HK Economic Times - iMoney 經濟日報 - 智富雜誌 July 3, 2010 The “three musketeers” Fung King Hey (left), Kwok Tat Seng (middle), and Lee Shau Kee (right) photographed at the 1963 cocktail party for inauguration of Sun Hung Kai. Third generation Joseph Fung His name is Thomas Fung; His father is founder of Sun Hung Kai and “the godfather of traders” Fung King Hey. Thomas Fung Age: 59 His first job was executive director to Sun Hung Kai Securities; Family Background: Father Fung King But he would rather bake pastries and make movies. Hey, founder of Sun Hung Kai Group. His younger brother is “the bad boy of stock markets” Tony Fung; Mother Leung Bo Suen. Younger brother But in his investment dictionary there is no such word as “stock”. Tony Fung, past chairman of Yu Ming Investments (00666) and Sun Hung Kai Financial. Third sister Rita Fung. Youngest He loves to dream, dares to venture, sister Elaine Fung He stood to face challenges after his father died; Family: Wife Amy Chan. Son Joseph Fung The once “rich man’s son” is now Canada’s media mogul and brand name king; 2009: Partnered with son to establish Now he returns to Hong Kong with his own son and founded an asset management company; Fairchild Asset Management in He plans to route overseas brand names to China, and then list them through IPO; Hong Kong 2008: Established Sea Land Air flight Sharing the same financial DNAs with the king of traders, training centre. Appeared on he and his son is coming back, after away for 20 years, with billions of capitals, HKTVB’s “Be My Guest” ready to play the China and Hong Kong financial arena again. 2005: Established Fairchild Films International. Consecutively listed as one of “most influential people in Canada” 1992: Acquired two Chinese language television stations 1991: Started acquiring Vancouver radio stations. Currently owns six channels 1989: Completed Aberdeen Centre in Richmond. Rebuilt in 2003 to Second generation Thomas Fung existing mall. 1984-1997: Developed more than 12 real estate projects in Canada. 1986: Opened Japanese style Saint Germain Bakery. 1985: Father Fung King Hey died. Opened a photofinishing store in Vancouver. 1984: The Fung family of three left Hong Kong and settled in Vancouver. Young brother Tony Fung inherited Sun Hung Kai Securities. 1978: Produced movie The Wild Geese starring Roger Moore. 1976: Studied film making in New York. Returned to Hong Kong after graduation. 1975: Trained in Merrill Lynch in New York. 1974: Returned to Hong Kong and joined father’s Sun Hung Kai Securities as executive director. 1973: Graduated from business school in University of British Columbia. 1967: Immigrated to Canada with family. 1966: Attended high school in Magee Secondary. On graduation, headed to Japan to study cake and pastry making. Dignitaries on the catwalk tending the opening ceremony of the Lamborghini fashion show include Thomas Fung, owner of the mall. In black shirt setting off a tailored grey suit, black jeans and pointed-toe leather shoes, the 59-year- old fashionable Fung and his classically beautiful wife were evidently comfortable with spotlights. “Lamborghini sells well here. Immigrants from China are the biggest fans. And then, after the new car is purchased and used for six months, it can be shipped to China as a second-hand commodity, on which no import tax is levied, and the price could be nearly half that in China.” After immigrated from Hong Kong to Canada for so many years, Fung has become an international expert to see through the link between east and west markets. Talking about the mall he built from scratch, Fung was eager to play tour guide. He walked me through the mall, pointing out interesting shops Aberdeen Centre in Vancouver is the gathering place for Hong Kong and displays. “This is the world’s most immigrants. Thomas Fung brought in famous stores like Giordano. expensive piano from Italy, selling for half a million US dollars. I personally went to Italy and brought this brand name here. The owner of the piano house originally projected one year to reach target sales. He reached target after three months.” “Two dollar store” After more than ten hours of flight, I stepped on the land of Canada. The turns in monthly profit of a million coast of Vancouver was blue, the mountains snow-capped, and the air clean If you think the mall sells only expensive merchandizes you are and fresh. This is not only a heaven for Chinese immigrants; this is also an ideal wrong. As a matter of fact, the store that turns out the highest profit space for developing a career. is “two dollar