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Ng Teng Fong Family — Far East Organization & Sino Group

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Ng Teng Fong Family — Far East Organization & Sino Group 28 JULY 2014 Ng Teng Fong Family — Far East Organization & Sino Group Founders of Singapore-based developer Far East Organization and Hong Kong-based developer Sino Group Speculative trading by Robert Ng contributed to the collapse of the Hong Kong Futures Exchange in 1987. He was investigated but not prosecuted. The family has close ties to the governments of Singapore, Hong Kong and China. Capital Profile covers 12 family members and 24 companies Ilya Garger INTRODUCTION Editor in Chief [email protected] Brothers Robert Ng Chee Siong and Philip Ng ued at over USD 45bn, according to the Sze Toh Yuin Munn Chee Tat control Far East Organziation (FEO), group website. Forbes estimates Robert and Research Editor Singapore's largest property developer, and Philip Ng's total net worth as of 2014 at USD [email protected] Sino Group, a major developer in Hong Kong. 12.4bn, making the family Singapore's rich- est. David Wu They inherited the business from their father Researcher Ng Teng Fong, who founded FEO in 1960 and [email protected] Sino Group a decade later. Ng Teng Fong, Family who died in 2010, immigrated to Singapore Jacob Li from China's Fujian province in the 1930s. Ng Teng Fong died in 2010 at the age of 82 Analyst and was survived by wife Tan Kim Choo, his [email protected] Robert Ng, the eldest son of Ng Teng Fong, is two sons, five daughters, 22 grandchildren and one great-grandson, according to an Jessica Kurnia based in Hong Kong and chairs Sino Group. Researcher The group has three Hong Kong-listed enti- Asiaone article citing his published obituary. [email protected] ties: developers Sino Land and Tsim Sha Tsui Properties Limited, and hospitality-focused Apart from Robert and Philip, family members Willow Yang Sino Hotels (Holdings). Second son Philip Ng actively involved in the business include Reporter is based in Singapore. He is the CEO of FEO, three of Ng Teng Fong’s daughters. Ng Siok [email protected] which is Singapore's largest property develop- Keow is an executive director at FEO and non er after the government, according to its web- -executive director of Far East Orchard, while site. FEO has three Singapore-listed entities: Ng Siok Giok and Dorothy Chan are executive developer Far East Orchard Limited, Far East directors at FEO. Hospitality Trust and food, beverage and property company Yeo Hiap Seng Robert Ng has five children: Daryl Ng Win (Singapore). Kong, Nikki Ng Mien Hua, Jeanne Ng Mien Yi, Christine Ng Mien Yin and David Ng Win As of 2014, FEO and Sino Group had a com- Loong. Eldest son Daryl is an executive direc- bined turnover of USD 5.5bn, and assets val- tor of Sino Land, Tsim Sha Tsui Properties © 2014 Mergermarket Limited. All rights reserved. For sales enquires contact David Cavanagh (+852 2158 9779; [email protected]) 1 Ng Teng Fong Family and Sino Hotels (Holdings), while daugh- Background Novena Medical Centre and Novena Spe- ter Nikki is general manager at Sino cialist Centre. Ng Teng Fong was known Group, according to press reports. David Ng Teng Fong was born in 1928 in as the "King of Orchard Road", as FEO is executive assistant to the chairman of Putian, Fujian province, and moved to led the development of the area with Sino Group. He is director in the family's Singapore with his family when he was nine major shopping malls and stakes in Panama- incorporated private entity Mur- six, according to Landmarks. His parents numerous hotels, according to Land- doch Investments Inc, according to data- established a soy sauce factory and gro- marks. base website Webb-site Who's Who. cery business, which as the eldest of 11 children he was expected to take over. In 1970, Ng Teng Fong expanded into Robert Ng is a former non-executive di- However, starting in the 1950s he fo- Hong Kong with the establishment of rector of HK-listed SCMP Group, accord- cused on his own business, according to Sino Group. Tsim Sha Tsui Properties ing to HKEX disclosures. SCMP Group is an article in Singapore Infopedia, an was listed in 1972, followed by Sino part of Kerry Group, which is controlled electronic historical encyclopedia main- Land Company in 1981 and Sino Hotels by the family of Robert Kuok. He is also a tained by the country's National Library. (Holdings) in 1994. The group played a member of pro-Beijing think-tank One Early in his business career he encoun- leading role in the development of the Country Two Systems Research Institute, tered financial difficulties that led him to Tsim Sha Tsui East area of Kowloon, with according to the institute’s website. give up one of his eight children, the arti- the