DOCSLIB.ORG

Asian Godfathers : Money and Power in Hong Kong and Southeast Asia Pdf, Epub, Ebook

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Asian Godfathers : Money and Power in Hong Kong and Southeast Asia Pdf, Epub, Ebook ASIAN GODFATHERS : MONEY AND POWER IN HONG KONG AND SOUTHEAST ASIA PDF, EPUB, EBOOK Joe Studwell | 328 pages | 18 Sep 2008 | Grove Press / Atlantic Monthly Press | 9780802143914 | English | New York, United States Asian Godfathers : Money and Power in Hong Kong and Southeast Asia PDF Book You never even get a feel for the individual differences between them. Instead came the expanded, but largely impotent, Legislative Council Legco. In running family businesses they demand total obedience from relatives and use a variety of tactics to secure it. She regretted this. It is worth remembering how the old private banks that dominated international finance in London and New York at the end of the nineteenth century — Warburg, Rothschild, Morgan and others — did not even put nameplates outside their headquarters. Make an offer:. Where cold analysis of the success of men like Lee Yuan Kew, Robert Kuok and Henry Fok finds its roots in their cosmopolitan-ness — their ability to work in different languages and cultures — they themselves have sought a monocultural explanation. Show details. Henry Fok sidelined his eldest son Timothy in favor of his sibling Ian. The baton of global growth is in the process of passing to the east. Chinese tycoons, as we shall see, already had a solid position in what was a closely rigged real estate market. Get to Know Us. See details for delivery est. Seller Inventory BZE But the people who really suffered were shopkeepers, small businessmen and laborers, not the godfather class. Add to Basket. According to managers of Hong Kong newspapers, anything Mr Li takes serious exception to translates into curtailment of advertising expenditure by his companies. The patriarch is always king. Cast of characters. Henry Fok, who died in , and Stanley Ho both took several wives — polygamy was not outlawed in Hong Kong until the Marriage Reform Ordinance of Or vast losses accumulated on gaming trips to Australia and the US. Buy It Now. Customers who viewed this item also viewed. He is author of The China Dream. Other Popular Editions of the Same Title. Asian Godfathers is a riveting and illuminating book that lifts the curtain on a world of staggering secrecy and hypocrisy, and reveals--for the first time--who the leaders of one of the planet's most important and tumultuous markets really are, why they got to the top, and how they keep themselves there. Please follow the detailed Help center instructions to transfer the files to supported eReaders. Actual experience in the past hundred years points to a four-generation sequence, in which the first generation establishes a kernel of capital that a second generation, with improved ties to political power, leverages into a serious fortune. Li businesses stopped advertising with Next magazine and its sister publication Apple Daily after investigations into the circumstances surrounding the death of his wife. Asian Godfathers : Money and Power in Hong Kong and Southeast Asia Writer This is almost invariably presented as a reflection of Asian and Chinese culture, not least by the tycoons themselves. For now the struggle goes on, leaving some curious impressions. And it is only since the Asian financial crisis that there has been the beginning of a movement of shareholder activism in the region. Really important description of how crony capitalism wrecks economies and the hardworking laborers that live in them. Studwell has spent fifteen years as a reporter in the region and uses his unprecedented access to paint intimate and revealing portraits of the godfathers--who they really are and how they make, build, and maintain their fortunes. As a result, there are no global brands. The real, secret profligacy of the tycoon fraternity is their high-stakes gambling. Some of those who know the Christian tycoons are cynical about their religious beliefs, but this does not answer the question as to why a substantial section of the tycoon fraternity is drawn to evangelical religion. The domestic economies of Southeast Asia are far too closely controlled by governments to make such a thing likely. Will be reading a lot more on certain places and people thanks to this experience. After half a mile, however, the billionaire heir ordered the cab to stop and ushered the party into an entrance to the London Underground. Skip to main content. Freight charges, for instance, might be increased to divert earnings into shipping, which is an offshore, tax-free activity. It's an olig Really important description of how crony capitalism wrecks economies and the hardworking laborers that live in them. Images Donate icon An illustration of a heart shape Donate Ellipses icon An illustration of text ellipses. At their