As the fourth richest man in China, Cheng Yu-Tung began his road to riches in the jewelry business. He now controls one of Hong Kong’s largest conglomerates, Chow Tai Fook Enterprises, which far-reaching hand looks over several recognizable names, such as the New World Development group and the Sheraton Marina Hotel. His interests spread from real estate to telecommunications, and he has extensive real estate interests in Hong Kong and Macau.
Cheng Yu-Tung stepped down as CEO and has handed over control of New World Development in 2012 to his son Henry. He still serves as a board member of the third largest bank in China, Hang Seng Bank.