Among the leading characteristics ascribed to the Teochew is an instinct for company and commerce, no matter if it’s a neighborhood grocery store or a worldwide corporation. Amongst a long list of well known Teochew entrepreneurs, the most notable are Li Ka-shing, formerly the richest man in China, and Ma Huateng, creator of Tencent, the firm that created the almighty WeChat and QQ. Roots
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Li Ka Shin, in Real Estate
In 1958, unable to renew the lease for his business, Li was compelled to buy and develop a site by himself. An opportunity to obtain acreage arrived when many folks fled Hong Kong after the 1967 riots were in full swing. As a result, property prices plummeted. Li, believing the political crisis would be temporary, and property costs would finally grow, bought tracts of land at low costs.
Cheung Kong Holdings was publicly recorded in Hong Kong Stock Exchange in 1972. During board meetings, Li stated on numerous occasions his aim of surpassing the Jardines-owned Hongkong Land as a leading developer.
The successful bid by Cheung Kong for development sites in 1977 above the Central and Admiralty MTR stations was the key to challenging Hongkong Land as the premier property developer in Hong Kong. Despite its size, Jardines determined in the 1980s to protect itself from hostile takeover by Li or other external investors. The firm executed a cross-shareholding structure that was designed to place control in the hands of the Keswick family of Britain despite their less than 10% holdings in the group.
In China, Li has been selling part of his property holdings throughout 2014.