Sun Hung Kai Hall
Sun Hung Kai Properties Limited
The history of “Sun Hung Kai” (新鴻基) can be traced back to 1958, when its three founders — Fung King-hey, Kwok Tak-seng and Lee Shau-kee — began working together in Wing Yip Enterprises (永業企業公司), acquiring the Sha Tin Hotel and entering the property business. The three later founded Sun Hung Kai, moved into finance, and — through acquisitions as well as ventures of their own — extended the business into utilities, transport, telecommunications, travel, retail and beyond, fields woven into the everyday life of Hong Kong people.
Sun Hung Kai had none of the political background of the 19th-century British hongs (洋行, the foreign trading houses of the colonial era). Its founders, who had come south to Hong Kong from Guangdong, seized the opportunities of the post-war property boom and the buoyant stock market of the 1970s to build Sun Hung Kai and Henderson into giants whose businesses span every corner of Hong Kong — it is hard to imagine a Hong Kong person untouched by them, and their reach has surpassed even the traditional British hongs.
Sun Hung Kai’s
Hong Kong Story
Sun · Hung · Kai
In 1963 the three founders established “Sun Hung Kai Enterprises Co., Ltd.” (新鴻基企業有限公司). The name joined the 新 (sun) of Fung King-hey’s former Sun Hei Company (新禧公司), the 鴻 (hung) of Kwok Tak-seng’s former Hung Cheong Import & Export Co. (鴻昌進出口有限公司), and the 基 (kai) from Lee Shau-kee’s own name. The first office was on Stanley Street in Central, with a staff of a dozen or so. Records say the three shareholders worked fifteen hours a day and, drawing on their different backgrounds and experience, cooperated seamlessly — successfully opening up the market for industrial buildings and gaining a firm foothold in property.
In 1969 Sun Hung Kai entered the stockbroking business, and “Sun Hung Kai Securities” and “Sun Hung Kai Finance”, led by Fung King-hey, appeared. Sun Hung Kai Securities listed in the mid-1970s and was renamed “Sun Hung Kai & Co. Limited” in 1983. Sun Hung Kai Finance was renamed “Sun Hung Kai Bank” in 1982 after obtaining a banking licence.
In 1972, riding the stock market boom, Sun Hung Kai Enterprises was reorganised and listed as “Sun Hung Kai Properties Limited”, with Kwok Tak-seng as its largest shareholder. The same year, Lee Shau-kee founded and listed “Wing Tai Development” (永泰建業) with other partners, and then in 1976 established “Henderson Land” (恒基兆業) on his own.
The media and books often call Sun Hung Kai’s three founders the “Three Musketeers” (三劍俠). From the 1970s they went their separate ways, and decades of mergers and acquisitions have shaped the complex web of brand relationships that exists today.
Fung King-hey ·
The Later-Estranged
Sun Hung Kai & Co.
Fung King-hey, who ran the financial side, continued to operate securities and lending businesses under the “Sun Hung Kai” brand after the founders parted ways. “Sun Hung Kai Finance Co., Ltd.”, established in 1970, concentrated on lending after the 1973 stock market crash, allowing the financial business to keep expanding; it was later renamed “Sun Hung Kai Bank”.
In 1985 Sun Hung Kai Bank reportedly suffered a bank run, and the same year it was sold to Arab Banking Corporation and renamed the “International Bank of Asia” (港基國際銀行, “IBA”), with Fung King-hey retaining only a 25% stake, which he sold in full in 1990. IBA also experienced a bank run in the 1990s, and in 2004 Taiwan’s “Fubon Financial Holding” took a stake in the bank, renaming it “Fubon Bank” the following year.
The securities business became the “Sun Hung Kai & Co.” that still operates today. In 1980, trades passing through Sun Hung Kai at one point accounted for over 35% of Hong Kong’s total stock market turnover; it was described as the largest brokerage of its day and even nicknamed “the Merrill Lynch of Hong Kong”. Fung King-hey died in 1985 and his son Fung Wing-cheung carried on the business, establishing “Sun Hung Kai Industries” (新鴻基工業) in 1989. Sun Hung Kai Industries was renamed “Yu Ming Investments” (禹銘投資) in 1996, and at the same time the Fung family sold Sun Hung Kai & Co. to “Allied Properties” (聯合地產), controlled by the family of the Australian-Chinese businessman Lee Ming Tee. From then on the name “Sun Hung Kai” had no further connection with co-founder Fung King-hey.
