mr funny
05-04-07, 05:17
Published April 5, 2007
Property tycoon Nina Wang dies, aged 69
By JANE MOIR
IN HONG KONG
NINA Wang, Asia's richest woman and one of Hong Kong's most high-profile property developers, has died at the age of 69 of an undisclosed illness.
Her death comes just 18 months after she won a marathon battle to retain her late husband's estate in a saga that spanned nine years and saw Ms Wang square off against her father-in-law in a courtroom drama that hinged on fraud allegations.
It is not clear who will inherit Ms Wang's property empire, the Chinachem chairwoman having died childless.
Ms Wang, also known as 'little sweetie' and renowned for her signature ponytails which she kept until late last year, was one of Hong Kong's most colourful corporate characters.
The Chinese press reported last year that she was suffering from cancer, but the rumours were never confirmed.
She leaves behind one of Hong Kong's biggest property companies, of which there are scant financial details.
Chinachem Group, set up by businessman Teddy Wang The-huei, was never taken public and to this day remains in private hands.
Mr Wang disappeared in 1990, when he was Hong Kong's 15th richest man. He was snatched from his Mercedes outside the Hong Kong Jockey Club, the second time he had been kidnapped.
In 1983, a US$11 million ransom was paid for his release after captors took him from his home and stuffed him in a fridge in a Hunghom flat.
Although Ms Wang had long insisted the tycoon was still alive after the second kidnapping, his father, Wang Din-shin, took legal steps to have him declared dead in 1999.
This triggered a bitter battle between Ms Wang and her husband's father which saw the businesswoman come to the brink of criminal proceedings after a court ruled that she had probably faked a will giving her the right to her husband's empire.
This ruling was quashed in late 2005, with Ms Wang absolved of any wrongdoing. It was suspected that a group of rival property developers had been providing financial backing for the father-in-law to fight the court case against Ms Wang, but she did not press him for disclosure.
Those who knew Ms Wang yesterday described her as a savvy businesswoman who amassed huge personal wealth during her time as Chinachem boss. Fortune magazine has estimated her assets to be in the region of US$4.2 billion.
Peter Churchouse, a director of property fund Long Investment Management, said: 'We've never seen the balance sheet (of Chinachem), but you would have to think it's fairly robust.'
Chinachem has more than 250 properties in Hong Kong, including skyscrapers such as Chinachem Exchange Square and Golden Plaza, along with a vast portfolio of offices, shopping centres, apartment blocks, cinemas and industrial sites.
In 1997, the company paid HK$5.5 billion (S$1.1 billion) for a beachfront site at luxury residential area Repulse Bay. It was developed into a block of flats, but has remained empty ever since.
'You must have very deep pockets to be able to do that,' Mr Churchouse said.
Ms Wang's company declined to give details of her illness yesterday, saying only that funeral arrangements would be disclosed at a later date.
Property tycoon Nina Wang dies, aged 69
By JANE MOIR
IN HONG KONG
NINA Wang, Asia's richest woman and one of Hong Kong's most high-profile property developers, has died at the age of 69 of an undisclosed illness.
Her death comes just 18 months after she won a marathon battle to retain her late husband's estate in a saga that spanned nine years and saw Ms Wang square off against her father-in-law in a courtroom drama that hinged on fraud allegations.
It is not clear who will inherit Ms Wang's property empire, the Chinachem chairwoman having died childless.
Ms Wang, also known as 'little sweetie' and renowned for her signature ponytails which she kept until late last year, was one of Hong Kong's most colourful corporate characters.
The Chinese press reported last year that she was suffering from cancer, but the rumours were never confirmed.
She leaves behind one of Hong Kong's biggest property companies, of which there are scant financial details.
Chinachem Group, set up by businessman Teddy Wang The-huei, was never taken public and to this day remains in private hands.
Mr Wang disappeared in 1990, when he was Hong Kong's 15th richest man. He was snatched from his Mercedes outside the Hong Kong Jockey Club, the second time he had been kidnapped.
In 1983, a US$11 million ransom was paid for his release after captors took him from his home and stuffed him in a fridge in a Hunghom flat.
Although Ms Wang had long insisted the tycoon was still alive after the second kidnapping, his father, Wang Din-shin, took legal steps to have him declared dead in 1999.
This triggered a bitter battle between Ms Wang and her husband's father which saw the businesswoman come to the brink of criminal proceedings after a court ruled that she had probably faked a will giving her the right to her husband's empire.
This ruling was quashed in late 2005, with Ms Wang absolved of any wrongdoing. It was suspected that a group of rival property developers had been providing financial backing for the father-in-law to fight the court case against Ms Wang, but she did not press him for disclosure.
Those who knew Ms Wang yesterday described her as a savvy businesswoman who amassed huge personal wealth during her time as Chinachem boss. Fortune magazine has estimated her assets to be in the region of US$4.2 billion.
Peter Churchouse, a director of property fund Long Investment Management, said: 'We've never seen the balance sheet (of Chinachem), but you would have to think it's fairly robust.'
Chinachem has more than 250 properties in Hong Kong, including skyscrapers such as Chinachem Exchange Square and Golden Plaza, along with a vast portfolio of offices, shopping centres, apartment blocks, cinemas and industrial sites.
In 1997, the company paid HK$5.5 billion (S$1.1 billion) for a beachfront site at luxury residential area Repulse Bay. It was developed into a block of flats, but has remained empty ever since.
'You must have very deep pockets to be able to do that,' Mr Churchouse said.
Ms Wang's company declined to give details of her illness yesterday, saying only that funeral arrangements would be disclosed at a later date.