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Kwek Hong Png

In this Chinese name, the family name is Kwek.
Kwek Hong Png
Born1912 (1912)
DiedNovember 8, 1994(1994-11-08) (aged 81–82)
Chinese name
Traditional Chinese郭芳楓
Simplified Chinese郭芳枫
Transcriptions
Standard Mandarin
Hanyu PinyinGuō Fāng Fēng
Southern Min
Hokkien POJKoeh Hong-png

Kwek Hong Png (simplified Chinese: 郭芳枫; traditional Chinese: 郭芳楓; pinyin: Guō Fāng Fēng; Pe̍h-ōe-jī: Koeh Hong-png; 1912 - 8 November 1994) was a Singaporean businessperson, known for establishing Hong Leong Group, of which he was also chairperson. Kwek became one of the world's richest men, with an estimated net worth of S$3 billion before his retirement in 1984.

Early life

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Born in 1912 in Fujian's Tung Ann district[1][2] to a miserly farmer,[3] Kwek arrived in Singapore in 1928 from Fujian.[4] He first started out as a shop helper[5] at his brother-in-law's hardware firm.[6] His monthly salary then was just $5[1] and he reportedly slept on the floors of the store.[7] During World War II, Kwek became rich by trading construction materials.[8] He also participated in smuggling basic goods[9] and traded with Japanese merchants.[10]

Personal life

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In August 1943, Kwek purchased the House at 9 Buckley Road, a 1932 bungalow where he and his family subsequently resided. A decorative Chinese-style entrance archway was added to the property during their time there. The house was later acquired by City Developments Limited, the property arm of Kwek's Hong Leong Group, and was conserved in 2008 to serve as the clubhouse for a new "Buckley Classique" condominium development on the site.[11][12]

Career

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Founded in 1941,[13] the Hong Leong Group was originally a trading company that supplied basic construction materials[14] and rubber.[15] Wanting to work as a team, Kwek subsequently beckoned his three brothers to join Hong Leong.[16][17] Becoming chairman of the organisation in 1956,[18] Kwek retired in 1984;[19] before that, his net worth was estimated by Forbes to be worth S$3 billion.[20] He was also ranked one of the wealthiest men in the world by Forbes.[21]

Lawsuit

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The Kwek Hong Png Wing of the Asian Civilisations Museum opened in 2015

In November 1989, a lawsuit was filed against Kwek for the misuse of funds as well as abetment.[21] Represented by G. P. Selvam, Kwek was later found guilty of the charges, with a pending charge of "dishonestly receiving stolen property". Kwek was later allowed bail set at a million dollars.[22] Kwek's passport was also seized as a precaution.[23]

Death and legacy

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Kwek died in 1994, aged 82.[24] Louis Kraar of Fortune described Kwek as "Singapore's leading developer".[25] His empire was later inherited by his son, Kwek Leng Beng.[4]

In 2003 a gallery displaying Chinese artefacts at the Asian Civilisations Museum was named after Kwek, and in 2015, following renovations to the museum, a new wing called the Kwek Hong Png Wing was opened.

References

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  1. ^ a b "History". Hong Leong Group. Archived from the original on 10 August 2013. Retrieved 11 May 2013.
  2. ^ "Asian Civilisations Museum Receives S$5 million Gift For Expansion of Its China Gallery" (PDF). news.gov.sg. Archived from the original (PDF) on 12 August 2011. Retrieved 11 May 2013.
  3. ^ Corfield, Justin (2010). Historical Dictionary of Singapore. Scarecrow Press. p. 346. ISBN 9780810873872.
  4. ^ a b Menkhoff, Thomas; Solvay, Gerke (2012). Chinese Entrepreneurship and Asian Business Networks. Routledge. p. 200. ISBN 9781136002304.
  5. ^ Asiaweek. Vol. 20. Asiaweek Limited. 1994. p. 16.
  6. ^ Hamilton, Gary G. (1991). Business Networks and Economic Development in East and Southeast Asia. Centre of Asian Studies, University of Hong Kong.
  7. ^ Doebele, Justin; Brown, Heidi (9 July 2001). "The man with the golden machine gun". Forbes. Archived from the original on 15 July 2001.
  8. ^ Susanto, A.B.; Susanto, Patricia (2010). The Dragon Network: Inside Stories of the Most Successful Chinese Family Businesses. John Wiley & Sons. p. 10. ISBN 9781118339381.
  9. ^ Studwell, Joe (2008). Asian Godfathers. Grove Press. p. 21. ISBN 9781555848927.
  10. ^ Studwell, Joe (2010). Asian Godfathers: Money and Power in Hong Kong and South East Asia. Profile Books. p. 271. ISBN 9781847651440.
  11. ^ Interior details: Buckley Arch (Framed notice inside clubhouse). 9 Buckley Road, Singapore: Buckley Classique Management. c. 2011. Kwek Hong Png, founder of Hong Leong Group, was born in Tong'an County, Fujian, China. In August 1943, he bought a 10-year-old Buckley residence...{{cite sign}}: CS1 maint: location (link)
  12. ^ Au-Yong, Rachel (8 April 2018). "Buckley home is rare instance of building offered for conservation". The Sunday Times. Singapore. p. A16. NLB microfilm NL34482.
  13. ^ Matthews, John A. (2002). Dragon Multinational: A New Model for Global Growth: A New Model for Global Growth. Oxford University Press. p. 36. ISBN 9780195352894.
  14. ^ Rimmer, Peter James; Dick, Howard W. (2009). The City in Southeast Asia: Patterns, Processes, and Policy. NUS Press. p. 209. ISBN 9789971694265.
  15. ^ "History". Hong Leong Asia. Retrieved 11 May 2013.
  16. ^ Ch'ng, David C.L. (1993). The overseas Chinese entrepreneurs in East Asia: background, business practices and international networks. Committee for the Economic Development of Australia. p. 87. ISBN 978-0-85801-208-0.
  17. ^ Kim, Patrick (2013). Leading Successfully in Asia. Springer. p. 97. ISBN 9783642312878.
  18. ^ "Portrait of Mr. Kwek Hong Png, founder of Hong Leong Company". BooksSG. Archived from the original on 16 June 2013. Retrieved 11 May 2013.
  19. ^ East Asia Analytical Unit (1995). Overseas Chinese business networks in Asia. Department of Foreign Affairs and Trade. p. 331. ISBN 9780642229601.
  20. ^ "A new management at Hong Leong". Asian Finance. Vol. 10, no. 7–12. Asian Finance Publications. 1984. p. 176.
  21. ^ a b "P.M. BRIEFING : Billionaire Faces Funds Charge". Los Angeles Times. 29 November 1989.
  22. ^ "Kwek Hong Png charged with abetting in CBT". The Straits Times. 19 October 1989. p. 3.
  23. ^ "Hong Leong founder's case put off for another two weeks". The Straits Times. 16 November 1989. p. 19.
  24. ^ "Untitled section, (Obituaries & illustrations) 16 pp". The Straits Times. 10 November 1994. p. 1.
  25. ^ Kraar, Louis (25 December 1995). "The Mystery Man Who Took The Plaza From Donald Trump". CNN. Archived from the original on 3 December 2013.