This “Sun Hung Kai & Co.”, no longer “related” to Sun Hung Kai, remains active in finance: “Sun Hung Kai Credit” (新鴻基信貸), “Everbright Sun Hung Kai” (光大新鴻基) and “United Asia Finance” (亞洲聯合財務, UA) are all businesses under Sun Hung Kai & Co.
Lee Shau-kee ·
“Uncle Four” and Henderson Land
Lee Shau-kee, whom the media habitually call “Uncle Four” (四叔), left the “Sun Hung Kai” name behind, yet maintained long-standing ties with both the Fung and Kwok families. From 1972 he served as vice-chairman of the board of the Kwok family’s “Sun Hung Kai Properties Limited” (SHKP) until 2020. He likewise served as vice-chairman of the Fung family’s “Sun Hung Kai & Co.” until its sale in 1996.
While serving as vice-chairman of both “Sun Hung Kai” companies, Lee Shau-kee founded first Wing Tai Development and then “Henderson Land Development Company Limited” (恒基兆業地產有限公司, “Henderson Land”); Henderson Land later acquired Wing Tai and renamed it “Henderson Investment Limited” (恒基兆業發展有限公司). Through years of acquisition and restructuring, names familiar to Hong Kong people — “Towngas” (中華煤氣), the “Hongkong and Yaumati Ferry” (油麻地小輪), “Miramar Travel” (美麗華旅遊) and “Mira Place” (美麗華廣場) — all became Henderson Land businesses. So too are the restaurants “Cuisine Cuisine” (國金軒) and “Tsui Hang Village” (翠亨邨); Towngas’s “TGC” appliances and “ECO” (易高) autogas filling stations; and in retail “APITA”, “UNY” and “Citistore” (千色 Citistore), among others — all connected with Henderson Land.
Its core property projects are equally wide-ranging, including “IFC”, “KOLOUR” (千色匯), “Metro City” (新都城中心), “Sha Tin Centre” (沙田中心), “MOSTown” (新港城中心), “Marina Cove” (匡湖居), “Grand Promenade” (嘉亨灣), “Grand Waterfront” (翔龍灣) and “Beverly Hills” (比華利山別墅), along with many housing estates, shopping centres and industrial and commercial buildings across Hong Kong.
Kwok Tak-seng ·
SHKP’s Sun Hung Kai Properties
After taking charge of Sun Hung Kai Properties (SHKP) in 1972, Kwok Tak-seng made a series of acquisitions, including the property-management company “Hong Yip” (康業), and founded “Kai Shing Management Services” (啟勝管理服務公司) to strengthen the property business. SHKP then took part in major projects such as “City One Shatin” (沙田第一城), “Pokfulam Gardens” (薄扶林花園), “New Town Plaza” (新城市廣場) and “Tai Po Centre” (大埔中心).
Over years of development, many of Hong Kong’s landmark buildings have been SHKP projects, including the “Sun Hung Kai Centre” in Wan Chai where SHKP has its headquarters, “Central Plaza” in Wan Chai, “Metroplaza” (新都會廣場) in Kwai Fong, “Landmark North” (上水廣場), “Sun Yuen Long Centre” (新元朗中心), “Royal Ascot” (駿景園) in Fo Tan, “MOKO” (新世紀廣場) in Mong Kok, “East Point City” (東港城) in Tseung Kwan O, “Millennium City” (創紀之城) and “APM” in Kwun Tong, “IFC” at Hong Kong Station, “ICC”, “The Cullinan” (天璽) and “The Arch” (凱旋門) at Kowloon Station, “The Leighton Hill” (禮頓山) in Happy Valley, “Park Island” (珀麗灣) on Ma Wan, “YOHO Town” and “YOHO Mall” (形點) in Yuen Long, “Mikiki” and “The Latitude” (譽港灣) in San Po Kong, “The Wings” (天晉) and PopWalk (天晉匯) in Tseung Kwan O, “Victoria Harbour” (海璇) in North Point and “V Walk” at Nam Cheong Station, among others.
SHKP also develops hotels, including the “Four Seasons Hotel” in Central, the “Royal Park Hotel” (帝都酒店) in Sha Tin, the “Royal View Hotel” (帝景酒店) in Tsuen Wan, the “Royal Plaza Hotel” (帝京酒店) in Mong Kok, “W Hong Kong” and “The Ritz-Carlton” at Kowloon Station, the “Crowne Plaza Hong Kong Kowloon East” in Tseung Kwan O and the “Hyatt Centric Victoria Harbour” hotel in North Point.
