A century-old wealthy family that rose from Shanghai

In August 1965, Sing Tao declared independence from Malaya. The news was like a stone thrown into a calm lake, stirring up a huge wave among the 2 million people of Sing Tao.

The people of Sing Tao are lost and confused; what should they do?
soon.

Chen Guangliang then led his subordinates to Xingdao Island, bringing with him the prospect of investment.

In the Sing Tao Daily's official conference room, Chen Guangliang, Yan Kuan, Chen Wenjie, and others held discussions with government officials.

Chen Guangliang said, "Sing Tao's potential lies not only in its geographical location, but also in the distribution of its main population in this region. I firmly believe that we Asians possess wisdom that is unique to the West. Therefore, Sing Tao's current difficulties are temporary, and I believe it has a bright future!"

Government officials were surprised that this overseas Chinese leader held Sing Tao in such high regard; moreover, they saw the determination of the consortium represented by Chan Kwong-leung to invest in Sing Tao.

Sing Tao's finance minister immediately said, "Thank you, Mr. Chen, for this timely help! If Mr. Chen wishes to invest in Sing Tao, we will do everything in our power to provide you with the necessary assistance."

That's exactly what I'm looking for. Only at this point can it be much easier to secure projects.

Chen Guangliang immediately said, “I have always had a special fondness for Orchard Road in Singapore. Although I invested in Lane Crawford Department Store in the early 1960s, that was just the beginning. So this time I came here hoping to invest in a five-star luxury hotel—the Shangri-La Hotel—and a commercial complex in the Orchard Road area in the future. The five-star luxury hotel requires the construction of three high-rise towers and more than fifty hotel-managed villas. We currently only have 200,000 square feet of land, so we hope that the Singapore government will allocate another 300,000 square feet of land. We promise that the total investment in this project will not be less than US$50 million, creating thousands of jobs.”

Of course, what Chen Guangliang didn't explicitly say was that the investment would definitely be phased. The Singapore Shangri-La Hotel is expected to be built in ten phases. The first phase will be a high-rise hotel called the 'Modern Wing'. The second and third phases will be the tropical-style Garden Wing and the prestigious Valley Wing. The fourth phase will consist of more than fifty hotel-managed four-story villas as apartments.

Such a huge investment immediately excited Sing Tao officials, as it was undoubtedly a massive investment.

After some consideration, the Sing Tao Finance Minister said, "We can fully facilitate this investment, and we are willing to designate this hotel as a government hospitality hotel. However, we have a small request: we would like to contribute 30 square feet of land as equity, so that we can take a small share!"

The government is in dire need of a decent hotel for hospitality, and can provide support, but at the same time, it cannot give it away cheaply, given the need to acquire 30 mu of land.

Knowing that he couldn't keep all the profits to himself, Chen Guangliang immediately said, "If it's just 300,000 square feet of land as equity, that would be considered a 25% stake. What do you all think?"

Land costs equal construction costs, so the land is considered 50% of the total equity; however, although the Shangri-La Hotel has 20 square feet, it is, after all, a brand.

"Of course, Mr. Chen is a straightforward person."

Next, Chen Guangliang proposed another cooperation plan: "Furthermore, I have inspected Jurong Island in Singapore and believe that this area is very suitable for developing the oil refining industry. Singapore is located in Malacca and has convenient transportation, making the development of the oil refining industry very promising for the country. Coincidentally, I am interested in bringing Shell Oil together to invest in an oil refinery."

These words greatly invigorated the Sing Tao officials who had been somewhat at a loss about how to proceed.

The Sing Tao Finance Minister even said, "Welcome, welcome! Whatever your needs, the Sing Tao government will support you unconditionally!"

Attracting one refinery means that Sing Tao will attract more refineries.

The discussion then became very lively, with Chen Guangliang even suggesting that Sing Tao's national policy should focus on attracting foreign investment. This move won the approval of all government officials, who may have had similar ideas, but ultimately it was not implemented.

. . . . . .

When leaving Star Island.

Chen Guangliang looked out the window at the Strait of Malacca, where cargo ships were entering and leaving in an orderly manner.

He knew this was not just a business deal, but a seed planted by Chinese capital in Southeast Asia. Years later, when the Jurong Tower becomes an Asian landmark, people may remember that during Singapore's most difficult time, a businessman from Hong Kong, with sincerity and vision, lit the first ray of dawn for the Lion City.

His trip to Singapore was just the beginning. In fact, CK Asset Holdings' Chen Wenjie and Global Group's Chen Guangcong had already led teams to Singapore to conduct a genuine pre-investment investigation.

Cheung Kong Holdings owns four plots of land on Orchard Road in Singapore. One of them has been developed into a commercial complex combining a department store and office buildings. Another plot is now planned to be developed into a Shangri-La Hotel. The remaining two plots are planned to be developed into first-class shopping malls. Of course, the investment will probably have to wait until the 1970s and 1980s, as development will have to be done step by step.

As for the oil refining industry, Global Group has invested, but in reality, it is just an investor, since it still needs oil companies to provide technology and other services.

. . . . . . .

In the golden autumn of October, the salty sea breeze carrying the smell of diesel fuel swept across the storage yard of Drunken Bay. The once simple and charming rice fields have been razed to the ground and replaced by gray cement docks. Orange-red cranes stand like steel giants, lifting the first container marked "Global Shipping".