peak, eight of the world's two dozen richest men were Southeast Asian, but their names would not be familiar to most regular readers of The Wall Street Journal. May 08, Edwin Setiadi rated it really liked it Shelves: indonesia , business , history , current-affairs. Godfathers are also keen to telegraph useful messages to employees and service providers. He concludes that it is systems, not people that make a country rich, with efficient political and social institutions being the key to prosperity rather than the empty but fashionable idea of "Asian values". But this was not the norm in more settled political climes. Without a Marcos or a Suharto to shake things up, Asian godfathers are not the products of great social mobility. No ratings or reviews yet No ratings or reviews yet. It doesn't seem to matter in SE Asia what type of government is involved. Li is ready for a massage. A complex mythology surrounds these billionaires - one that informs views on Asian business, culture, and economics. This book represents lots of facts in the economy in Asia: political games, private banks, cash flows, and secretive alliances. If bank fraud on Wall Street left Mark Baum for anyone who has seen the Big Short frothing, the political manoeuvring and financial deception by the select few at the expense of the rest of SEA's population read: taxpayers and shareholders make Wall Street's investment bankers look like schoolboys; all a byproduct of opaque, broken poli A unfortunate case study of what happens when manipulated democracies and concession-based economies take precedence over a free market and true competition. Book Description Grove Press, Quotes from Asian Godfathers Feb 08, Grigory rated it it was amazing Shelves: asia , business , xxi-century , far-east , economics , development , journalism , xx-century. Language: English. Asian Godfathers : Money and Power in Hong Kong and Southeast Asia Reviews But Kwek also owned a lot of assets, especially real estate, in Singapore, and Lee Kuan Yew was not in the business of forcible expropriation. Henry Fok sidelined his eldest son Timothy in favor of his sibling Ian. That is the question Joe Studwell, author of the acclaimed book The China Dream , answers in this incisive behind-the-scenes exploration of the outsize figures behind the veil. How to be a godfather 2 Core cash flow. Some of the links in this post may no longer work correctly. Their work was discredited by so-called informed opinion that land reform anyway does not work despite best efforts, the rural poor are too stupid to farm their own farms, and at any rate it is too late if it does work. Seller Inventory AAC New paperback Quantity available: 5. But as parts of the British establishment spurned him because of his huge smuggling operations in the Korean War, and Beijing rewarded him with monopoly trading concessions for the same activity, he was reborn as a rabid Chinese nationalist. To a lesser extent still in continental Europe. Local newspaper editors were told to leave stories about collaboration with the enemy alone. You get that in America. Be the first to write a review. He saved a few pounds by riding the train to the airport. Henry Fok, who died in , and Stanley Ho both took several wives — polygamy was not outlawed in Hong Kong until the Marriage Reform Ordinance of Others, like the rougher-at-the-edges smuggler and speculator Kwek Hong Png, were less palatable. Something that further confuses the popular image of the tycoons is their reputation for thrift. You never get a sense of who these people are, what they're like. Selected bibliography. Observing the same tendency in Thailand, where. Save on Nonfiction Trending price is based on prices over last 90 days. Kwek can be even more secretive than his cousin. The author lays out his "intentions" in a 30 page intro that's unreadable styrofoam. Hong Kong and Southeast Asia are home to five hundred million people, yet their economies are dominated by only fifty families whose interests range from banking to real estate, shipping to sugar, gambling to lumber. To calculate the overall star rating and percentage breakdown by star, we do not use a simple average. New other. See details for delivery est. The main office of J. The history of Asian godfathers has always been one of men who could adjust their identities in chameleon fashion. Racial ghettoisation was sustained, not least because the rising political star of the s, Mahathir Mohamad, saw it as all but inevitable. Colonialism required this. The final component of the standard godfather make-up is secrecy. Books Video icon An illustration of two cells of a film strip. Younger sons are less likely to disappear when they know they are not necessarily out of the running to become the big boss. Buy It Now. But the unbridled, unquestioned power of the patriarch is a corrupting influence on family relationships. Customers who bought this item also bought.
