As the Chinese economy grows the rest of the world is beginning to know the big players in their economy. One sector of the Chinese economy that has experienced explosive growth over the decades is the real estate sector. Naturally those who were wise enough to grab the opportunities it presented have made it big.
One of the big players is Chung Mang Yee. He is the founder of Hopson Development Holdings Limited or Hopson Development. The firm was established in Guangzhou, China in 1992 and one of the five largest real estate private companies in Guangdong Province.
The company along with its subsidiaries engages in investment holding, property development, property management investment, property management and hotel operations. The firm owns properties in Beijing, Tianjin, Dalian, Taiyuan, Qinghuangdao, Shanghai, Hangzhou, Kunshan, Ningbo, Cixi, Taicang, Guangzhou, Huizhou and Zhongshan.
The company’s subsidiary includes Hopson Development International Limited, Addup International Limited, Achibald Properties Limited, Beijing Hopson Beifang Education and Technology Limited, Beijing Hopson Beifang Real Estate Development Limited, Beijing Hopson Lu Zhou Real Estate Development Limited, among others. The company also completed the acquisition of another firm on October 22, 2013. The firm was listed in the Hong Kong Stock Exchange in 1998.
The information above shows the extent of Chu’s business empire. It takes an exceptional person to create such a large company and involves great managerial and people skills. Yet Chu has also faced controversy this year. Married with one child, he promoted his daughter to the number two position n the company, as the deputy chairman.
There’s certainly nothing wrong with that if not for the fact that many viewed it as a fast track promotion. His daughter Chu Kut Yung is said to be around 25 years of age. The promotion took effect on July 11, 2013. According to the annual report, she was an intern in the company in 2007 and 2008. She was an assistant to the president in 2009-2011. Kut Yung was an executive director at the time of her promotion to deputy chairman. Her annual salary of HK$2.5 million also raised eyebrows.
As long as investors are happy and billionaire Chu still controls the company Kut Yung may get more hands on experience and become an outstanding executive like her father in the future.