Cheng Yu-Tung is a Hong Kong billionaire with an estimated net worth of $16.5 billion in January 2018. In the Hong Kong’s “50 Richest” list of billionaires, he is the fourth richest person and is ranked 44th in the list of World Billionaires. Born on August 26, 1925 in Shunde, Guangdong, Republic of China, he has extensive dealings and real estate interests both in Hong Kong and Macau.

Cheng Yu-Tung’s professional career and wealth began with Chow Tai Took, a jewelry business. It has grown to become Chai Tai Took Enterprises, a conglomerate which operates the Sheraton Marina hotel and controls the publicly listed

New World group. It now owns several properties in Hong Kong, Macau, and abroad which included five high-end hotels. His 32-year-old grandson Adrian Cheng Chi-Kong is set to inherit part of Chow Tai Took and the Hong Kong-listed New World Development, a publicly listed family-owned real estate development firm. Just recently, the firm bought the Carlyle Hotel in Manhattan. It also has interests in Shun Tak Holdings and the Sociedade de Turismo e Diversoes de Macau, which is owned by Stanley Ho.

At the end of 2012, Cheng Yu-Tung stepped down as the Chairman and CEO of New World Development. He was succeeded by his son Henry. He currently serves as the honorary consul of Bhutan in Hong Kong and sits on the board of the third largest bank in Hong Kong, the Hang Seng bank.