Henry Cheng Net Worth & Biography
|Popular Name:||Henry Cheng|
|Real Name:||Robert Leroy Mercer|
|Birth Date:||11 December 1946|
Shunde, Guangdong, China
|Net Worth:||$14 Billion|
Henry Cheng is a successful billionaire businessman and property developer from Hong Kong. He is the eldest son of Cheng Yu-tung who established the Hong Kong-listed New World Development company of which Henry took over from his father as chairman. At this moment, Mr. Cheng is chairman of New World Department Store China, New World China Land, and NWS Holdings. In addition, he is also a Committee Member of the Political Consultative Conference of the Eleventh Chinese People’s. This article aims at informing its readers about the details surrounding Henry Cheng’s biography, and in addition, it also seeks to shed light on his businesses, the numerous positions he holds on a number of big organizations, his career highlights, and everything that is related to his finances and net worth. Read on for more details.
Early Life: Childhood, Education
Henry Cheng was born on the 11th of December 1946, in Shunde, Guangdong, China. His father, Cheng Yu-tung, was a Hong Kong businessman who founded New World Development.
Cheng is a well-schooled and enlightened man. His educational records show that he attended the University of Western Ontario and graduated from the reputed institution when he had completed his bachelor’s degree.
Professional Life: Entrepreneurial Career
Henry Cheng is the chairman of New World Department Store China, New World China Land, and NWS Holdings. He was appointed as Director in 1972, and as Executive Director the following year. He became Managing Director in 1989 and assumed the position of Chairman in March 2012.
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Dr. Cheng is a member of the Remuneration Committee of the Board of Directors and the chairman of the Nomination Committee and Executive Committee of the New World Development Company. He is the chairman and executive director of Chow Tai Fook Jewelry Group Limited and NWS Holdings Limited, the non-executive director and vice chairman of i-CABLE Communications Limited, and the non-executive director and chairman of FSE Lifestyle Services Limited, all the aforementioned which are listed public companies in Hong Kong.
He was a non-executive director of SJM Holdings Limited up to his retirement on 11 June 2019, and a non-executive director of DTXS Silk Road Investment Holdings Company Limited until his resignation on 19 March 2021. Not only that, but he also served as a non-executive director and chairman of New World Department Store China Limited until his resignation on 13 May 2021.
Cheng is an honorary chairman and director of New World China Land Limited. He is also a director of a number of the group’s subsidiaries. He is a director of Chow Tai Fook Enterprises Limited, Chow Tai Fook (Holding) Limited, Chow Tai Fook Capital Limited, Cheng Yu Tung Family (Holdings II) Limited, and Cheng Yu Tung Family (Holdings) Limited, all of which are substantial shareholders of the Company.
In addition, Mr. Cheng is the current chairman of the Advisory Council for the “Better Hong Kong Foundation”. He was also a Standing Committee Member of the 12th Chinese People’s Political Consultative Conference of The PRC.
Achievements: Awards & Honors
Chairman Cheng was awarded the Gold Bauhinia Star (GBS) in 2001 and the Grand Bauhinia Medal (GBM) in 2017 by the Hong Kong Special Administrative Region Government.
Personal Life: Family, Private Interests
Cheng is the father of six children, including Chak-yin, Chak-wang, Brian, Christopher, Adrian, and Sonia. He is the uncle of Cheng Chi-Heng and Dr. Cheng Kar-Shun, and the brother-in-law of Doo Wai-Hoi, William, the brother of Cheng Kar-Shing, Peter.
In 2016, he donated the sum of RMB$300 million to China Internet Development Foundation. This donation was made to support cybersecurity training.
Mr. Cheng was the first person to offer his support to Paul Chan, the Secretary for Development of China when Paul was involved in a scandal. In 2005 he was sued together with Vincent Lo for $1 billion by Donald Trump.
Henry Cheng Net Worth: Salary, Income Sources, Shares
As at the time of filing this report, we confirmed from various trusted sources that Henry Cheng’s net worth stands at $14 billion. If you’re wondering how this dedicated Hong Kong businessman and entrepreneur makes his money, we have certain details in the next paragraph.
Cheng occupies various offices and heads a number of organizations. He is either the founder, owner, chairman, or director of more than 20 companies, all of which combine to provide a stable income generation for the business tycoon. As of now, Cheng serves as the chairman of New World Development, a company that was founded by his late father. He is also the chairperson of the world’s largest jeweler, the Chow Tai Fook Jewelry. He receives additional compensation for serving in the role of chairman of Taifook Securities, New World Department Store China, New World Chain Land, and NWS Holdings.
Henry Cheng manages a 67 percent stake in Chow Tai Fook Jewelry. He also owns a 33 percent stake in the New World Development company, and has been credited with all the family’s stocks as the chairman, and manages the shares along with his three siblings. Altogether, the siblings own 75 percent of Chow Tai Fook Enterprises. Furthermore, Cheng also owns 2 percent of Ping An Insurance and 18 percent of Giordano International in addition to being a vital part of a consortium investing in I-Cable which he joined in 2017.