The Ever-Present
Non-Property Businesses
Beyond its property developments, SHKP has many businesses that reach deep into the details of Hong Kong life. As early as 1980, SHKP launched a takeover battle for “KMB” (九巴, Kowloon Motor Bus), ultimately becoming its largest shareholder. “Kowloon Motor Bus” became a member of “Transport International Holdings” (載通國際) in 2005, whose main businesses, besides “KMB”, include “Long Win Bus” (龍運巴士), “Sun Bus” (陽光巴士) and the “Huanggang–Lok Ma Chau shuttle bus” (皇巴).
In 1991 SHKP acquired the car-park operator “Wilson Parking” (威信); in recent years the business has come to cover “Mack Parking”, “Autotoll” (快易通) and the “Hong Kong School of Motoring” (香港駕駛學院), and it manages roads including the Tai Lam Tunnel, the Tsing Ma Bridge and the Aberdeen Tunnel.
In 1993 SHKP founded “SmarTone” (數碼通); in 2000 it listed “SUNeVision” (新意網); and it also operates “sky100” (天際100), the “River Trade Terminal” (香港內河碼頭), the “Hong Kong Business Aviation Centre” (香港商用航空中心) and the “Airport Freight Forwarding Centre” (機場空運中心), among other businesses.
After acquiring “Seiyu (Sha Tin) Ltd.” (西友(沙田)有限公司) in 2005, SHKP renamed it “YATA” (一田百貨). Beyond its home base at New Town Plaza, YATA has expanded to APM, Mikiki, V City, MOKO, Metroplaza, YOHO Mall and other SHKP shopping centres.
Living in Hong Kong, it is indeed hard to avoid the businesses of SHKP and Henderson Land. The rise of Sun · Hung · Kai, achieved without the political backing enjoyed by the British hongs, can be counted another milestone in the development of Hong Kong society. Since the 1997 handover, capital from mainland China has entered the Hong Kong market in force, and the competitive landscape of brands in every field has shifted once again.
sky100 Academy (天際 100 學堂)
Built by SHKP, the sky100 Hong Kong Observation Deck sits on the 100th floor of the International Commerce Centre, Hong Kong’s tallest building, 393 metres above sea level. The “sky100 Academy” (天際 100 學堂) invites students to explore how Hong Kong, this international metropolis, has transformed over the past several decades.
Its activities come in two forms — “Little Sky Explorers” (天際小小探索家, for kindergarten to junior primary) and the “Sky Explorer Pioneers” (天際探索先鋒隊, for senior primary to senior secondary) — suited to students of different levels. According to the website, only group bookings are offered; those interested can browse the sky100 website.
Address: 100/F, International Commerce Centre
For: kindergarten, primary and secondary students
Website: https://sky100.com.hk/zh-hant/sky100-academy/
Sources:
香港億萬富豪列傳 [Biographies of Hong Kong’s billionaires]
王敬羲等著
香港 : 文藝書屋 1978
香港企業大王 [Hong Kong’s business kings]
呂志華著
第4版 香港 : 明報出版社有限公司 1995
香港富豪列傳 [Lives of Hong Kong’s tycoons]
何文翔著
香港 : 明報出版社 1991
成長中的新鴻基 = The growth of Sun Hung Kai
Sun Hung Kai Securities Limited , Sun Hung Kai Finance Co
香港地產業百年 = A century of Hong Kong real estate development
馮邦彥著
第1版 香港 : 三聯書店香港有限公司 2001
https://www.shkp.com/zh-HK/about-us/history-and-milestones
https://shkco.com/c/about_milestone.php
https://sky100.com.hk/zh-hant/sky100-academy/
https://www.fubonbank.com.hk/tc/about-us/key-milestones-archive.html
https://ps.hket.com/article/2749578
http://www.beahk.org/history_bankrun.htm
https://www1.hkej.com/dailynews/headline/article/614849/%E6%96%B0%E9%B4%BB%E5%9F%BA%E9%87%91%E8%9E%8D++%E8%88%87%E6%96%B0%E5%9C%B0%E7%84%A1%E7%9B%B4%E6%8E%A5%E9%97%9C%E4%BF%82 [archived]
https://www.mpfinance.com/fin/daily2.php?node=1558984194275&issue=20190528 [archived]
Published in Oct 2020 by Hong Kong Brand Museum 香港品牌博物館
