| Abstract | Just a few years ago, Henry Cheng Kar Shun was struggling to be taken seriously. A man whose party-going is often fodder for the gossip magazines, the eldest son of Cheng Yu Tung, founder of Hong Kong's New World Development, took over the family business in 1989.As managing director, Henry bet heavily on international hotel chains Ramada and Renaissance, China property and infrasturcture, and Hong Kong's second television station, ATV. They all lost money.Then the property market slowed in 1994 as the government moved to cool speculation. Henry was undeterred. Early this year, he committed family funds for up to 70% of Riverside South, Donald Trump's $2-billion urban renewal project in New York City. |
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