The HKHCF's bid was eventually successful; their conversion project is planned for completion at the end of 2011, with an estimated cost of HK$64.9 million.
Ng's father Ng Teng Fong died in Singapore on 2 February 2010 at the age of 82 after suffering a cerebral haemorrhage. Ng said his father was "always optimistic and hardworking".