As Governor David Trench lowered his golden scissors, the booming cannons startled a flock of egrets, which flew over the distant container stacks toward Victoria Harbour. Chan Kwong-leung stood in the center of the reviewing stand, watching the container land steadily on the trailer. The crisp clanging of metal held the key to Hong Kong's economic transformation—three years earlier, when he proposed "containerization" in the Legislative Council, the Jardine Matheson tycoon had ridiculed it as "a Chinese businessman's pipe dream."

"No one dares to question Mr. Chen's foresight now." HSBC taipan Sanders' voice, thick with the aroma of a cigar, rang out as he tapped his fingertips on the railing of the grandstand, his gaze sweeping over the busy workers in the yard. "This Pier 1 alone has driven significant economic development in Hong Kong."

As Chen Guangliang turned his head, he happened to see Swire of Swire Group talking quietly with Rowland of the Kadoorie family. Swire tapped his riding crop lightly in his palm, the Swire logo on the tassel swaying with the movement: "Who could have imagined that the Drunken Bay, which was once full of mud, would become Asia's first container terminal?"

“What I didn’t expect was that Global Group only holds 20% of the shares.” Roland’s Jewish-style nose gleamed in the sunlight as he glanced in Chen Guangliang’s direction. “If it were Jardine Matheson, they probably wouldn’t be satisfied until they got controlling shares.”

Chen Guangliang pretended not to hear the discussions. He knew what these British tycoons were thinking—at Pier 1, three European shipping companies held 35%, HSBC, Swire, and Kadoorie took the remaining 45%, and while the Global Group seemed to have the smallest share, it was actually the largest single shareholder.

At the cocktail party following the ribbon-cutting ceremony, David Trench, holding a champagne glass, walked to the map and said, "Container Terminal No. 2 will begin construction next month, led by a Japanese shipping company; Terminal No. 3 will be handed over to Americans. Mr. Chen, what number port do you think Kwai Chung will become in ten years?"

“First,” Chen Guangliang answered crisply, pointing to Victoria Harbour on the map. “Hong Kong’s advantage is not in land, but in entrepot trade. Containerization can increase our loading and unloading efficiency tenfold. As long as we maintain the free port policy, Singapore and Kaohsiung will not be able to catch up.”

Sanders chuckled softly, "Mr. Chen is always so confident."

Halfway through the reception, the Governor's aide hurried over: "Mr. Chen, a representative from a European shipping company would like to discuss shipping route cooperation with you."

As Chen Guangliang left, he overheard Sanders saying to Schjoker, "See? He doesn't need to control the docks to make the Global Group the biggest winner."

“That’s the most terrifying thing.” Schjok finally stopped whipping his horse. “The container revolution has just begun, and he’s already planning for the next decade.”

As the sun set, the first container ship, the "Global," sounded its horn and set sail. Chen Guangliang stood at the edge of the dock, watching the containers form a flowing metal dragon in the twilight.

. . . . . . . .

The hustle and bustle of Causeway Bay Racecourse had not yet subsided when eye-catching red and green signs were already erected on the next street corner.

On a crisp autumn morning in 1965, Lane Crawford executives stood behind glass doors, watching students in school uniforms point and stare at the neon sign for "7-Eleven".

This tiny shop, occupying less than 400 square feet, is poised to ignite a new revolution in Hong Kong's retail industry.

Today marks the opening of Hong Kong's first 7-Eleven.

After two years of preparation, CK Asset Holdings' retail business has finally ushered in its third model – convenience stores.

John, the supervisor sent by the Southern Company, stared at the digital clock on the wall. When the hour hand pointed to seven o'clock, he nodded to Allen, the retail director of Lane Crawford: "You can open the door now."

The moment the glass door was pushed open, not only customers carrying the scent of the sea breeze poured in, but also business spies hidden among the crowd.

Someone was holding a laptop, their gaze sweeping over the hot beverage machine next to the cashier—this kind of device that can provide coffee instantly is the first of its kind to appear in Hong Kong.

The shop assistant, wearing a red apron, deftly flipped the metal plate, while behind her, canned goods, cigarettes, and newspapers were neatly stacked on the shelves.

A customer walked in, immediately took a newspaper from the newspaper rack, and his eyes lit up when he saw the hamburgers, hot dogs, and steamed buns next to the counter.

"That's great, I don't have to go to two different places anymore!"

It's probably something that citizens didn't expect: they don't need to go to newsstands or breakfast shops in the morning; they can get everything done at 7-Eleven.

Given the environment at the racecourse, 7-Eleven also sells bento boxes at lunchtime and dinnertime, which is quite convenient.

Chen Guangliang saw that 7-Eleven was open from the newspaper, and a smile appeared on his face.

In this era, it seems that British capital has completely lost ground in Hong Kong's retail industry. Currently, the department store industry in Hong Kong is entirely dominated by Chinese capital, with even Carver Department Store having been acquired by Cheung Kong Holdings. In the supermarket sector, Cheung Kong Holdings' Wellcome Supermarket holds more than 40% of the market share, while supermarkets under Dairy Farm and Watsons each hold 20% (at this time, Dairy Farm was still Chinese-owned). Now, Cheung Kong Holdings has taken the lead in entering the convenience store market, and naturally, it will continue to monopolize this market.

With its four main business segments—real estate, hotels, retail, and food—CK Asset Holdings has achieved remarkable success in its diversified development. (End of Chapter)