Share |

Wealthy Chinese property family turns to TV

Yeung Kwok-Keung, chairman of property firm Country Garden and patriach of one of China's richest families, has reportedly bought a stake in Television Broadcasts, one of the world's largest producers of Chinese-language television programming. Yeung (pictured) appears to have acquired a 26% stake for around $1.3 billion from Shaw Brothers' 100-year-old chairman Sir Run Run Shaw .

Founded in 1967, TVB was the first wireless free-to-air commercial television broadcaster in Hong Kong. It is believed Yeung was the only investor who met Shaw's criteria and price for the stake.

However, Country Garden has publicly denied any involvement in TVB, which suggests that Yeung will be funding the bid through a private investment vehicle. Lee Shau-Kee, chairman of Henderson Land Development, has reportedly agreed to lend Yeung $300 million to help with the bid.

Yeung, who began his business life as a construction worker, co-founded the real estate business with five associates. He transferred his controlling stake to his daughter, Yang, in 2005. When the company was listed on the Hong Kong stock exchange in 2007, she became a billionaire and the richest person in China.

Click here >>
Close