Hong Kong's "shop king" Deng Chengbo, known as "Uncle Bo", started from scratch under the Lion Rock, once wrote a legend of half a century of speculative shops, hong Kong's rich list of 36.8 billion Hong Kong dollars, sitting on nearly 80 billion Hong Kong dollars of property.
In the year since Uncle Bo's death, he has suffered two major storms and waves, and his vitality has been seriously injured, in order to solve the financial difficulties, his family has also changed from buying and selling shops in the past, which makes people sigh!
"Shop King" Uncle Bo fried the shop and sold the shop, and once fell into financial difficulties after two big storms
The "shop king" Deng Chengbo family sold the bunk
Since the death of "Shop King" Tang Shing Po in May 2021, Hong Kong newspapers have often seen financial news that his family has sold shops and assets to solve financial difficulties. After the two major storms of the 98 financial storm and the impact of the current round of the new crown epidemic, the "Shop King" family has been seriously injured, and the "buy, buy, buy" of the shop has become a "sell, sell and sell" that survives, which makes people sigh!
Tang Chengbo, known as "Uncle Bo", is the "shop king" of Hong Kong and has a long reputation in the real estate industry on Hong Kong Island. Before his death, in early 2021, he still owned nearly HK$80 billion in property, and his net worth on forebes' Hong Kong rich list was HK$36.8 billion.
In 1997, Deng Chengbo originally planned to package his tens of billions of shop assets and go to the Hong Kong Stock Exchange for IPO listing, in order to expand the scale of assets, he desperately "swept the goods" to buy shops, which thought of a financial crisis hit, making the liquidity of his company tight, almost breathless.
"The roof leaks on the overnight rain, the ship is late and the head wind", it is difficult to withstand the impact of the Asian financial turmoil, regain vitality, the new crown epidemic in the past two years, for Uncle Bo and his family who have a large number of bunk assets, it is absolutely bad news, and it is also a helpless move to speculate and sell shops.
Hong Kong's wave of the new crown epidemic that has been suffering for two years really responds to the old saying of "bad drama dragging the shed", although the daily nucleic acid diagnosis rate has recently dropped to 2.42%, which is a good trend, but the absolute number of confirmed cases is still a fairly high number in Hong Kong's fight against the epidemic for more than two years, and there is no slack or take it lightly.
At present, although the growth rate of the fifth wave of the epidemic in Hong Kong has slowed down, the "sit-up" epidemic prevention policy on Hong Kong Island has dragged on for too long and cannot be docked, which naturally has seriously hurt the vitality of Hong Kong's people's livelihood economy. For merchants, the epidemic is out of control, it is like encountering a cold winter, many shops are difficult to operate, forced to close down, for shop holders, under the double impact of the "amendment storm" and the epidemic, it is even more bitter. In the past two years, in order to get rid of financial difficulties, although the Deng Chengbo family has sold some shops to cash out, it has also appeared several times.
Hong Kong's "shop king" Tang Shing-po
At noon on May 14, 2021, Tang Chengbo, a veteran investor in Hong Kong real estate and known as the "Shop King", passed away peacefully with hong Kong Sanatorium and Hospital accompanied by his family at the age of 88. His family later issued a statement saying that throughout his life he had pursued the philosophy of "far-sightedness, diligence and thriftiness, judging the hour and the situation, and adapting to changes", and was highly respected.
Known as "Uncle Bo", Tang Chengbo has been traversing the Hong Kong property market for nearly half a century, and at the peak, he held more than 200 industrial and commercial shop properties in Hong Kong, thus having the reputation of Hong Kong's "shop king". At the beginning of the year before his death, Deng Chengbo was listed on the Forbes Hong Kong Rich List with a net worth of HK$36.8 billion. As early as the 2017 Forbes Hong Kong Rich List was announced, he was listed among the 50 richest people in Hong Kong for the first time with about HK$7.8 billion (US$1 billion).
As a veteran of Hong Kong shops, Deng Chengbo is known for "fast and accurate", as mentioned above, under the blow of the financial crisis and the epidemic, especially after the listing of the Xianggu Hotel Kingdom in recent years, liquidity is tight, and the epidemic has fallen into financial difficulties, which makes people sigh!