Load more

Recommended publications
  • Hong Kong SAR
    China Data Supplement November 2006 J People’s Republic of China J Hong Kong SAR J Macau SAR J Taiwan ISSN 0943-7533 China aktuell Data Supplement – PRC, Hong Kong SAR, Macau SAR, Taiwan 1 Contents The Main National Leadership of the PRC 2 LIU Jen-Kai The Main Provincial Leadership of the PRC 30 LIU Jen-Kai Data on Changes in PRC Main Leadership 37 LIU Jen-Kai PRC Agreements with Foreign Countries 47 LIU Jen-Kai PRC Laws and Regulations 50 LIU Jen-Kai Hong Kong SAR 54 Political, Social and Economic Data LIU Jen-Kai Macau SAR 61 Political, Social and Economic Data LIU Jen-Kai Taiwan 65 Political, Social and Economic Data LIU Jen-Kai ISSN 0943-7533 All information given here is derived from generally accessible sources. Publisher/Distributor: GIGA Institute of Asian Affairs Rothenbaumchaussee 32 20148 Hamburg Germany Phone: +49 (0 40) 42 88 74-0 Fax: +49 (040) 4107945 2 November 2006 The Main National Leadership of the PRC LIU Jen-Kai Abbreviations and Explanatory Notes CCP CC Chinese Communist Party Central Committee CCa Central Committee, alternate member CCm Central Committee, member CCSm Central Committee Secretariat, member PBa Politburo, alternate member PBm Politburo, member Cdr. Commander Chp. Chairperson CPPCC Chinese People’s Political Consultative Conference CYL Communist Youth League Dep. P.C. Deputy Political Commissar Dir. Director exec. executive f female Gen.Man. General Manager Gen.Sec. General Secretary Hon.Chp. Honorary Chairperson H.V.-Chp. Honorary Vice-Chairperson MPC Municipal People’s Congress NPC National People’s Congress PCC Political Consultative Conference PLA People’s Liberation Army Pol.Com.
    [Show full text]
  • Hong Kong's Endgame and the Rule of Law (Ii): the Battle Over "The People" and the Business Community in the Transition to Chinese Rule
    HONG KONG'S ENDGAME AND THE RULE OF LAW (II): THE BATTLE OVER "THE PEOPLE" AND THE BUSINESS COMMUNITY IN THE TRANSITION TO CHINESE RULE JACQUES DELISLE* & KEVIN P. LANE- 1. INTRODUCTION Transitional Hong Kong's endgame formally came to a close with the territory's reversion to Chinese rule on July 1, 1997. How- ever, a legal and institutional order and a "rule of law" for Chi- nese-ruled Hong Kong remain works in progress. They will surely bear the mark of the conflicts that dominated the final years pre- ceding Hong Kong's legal transition from British colony to Chinese Special Administrative Region ("S.A.R."). Those endgame conflicts reflected a struggle among adherents to rival conceptions of a rule of law and a set of laws and institutions that would be adequate and acceptable for Hong Kong. They unfolded in large part through battles over the attitudes and allegiance of "the Hong Kong people" and Hong Kong's business community. Hong Kong's Endgame and the Rule of Law (I): The Struggle over Institutions and Values in the Transition to Chinese Rule ("Endgame I") focused on the first aspect of this story. It examined the political struggle among members of two coherent, but not monolithic, camps, each bound together by a distinct vision of law and sover- t Special Series Reprint: Originally printed in 18 U. Pa. J. Int'l Econ. L. 811 (1997). Assistant Professor, University of Pennsylvania Law School. This Article is the second part of a two-part series. The first part appeared as Hong Kong's End- game and the Rule of Law (I): The Struggle over Institutions and Values in the Transition to Chinese Rule, 18 U.
