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Yu-tung Cheng

Cheng Yu-tung

Cheng Yu-tung, who ranks 58th on Forbes’ billionaire list, controls one of Hong Kong’s largest conglomerates. Cheng’s wealth is derived from his 67 percent stake in Chow Tai Fook Jewellery, 33 percent in property developer New World Development and other assets, such as real estate investment firm Melbourne Enterprises and property management company International Entertainment. The patriarch of New World Development handed the reins of the blue-chip empire he co-founded to his eldest son, Henry Cheng, in 2012.