In 2020, before Tang Chengbo's death, even Huangu sold its properties, such as the entire Jen's Commercial Building in Central and the entire Tinglanju residential building for HK$3 billion, and later sold the 54-year-old building in Tsim Sha Tsui for HK$628 million, auctioned the Wing Sheng Industrial Building at 26-30 Wing Ki Road, Kwai Chung, sold the Tsim Sha Tsui Commercial Building for HK$450 million, and successfully tendered for the sale of the land at No. 61-67 Soy Sauce Street in Mong Kok for HK$350 million.
In January 2021, before his death, Deng Chengbo, his family and affiliates were sued by an investment company to recover HK$260 million in arrears. In an effort to solve the financial woes, his family was still selling his bunk assets before his death.
Uncle Bo, the "king of shops", has written the legend of the fried shop for nearly half a century, but unfortunately he did not expect to sell the hard-earned shops in the last time of his life, but the fried shops became selling shops!
"Shop King" Uncle Bo wrote the legend of the half century of fried shops on Hong Kong Island
The streets of Jordan, Hong Kong
On May 6, 2021, Hong Kong", Deng Chengbo, was admitted to the Hong Kong Sanatorium and Hospital due to heart discomfort, and after a few days of hospital observation, his spirit was slightly better. Conscientiously, while treating, he also listened to the reports of his children and subordinates, but he did not expect that on the sixth day of hospitalization, his condition suddenly deteriorated, he was transferred to the intensive care unit, and finally died suddenly at noon on May 14 at the age of 88.
Before Uncle Bo died, he saw that the family business was not working well and fell into financial difficulties, so he had to sell assets to alleviate debts and try to turn the tide; but he still instructed his sons not to sell high-quality real estate and bunks. In the past, when the shop was fried, Uncle Bo often held it for a long time, believing that as long as it was a good bunk, "the emperor's daughter did not worry about marrying", and could be sold at a price.
There is a single asset to be sold, with a high-quality parking lot, the buyer is also in the parking lot, take the initiative to negotiate with Uncle Bo, and raise the price by more than 10%, but Uncle Bo is still unmoved. A person who knows him revealed that Uncle Bo has never sold assets cheaply for decades, especially high-quality real estate, and will hold them for a long time. Some estimate that at the time of his death, the property assets were at least HK$60 billion, and the vast majority of them were insolvent.
In 2020, Uncle Bo was rumored to be recovered from debts, and he himself admitted that "the banks have borrowed explosively", even private usury loans. In order to alleviate the financial difficulties, in the second half of 2020, he had already sold at least HK$10 billion of properties, and less than a week before his death, he was still entrusted with the sale of assets in the United Road area of Kowloon City.
As the billionaire, Hong Kong's "shop king" Deng Chengbo will be in trouble, which is ultimately caused by over-expansion of wanting to become a "hotel king". After the 98 financial crisis, he rose again, but after 2019, Hong Kong Island has encountered a series of "anti-amendment storms" and the impact of the epidemic, and the retail and hotel industries have been the most affected, which is tantamount to "worse" for Uncle Bo, who is trapped by excessive expansion and debt.
Deng Chengbo and his second-generation successor, the second son of the second house, Deng Yaosheng
Deng Chengbo had two marriages, and after he married his ex-wife and wife, he had three sons, namely the eldest son, Deng Yaozong, the second son, Deng Yaowen, and the third son, Deng Yaohui.
In the 1980s, after Deng Chengbo met the "second grandmother" Ye Shaoping, he divorced his wife, and his ex-wife also moved to the United States. He had two sons with his second wife, Ye Shaoping, the eldest son, Deng Yaobang, and the younger son, Deng Yaosheng. For more than 30 years, he has lived with Ye Shaoping, and naturally he is particularly fond of the children born to his little wife, and the separation of the family is naturally biased towards the second room.
Deng Chengbo's designated second-generation successor, his most favored youngest son, Deng Yaosheng, is 36 years old and graduated from the University of Western Ontario in Canada with a master's degree in business administration.