    [Show full text]
  • Hong Kong's 2019 Turmoil: a Dismal Future?
    www.rsis.edu.sg No. 197 – 7 October 2019 RSIS Commentary is a platform to provide timely and, where appropriate, policy-relevant commentary and analysis of topical and contemporary issues. The authors’ views are their own and do not represent the official position of the S. Rajaratnam School of International Studies, NTU. These commentaries may be reproduced with prior permission from RSIS and due recognition to the author(s) and RSIS. Please email to Mr Yang Razali Kassim, Editor RSIS Commentary at [email protected]. Hong Kong’s 2019 Turmoil: A Dismal Future? By KB Teo SYNOPSIS As Hong Kong’s political crisis deepens, what are the options open to Beijing and what are the priority issues for the Hong Kong leadership? COMMENTARY THE TURMOIL currently sweeping Hong Kong is driven primarily by four main causes. One, fear of Beijing’s growing control. Two, concern over the erosion of its “freedoms and autonomy”. Three, the very high costs of living. Four, Western interference. Under the 30 June 1997 China-UK Handover Agreement, Beijing promised to maintain Hong Kong's "autonomy" for 50 years in three areas: freedom of speech, assembly, and religion. Today, Hong Kong is less important to China. Fear over China’s Growing Control In 1997, Hong Kong accounted for 20% of China's GDP. The proportion now is 5%, with the rise of Shenzhen, Shanghai, and Chongqing. Shenzhen is becoming the high- tech centre of the world. In 1997, Hong Kong handled 50% of China's foreign trade. Today, it is only 12%. Hong Kong's per-capita income used to be 35 times higher than China's.
    [Show full text]
  • Hong Kong, 1997 : the Politics of Transition
    The Politics of Transition Enbao Wang .i.' ^ m iip Canada-Hong Kong Resource Centre ^ff from Hung On-To Memorial Library ^<^' Digitized by the Internet Archive in 2010 with funding from IVIulticultural Canada; University of Toronto Libraries http://www.archive.org/details/hongkong1997poli00wang Hong Kong, 1997 Canada-Hong Kong Resource Centre Spadina 1 Crescent, Rjn. Ill • Tbronto, Canada • M5S lAl Hong Kong, 1997 The Politics of Transition Enbao Wang LYNNE RIENNER PUBLISHERS BOULDER LONDON — Published in the United States of America in 1995 by L\ nne Rienner Publishers. Inc. 1800 30lh Street. Boulder. Colorado 80301 and in the United Kingdom by U\ nne Rienner Publishers. Inc. 3 Henrietta Street. Covenl Garden. Uondon WC2E 8LU © 1995 by Lynne Rienner Publishers, inc. All rights reserved. Library of Congress Cataloging-in-Publication Data Wang. Enbao. 1953- Hong Kong. 1997 : the politics of transition / Enbao Wang. p. cm. Includes bibliographical references and index. ISBN 1-55587-597-1 (he: alk. paper) 1 . Hong Kong—Politics and government. 2. Hong Kong—Relations China. 3. China—Relations — Hong Kong. 4. China— Politics and government— 1976- 1. Title. bs796.H757W36 1995 951.2505—dc20 95-12694 CIP British Cataloguing in Publication Data A Cataloguing in Publication record for this book is available from the British Uibrarv. This book was t\peset b\ Uetra Libre. Boulder. Colorado. Printed and bound in the United States of .America The paper used in this publication meets the requirements @ of the .American National Standard for Permanence
    [Show full text]
  • Pansy Ho, the Emperor Who Follows
    Policy economy Society Opinion Sport Culture Future Lifestyle ECONOMYMACAO Pansy Ho, the emperor who follows Vítor Quintã - 06/06/2020 This article is available at: 简体 中文 繁體 中文 The stage is set for Pansy Ho to take the reins of the Macau Gaming Society (SJM) casino operator, after the recent death of his father, Stanley Ho, something that should only happen when the Government announces the rules for the new gaming licenses , in force after 2022. It was in a united way that Stanley Ho Hung-sun's four families and 17 children announced last week the death of the game tycoon. But the first test of this peace takes place next Tuesday, with the annual general meeting of SJM shareholders. The truce has lasted since 2011, when Stanley sued the families of the second and third women, Lucina Laam King-ying and Ina Chan Un-chan, for allegedly trying to seize the magnate's assets. "Stanley always wanted to share the assets equally among all his children, but there were some who tried to anticipate it," a source with knowledge of the process told Plataforma. "He was convinced to sign some papers without realizing what they were for, but he still had the mind to later realize what was going on," he adds. Plataforma sought to confirm this report with Gordon Oldham, who represented Stanley during the family dispute, but the Hong Kong lawyer declined to comment, citing “confidentiality issues”. According to Ben Lee, managing partner of the consultancy IGamiX Management and Consulting Ltd, the 2011 truce ensured that Angela Leong On Kei, Stanley's fourth wife, would remain in charge of SJM “at least in the medium term”.