construction of Tsim Sha Tsui Centre cle states. Little published detail is avail- in 1980, according to press reports. Ng There is little public information available able regarding his early business, but Teng Fong, who had strong ties with the about the family of Philip Ng, who is mar- according to Singapore Infopedia he es- Hong Kong government, was the only ried to Vy-vyen and has six children. He tablished FEO in 1960 with help from Singaporean businessperson invited to has been quoted frequently on his Chris- Singapore-based billionaire Eliyathamby. the signing of the Sino-British Joint Dec- tian faith, and often references Jesus in A search of media reports and online laration in 1984 on the handover to Chi- FEO's corporate publication, Landmarks. records did not reveal any additional na, according to Landmarks. Sino Land At a Christian Eagles Leadership Confer- information on Eliyathamby or his busi- has been a constituent stock of the Hang ence held in July 2007, he said that the ness. However, online articles citing the Seng Index since 1995. decision-making process in FEO became book "Indian Pioneers of Singapore" re- more democratic and slower-paced after fer to Eliyathamby as a cousin of Ananda Yeo Hiap Seng he became a Christian. He said that Krishnan, who according to Forbes is the Christianity led him to stop working on second-richest person in Malaysia. One of Ng Teng Fong’s few deals outside Sundays, and to give employees a day of the property industry was a bid in 1995 rest on Sunday in accordance with scrip- FEO’s first project was a residential de- to take majority control of Yeo Hiap Seng ture. A 2012 Wesley Methodist Church velopment in 1962, and it expanded into (YHS), a well-known Singapore-listed publication reported that Philip Ng re- hospitality in 1969 by acquiring a stake food and beverage company founded vealed in a speaking engagement that in Singapore Hilton Hotel. It ventured and managed by the Yeo family. Eyeing his father Ng Teng Fong converted to into retail and commercial property in property assets held by YHS, Ng Teng Christianity before he died, and that his 1974, when it developed Far East Shop- Fong began buying YHS shares on the mother and brother converted at the ping Centre. FEO today has 185 private open market in the early 1990s as a same time. FEO started an in-house companies, along with its three listed family feud emerged at YHS amid invest- chaplaincy program in January 2013 to entities. It has been involved in more ment losses, according to press reports. help staff with spiritual, emotional and than 750 residential, hospitality, retail, In 1994, YHS chairman and chief execu- practical concerns, according to Land- commercial and industrial developments tive Alan Yeo supported a bid by Wing Tai marks. in Singapore, according to its website. It Holdings to acquire up to 40% of the owns two medical facilities: Singapore company, but family members led by his © 2014 Mergermarket Limited. All rights reserved. For sales enquires contact David Cavanagh (+852 2158 9779; [email protected]) 2 Ng Teng Fong Family nephew Charles Yeo blocked the bid. 1997, and had a debt-to-asset ratio of chose not to prosecute due to fears of Alan Yeo then successfully petitioned the 0.47x. FEO demonstrated that it had market fallout, and worked out a deal to High Court of Singapore to dissolve the access to credit in August 1998 when it bail out the exchange. At the 1991 cor- family’s collective 38.5% stake, accord- completed Singapore's first mortgage- ruption trial of former Commercial Crime ing to Singapore Infopedia. After a battle backed bond issue, a Citibank-led SGD Bureau senior superintendent Philip Lay- for control of Yeo Hiap Seng which also 162m deal, according to Singapore Info- ton, it was disclosed that a plan to arrest drew in Indonesia’s Salim Group, Haw pedia. In 1999, the family revealed that a prominent businessman involved in a Par Brothers International, and a consor- its companies had a combined SGD HKD 1bn loss had been dropped abrupt- tium including Malaysian tycoon Quek 8.2bn in sales. In 2000, FEO bought a ly, the Business Times reported in 1991. Leng Chan's Sembawang Corp, Ng Teng site at Clarke Quay in Singapore for SGD Robert Ng's total personal investment Fong succeeded in acquiring a majority 341m, while Sino Group undertook a losses during the 1987 crash reportedly stake. costly renovation of the Fullerton Hotel. totaled about USD 250m. Financial Crisis HK Futures Exchange Scandal Australian Expansion FEO’s rapid growth had raised frequent Robert Ng was involved in trades that led Robert and Philip Ng have recently made concerns about its financing capabilities to the collapse of Hong Kong's futures significant acquisitions in Australia.
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