Which rich rich man does not want to be "rich for three generations". In addition to carefully cultivating his successor, Deng Yaosheng, Uncle Bo also expanded to a diversified business because his business was "fried shop" and collected rent every day, worried that his descendants would have nothing to do all day. Under his arrangement, the father and son also operated a wedding company, and also started the Donghai Restaurant, The Haidu Restaurant, and even entered the Small Listed Company Of communications (08031) on the ChiNext Board, and acquired a controlling stake in another listed company, "Songling Elderly Care" (01989).
Deng Chengbo's third son, Deng Yaohui
Deng Chengbo's three sons born to his ex-wife each have their own careers, such as the second son, Deng Yaowen, who is currently taking care of the real estate business. The third son, Deng Yaohui, is currently running an eyewear business, which owns two glasses brands, "Aishimei" and "Noble Vision". In the 1990s, Deng Yaohui began to engage in the wholesale business of the eyewear industry, and later created his own brand.
Deng Yaobang, the eldest son of the second house and the fourth son of Uncle Bo, studied traditional Chinese medicine in Guangzhou, obtained a doctorate, and has also been involved in the real estate business in recent years, but he is usually low-key, but not as famous as his brother Deng Yaosheng.
Deng Chengbo, the "shop king" of Hong Kong, was born in 1934 in Nanhai, Foshan, Guangdong. As a teenager, he earned a living in Hong Kong, apprenticed in a neon shop, started from scratch in 1960 and opened a shop in cheung Sha Wan, and then the neon industry declined, and he considered changing careers.
Deng Chengbo (center) and Deng Yaosheng (1st from left) father and son
At the end of the 1960s, Deng Chengbo believed in the philosophy that "Situ must be rich", and bought real estate with years of savings and earned the first bucket of gold in his life. In the 1970s, he opened a restaurant with his friends, and he also had a certain understanding of the Hong Kong shop market, which opened a half-century of investment shop legends.
Uncle Bo speculates in shops, unlike others, he is good at transforming the shops he bought to make them appreciate and increase in value, such as turning them into shopping malls, and then collecting rent from shopping mall stalls. Today's Mong Kok Computer Center is the classic work of Uncle Bo's "fried shop".
In 1991, Tang Chengbo spent HK$60 million to buy the "luxury restaurant" at 8 to 8A on Milk Luchen Street in Mong Kok, but he did not run the restaurant, but remodeled the restaurant into a three-story Mong Kok Computer Centre, which opened after renovation in December of that year, and at its peak, he could collect rent of 2.8 million yuan per month, with a return on funds of 8.5%, which was also one of the investment cases with the highest return rate and the largest rent collection in the past.
By 1997, Uncle Bo already had more than HK$7 billion in property, and he wanted to package it and put it on the capital market. Unexpectedly, the Asian financial crisis struck, destroying the Hong Kong property market and stranding its listing plan. In 2003, Hong Kong suffered from the SARS epidemic, and the next year, Uncle Bo sold the Mong Kok Computer Centre for HK$400 million. In 2014, he acquired the Donghai Food & Beverage Group founded by the late Hong Kong "kitchen god" Chung Kam.
Stan Group Chairman Tang Yiu-sheng
Uncle Bo, the "King of Shops", started from scratch under the Lion Rock and wrote the legend of fried shops for more than 40 years. His second-generation successor, the youngest son, Tang Yiu-sheng, is now the chairman of Stan Group and the president of Donghai Food & Beverage Group.
Stan Group, registered by Deng Yaosheng under his English name in 2013, was the year he officially took over the family business. According to the official website of the group, in addition to running his own business, Deng Yaosheng usually publishes some articles in newspapers and publications from time to time to interpret related financial and youth entrepreneurship topics.
According to its official website, Stan Group has expanded from real estate investment to become a diversified integrated conglomerate with more than 2,000 employees, and in addition to jointly managing a HK$73 billion real estate portfolio with the Tang Chengbo family, the Group's business areas include real estate investment and management, hotel and catering services, communication services, financial services, and social innovation business The STILE, which operates more than 40 brands.