    [Show full text]
  • Cities in China: Recipes for Economic Development in the Reform Era/ Edited by Jae Ho Chung
    Cities in China ‘well conceived, well structured…with a clearly delineated focus…the methodology is appropriate and ingenious…the articles are data-rich, absorbing, well-researched, and support the editor’s conclusions.’ Dorie Solinger, University of California, Irvine Until now, China’s eye-catching economic performance over the last two decades has only been examined from macro-national and provincial perspectives. However, since post-Mao China’s reform strategy has been predominantly regional in nature, further bringing down the level of analysis is a key to understanding China’s remarkable success. This book, for the first time, focuses on sub-provincial cities as territorially based entrepreneurial agents. More importantly, Cities in China provides the widest coverage in the field of contemporary China studies, by comparing the developmental recipes of fourteen cities in eight provinces. Developmental experiences of these cities are analysed using a frame work of three categories: the ‘given’ endowments of location and history; the administrative arrangements and target policies granted by central and provincial governments; local entrepreneurial leaders and locally generated strategies of reform and ‘opening’. Case studies cover: six ‘deputy provincial’ cities in five provinces (Dalian, Qingdao, Hangzhou, Xiamen, Guangzhou, Chengdu); three ‘prefecture’ level cities (Wenzhou, Nantong, Fuzhou); three county level cities (Panyu, Nanhai, Zhangjiagang); and two provincial level cities (Tianjin, Chongqing). This volume, written by contributors from a number of different disciplines, suggests that different combinations of factors have contributed to the relative successes and failures in these cities. Endowment factors, preferential policies, and history have all proved to be important. Most importantly, Cities in China suggests that locally generated strategies of development are crucial determinants.
    [Show full text]
  • In Loving Memory of Our Founder Dr. Stanley Ho It Is with Profound Sorrow That We Announce the Passing of Our Founder, Dr. Stanl
    In loving memory of our Founder Dr. Stanley Ho It is with profound sorrow that we announce the passing of our founder, Dr. Stanley Ho GBM, Medalha de Honra Grande Lótus, who left us peacefully and surrounded by his family on 26th May, 2020 at the age of 98, at Hong Kong Sanatorium and Hospital. Our companies and colleagues are commemorating the loss of this extraordinary leader. Dr. Stanley Ho had dedicated his entire life to the service of China, Hong Kong and Macau. With his patriotic conviction and visionary leadership, Dr. Ho had led his companies to conceive and invest in various key initiatives which complemented the sustainable progress of our nation. He had made it his personal pledge to contribute to the economic development and reform of our motherland, and had committedly championed for the seamless integration of Hong Kong and Macau into the nation’s development masterplans. As the Standing Committee Member of the 9th to 11th National Committee of the Chinese People’s Political Consultative Conference, Member of the Hong Kong SAR Basic Law Consultative Committee, Vice-President of the Preparatory Committee for the Macau SAR, Vice-President of the Macau SAR Basic Law Drafting Committee, Dr. Ho had made instrumental contributions to the successful return of the two Special Administrative Regions. Dr. Ho had been an exemplary leader who devoted tirelessly to building the foundational strengths upon which our companies have excelled. He had been an influential figure in many industry sectors, most notably in tourism, leisure entertainment and property development. Over the past 50 years, Dr.
