How Tang Shing-bor became a billionaire flipping Hong Kong’s derelict properties
This story is part of Forbes' coverage of Hong Kong’s Richest 2020. See the full listTins Plaza was an eyesore, a run-down, abandoned plastics factory in the Tuen Mun district when Tang Shing-bor first spotted it. To Tang, though, it was a gem, one of many forgotten industrial buildings sprinkled around Hong Kong, well worth the roughly $36 million he paid for it in 2005. But even he couldn’t have foreseen that just two years later he would triple his money on it.
Property is only the latest of Tang’s several incarnations in a career that traces Hong Kong’s own development. With only a primary school education, Tang became an apprentice in 1950 to an electrician making neon signs, and in his 20s opened his own store catering to then-booming demand for the bright storefront marquees that remain one of Hong Kong’s hallmarks. Neon success enabled Tang in 1970 to open a dim sum eatery with friends.
Six months later, Tang says he received a call from an industrial property unit of Australia’s Macquarie Bank, Macquarie Goodman, offering him HK$500 million for the building. By October, he had a second offer, for HK$520 million, from Singapore property investment fund Mapletree. “But that’s not even the best part,” Tang says.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hong Kong increases funds to tackle coronavirus outbreak to $3.6 billionHong Kong leader Carrie Lam said on Tuesday the government would increase handou...
Read more »
Hong Kong increases funds to tackle coronavirus outbreak to $3.6 billionHong Kong leader Carrie Lam said on Tuesday the government would increase handou...
Read more »
Hong Kong protesters rally against planned virus quarantine centersHundreds of demonstrators rallied for a second day in Hong Kong on Sunday to pro...
Read more »
Philippine workers allowed to travel to Hong Kong, Macau amid virus fearThe Philippines on Tuesday allowed Filipino workers to travel to Hong Kong and M...
Read more »
Coronavirus could be knockout blow for Hong Kong's once-thriving tourism, retail sectorsTom Bennell's olive oil distribution business took a heavy beating during m...
Read more »