HONG KONG -- Hong Kong's third-richest man Cheng Yu-tung, founder of conglomerate New World Development, died peacefully on Thursday night at the age of 91, according to a company announcement issued on behalf of his family.
The property tycoon, who had a net worth of $16.7 billion, worked at the Chow Tai Fook gold shop in Macau during World War II. In 1943, he married shop owner Chow Chi-yuen's daughter, Chow Tsui-ying, with whom he had four children. After inheriting the jewelry business in 1956, Cheng invested in properties in Hong Kong and in 1970 founded New World Development, now a company worth $94.67 billion and a blue-chip stock on Hong Kong's equity benchmark Hang Seng Index.