    [Show full text]
  • The Legacy of a Patriotic Businessman
    4 HK | INTERVIEW Wednesday, August 1, 2018 CHINA DAILY HONG KONG EDITION The legacy of a patriotic businessman Ian Fok Chun-wan pays tribute to the life and work of his father, Henry Fok Ying-tung, who contributed so much to the development of business, philanthropy and sports in Hong Kong and the nation. Joseph Li writes. he late Henry Fok Ying-tung was a pioneer costs. He came up with the idea of road tolls and bank of China’s economic reform and opening-up loans for the building works. to the outside world that began in 1978 after In 1982, Henry Fok spent a further HK$15 million several decades in the doldrums. on building a modern golf course which is up to inter- TIt was his vision, innovation spirit and entrepre- national standards near the resort. According to Ian neurship that had set the trend of investment from Fok, the purpose of the golf course was to upgrade Hong Kong, as well as from abroad. His various proj- the hotel’s status and attract more upmarket visitors. ects have been exemplary with a signifi cant impact on Ian Fok said his father encountered a great deal economic development not only in Guangdong prov- of resistance and red tape in his endeavors. “Before ince but also, to a certain extent, the whole country. the resort was completed, many o cials and cadres As well as economic reform, Fok had also devoted were worried that it would fail, but (then) Chinese strenuous e orts to helping the nation regain mem- leader Deng Xiaoping was determined and told bership of various international sporting organiza- them: ‘There’s no way back.’ Years later, when the tions that are important to the rise of modern China.
    [Show full text]
  • Stanley Ho, 'King of Gambling' Who Built Macau, Dies at 98
    5/27/2020 Stanley Ho, ‘King of Gambling’ Who Built Macau, Dies at 98 - Bloomberg Business Stanley Ho, ‘King of Gambling’ Who Built Macau, Dies at 98 By Vinicy Chan and Daniela Wei May 26, 2020, 1:58 PM GMT+8 Updated on May 26, 2020, 3:44 PM GMT+8 Ho transformed Chinese island Macau into ‘Las Vegas of Asia’ SJM shares rise on optimism descendants have plan in place 1:18 Macau Casino Tycoon Stanley Ho Dies at 98 Stanley Ho, a onetime kerosene trader who built a casino empire in Macau that propelled the Chinese island past Las Vegas as the world’s biggest gambling hub, has died at age 98, members of his family said. Known as the King of Gambling, Ho dominated gaming in the former Portuguese colony after winning a monopoly license in 1961. His SJM Holdings Ltd. flourished as China’s economic opening created a flood of new wealth in a country with a passion for gambling. SJM now controls 20 casinos on an island of about 10 square miles. “Our four families stand united in our grief and respect for his legendary accomplishments, everything he has done in life for Hong Kong, with Hong Kong, Macau and all his charitable donations,” one of his daughters said outside Hong Kong Sanatorium & Hospital. https://www.bloomberg.com/news/articles/2020-05-26/stanley-ho-king-of-gambling-who-built-macau-dies-at-98 1/5 5/27/2020 Stanley Ho, ‘King of Gambling’ Who Built Macau, Dies at 98 - Bloomberg SJM shares rallied as investors were optimistic that the four branches of Ho’s descendants -- he had 17 children with four women -- have a plan in place following a 2019 alliance, despite earlier feuding.