store” Daiso, which Thomas Fung himself introduced to I got on the subway at city Canada from Japan. Tens of thousands of items are all priced at $2 CAD centre. It took 20 minutes to reach each. The operation is similar to Hong Kong’s ten-dollar store. This one “Aberdeen Station” that Hong covers 30,000 sq ft and boasts a monthly turnover of a million USD. It Kong people are familiar with. is the pride of Fung. “Lifestyle in Canada is generally not as lavish as in Even the local government named Hong Kong. Even high quality items are priced at $2, you would not the station after the legendary Asian believe how affordable they are.” theme mall “Aberdeen Centre”. This Canada has vast land but low population. Over the mall is bigger than Causeway Bay’s weekend of my visit, shopper density was not as high Time Square, and at the helm of the as Hong Kong, but nearly all the restaurants were mall is Thomas Fung, the first born full. Fung took me to the second floor. Chef son of “trader king” Fung King Hey. Expensive cars and pianos demand by China Lamborghini entered Japanese style “two dollar store” Daiso proved to Aberdeen Centre be successful in Vancouver and is expanding. The mall is his garden of dream. and opened it’s third The entrance to Aberdeen Centre was fashion store. jam packed by more than 30 shiny Lamborghini sports, in red, green, yellow, white and black, all glowing under the sun. Today is the inauguration of Lamborghini’s third fashion store, the first two are in Los Angeles of USA and Beijing of China. Lamborghini identifies Vancouver as one of its fastest growing markets in the world. Hung Taiwanese Beef Noodle was introduced by Fung from Taiwan. One bowl of beef noodle was priced at $11 CAD. At the entrance to the restaurant was a huge motorized beef noodle model, attracting much shoppers to stop and take pictures. Chef Hung Taiwanese Beef Noodle in Aberdeen Centre shows an annual turnover of 2.5 million CAD. Just this one project would serve to prove that Fung has indeed inherited from his father the financial DNA. Thomas Fung’s father is Fung King Hey “the godfather of traders”, and younger brother is Tony Fung “the bad boy of stock markets” , past chairman of Yu From the 70’s to 80’s, the powerful Fung King Hey (right) Ming Investments (00666) and Sun Hung Kai Financial. Yet during the 70’s when was good friend to “ship king” Bao Yugang (first right). Thomas Fung worked in Sun Hung Kai, he made it plain that his interest was not in finance, and would rather chose to build his own empire in Canada. His father’s business was handed over to the younger brother, and up to now his investments has little to do with stock market. Father Fung: First into China then list to trade The Godfather of Traders Yet after 30 years, Thomas Fung is eyeing China. As Aberdeen Centre’s brand The legendary “Sun Hung Kai” has its name made up from its three name business expands, he is planning to cash on the success of his experience. founders. “Sun” was taken from Fung King Hey’s family business “Sun Fung’s plan is to franchise Chef Hung Taiwanese Beef Noodle to China, and then in Hey Company”; “Hung” was taken from Kwok Tat Sing’s YKK zippers two to five years, list it for trade in Hong Kong or China. company “Hung Cheung Hong”; “Kai” was taken from the last word of the name Lee Shau Kee. I came to Vancouver in 1967, earlier than “ ‘Sun’ and father’s name ‘Hey’ combine to literally mean ‘happy Chinese new year’.” Fung explained how the name “Sun Hung Kai” came most Chinese immigrants here. I captured about. “Fairchild Group” which Fung founded has its Chinese name the period of growth opportunity. In 20 years started with “Sun”, following his father’s trend of using the word “Sun”. the investment return was 20 fold. According to the book “Biography of Dr. Lee Shau Kee”, the eight persons Lee Shau Kee, Fung King Hey, Kwok Tat Seng, Woo Shau Chi, Wong Siu Hin, Chik Chung Wong, Lui Yin Cho, Kwok Kam pooled their “Chef Hung Taiwanese Beef Noodle is the most famous and has won the funds and founded “Wing Yip Enterprises” in 1958 to develop real estates. most awards. Both Hong Kong and China residents really like it after they try the This is the predecessor of Sun Hung Kai. food. Lee Shau Kee will come visit Vancouver the end of this month, and I will be cooking beef noodle at home for him.” Earlier, Lee Shau Kee donated more than The three best friends Fung King Hey, Kwok Tat Seng and Lee Shau a hundred million HKD to build a major Lama temple on a piece of land close to Kee were practically unbeatable in their business ventures.