"Shop King" Deng Chengbo passed away on May 14, 2021, at the age of 88.

Known as the "King of Shops"Deng ChengboPassed away on May 14, 2021, at the age of 88. He is a successful person in Hong Kong who "built his family from scratch".
Deng Chengbo was born in Jiujiang, Nanhai, Foshan in 1934. He lost his father when he was 5 years old and his family fell into financial ruin. He was raised by his mother alone and later came to Hong Kong with his mother. At the age of 16, Uncle Bo, who only had a primary school education, joined the society and became a neon sign apprentice. In the 1960s, he opened a shop in Cheung Sha Wan, doing neon signboard business. Later, the neon lighting industry declined, and Uncle Bo got involved in real estate instead.

Forbes 2021In the ranking of Hong Kong's richest people in 2017, Uncle Bo ranked 19th with a net worth of US$4.75 billion (approximately HK$37.01 billion). Its business covers real estate investment and management, hotels and catering, financial services, elderly care services, optical optometry, retail, etc.

Good at observing the economic environment to improve property value
Uncle Bo is good at renovating shops to increase property values and rents. The most successful battle. In 1991, he purchased a luxury restaurant in Mong Kok for NT$60 million from the late senior investor Zhou Nan, and later renovated it into a 3-storey restaurant.Mong Kok Computer Center.
Wangdian opened in December 1991, with monthly rental income of 2.8 million yuan during its peak period, and a return rate of 8.5%. The property changed hands in March 2004 for approximately NT$393 million. This time, the property changed hands with a book profit of NT$340 million.

The 1997 financial crisis destroyed the listing plan
But Uncle Bo's road to becoming a king was not smooth sailing. In 1997, Uncle Bo intended to list properties with a market value of more than 7 billion yuan at the time. However, the Asian financial crisis hit both the stock market and the real estate market. The listing plan was canceled. There are rumors that the listing plan was cancelled. He owed huge debts, reaching more than 4 billion yuan at the peak. Not only was the listing plan on the rocks, but many store transactions had to be canceled or terminated to reduce losses. Although he escaped in the end, Uncle Bo still owed about 4 billion yuan in mortgage loans to Citibank in 2004. It was only in 2004 that he sold all his properties while the market conditions were improving to pay off the debt.

Deng Chengbo retreated behind the scenes and handed over the business to his sonDeng YaoshengTake care of.Deng YaoshengThe Stan Group, which is named after its English name, not only manages the family's real estate assets of approximately 55 billion yuan, but also expanded its business to hotels, catering, elderly care, communications technology and financial services, and is also involved in venture capital. I invested in no less than 10 start-up companies, but most of them ended in failure.