    [Show full text]
  • The Imminent Threat to China's Intervention in Macau's Autonomy
    American University International Law Review Volume 15 | Issue 3 Article 5 2000 The mmineI nt Threat to China's Intervention in Macau's Autonomy: Using Hong Kong's Past to Secure Macau's Future Frances M. Luke Follow this and additional works at: http://digitalcommons.wcl.american.edu/auilr Part of the International Law Commons Recommended Citation Luke, Frances M. "The mmineI nt Threat to China's Intervention in Macau's Autonomy: Using Hong Kong's Past to Secure Macau's Future." American University International Law Review 15, no. 3 (2000): 717-756. This Article is brought to you for free and open access by the Washington College of Law Journals & Law Reviews at Digital Commons @ American University Washington College of Law. It has been accepted for inclusion in American University International Law Review by an authorized administrator of Digital Commons @ American University Washington College of Law. For more information, please contact [email protected]. THE IMMINENT THREAT OF CHINA'S INTERVENTION IN MACAU'S AUTONOMY: USING HONG KONG'S PAST TO SECURE MACAU'S FUTURE FRANCES M. LUKE* INTRODUCTION .............................................. 718 I. THE END OF COLONIZATION IN ASIA .................. 721 A. BEHIND THE SCENES OF ASIA'S CASABLANCA .............. 721 B. CHANGING OF THE GUARD ................................. 725 C. SIGNIFICANCE AND PURPOSE OF THE MACAU JOINT D ECLARATION ............................................ 727 D. MACAU'S BASIC LAW AS THE NEW RULE OF LAW .......... 729 II. LESSONS FROM HONG KONG ........................... 732 A. HONG KONG'S REVERSION ................................ 732 B. FROM RAGS TO RICHES .................................... 734 C. HONG KONG JOINT DECLARATION ......................... 735 D. HONG KONG BASIC LAW .................................. 737 III. THE ROAD TO EROSION .................................
    [Show full text]
  • Gambling Heir Raises the Stakes in Macau
    Gambling heir raises the stakes in Macau As a gaming boss, Lawrence Ho Yau-lung invests billions in casino projects, but you won’t find him feeding slot machines or piling up chips on blackjack tables. „I am not a gambler because I know the odds,“ he said. And he is perfectly candid on this matter with the gamblers at his casinos. „I tell the people who are gambling that they should do it for fun and avoid becoming addicted to it,“ he said, sitting comfortably in his Central office with two models of his Macau casino projects. The 29-year-old chairman and chief executive of Hong Kong- listed Melco International Development is focused on expanding the gaming and entertainment business with partner Publishing and Broadcasting Limited (PBL), the largest casino operator in Australia. His elevation to the Melco chairmanship came when his father, Stanley Ho Hung-sun, decided to list his flagship Sociedade de Jogos de Macau (SJM) in Hong Kong. Mr Ho senior, who remains a Melco shareholder, stepped aside because SJM and Melco are competing with each other in the Macau casino market. The Melco-PBL joint venture two months ago spent USD 900 million buying the sixth and last gaming licence from Wynn Resorts so its two major casino projects can be on its own licence, instead of paying an annual licence fee to Mr Ho’s father’s company. The move allows the joint venture to operate an unlimited number of casinos, tables and machines in Macau until June 2022. „By having our own licence, we no longer need to rely on my family connections, and shareholders will soon recover value from buying the licence instead of paying an annual licence fee to my father’s company,“ Mr Ho said.
    [Show full text]
  • Monthly Report HK
    February 2005 in Hong Kong 01.03.2005 / No 14 A condensed press review prepared by the Consulate General of Switzerland in Hong Kong Introduction In February, HK celebrated the Chinese New Year in welcoming the Rooster who landed crowing that a new leader will have to be chosen in two years. As an editorialist put it, it seems that “even though the Chief Executive’s election is still two years away, the starting gun has been fired”. As to the economy the mood was reflected by the Chief Executive during a spring reception he hosted at Government House when he said that this year’s joy and vibrancy felt during the HK's Spring Festival demonstrates that HK is on track to full recovery and that HK’s economy is the best it has been in recent years. Domestic politics Chief Executive’s succession: Several influential pro-Beijing politicians said the central government sent envoys to Hong Kong at the end of last year to seek their views on the qualifications of possible candidates to be Tung Chee-hwa's successor. According to an editorialist, Chief Secretary Donald Tsang (head of the taskforce on constitutional reform), “once seen as a non–starter in the chief race because of his deep connections with the colonial administration, is back in the game. This is perhaps precisely the game Beijing wants. As Mr Tung’s stewardship enters its twilight years, Mr Tsang could play a crucial role in the tough battles ahead over electoral arrangements in 2007 and 2008 and countering the power and influence of the opposition in Legco”.
    [Show full text]