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The Business Empire of Asia’s Ultra-Rich: The Kweks and Queks – Part 2

Previously, I had looked into the history of the Kwek family starting from Kwek Hong Png, whose business empire with his brother is now being managed by two successors, Kwek Leng Beng and Quek Leng Chan. In Singapore, both successors have control over multiple listed entities and here are some of them.

The Kweks

To look into the business influence that the Kwek family has, one has to start with City Development (SGX: C09), the main business of the company. The company’s a property developer and asset owner with a portfolio that spans the world though there’s a concentration within Singapore, the United States and the United Kingdom.

City Developments also has its fingers in the hotel-management business through its London-listed subsidiary Millennium & Copthorne Hotels Plc. In Singapore, CDL Hospitality Trust (SGX: J85) represents City Developments’ interest in hotel ownership/management with its portfolio of hotels found in Singapore, Australasia and The Maldives. Some of the trust’s most notable assets include the Grand Copthorne Waterfront and Novotel Singapore in Clarke Quay. City Development also owns hotel interests directly, such as the St. Regis Singapore and the W Singapore in Sentosa Cove.

The Kweks are also majority shareholders of Hong Leong Finance (SGX: S41), which is the largest finance company in Singapore. Hong Leong Finance currently has 28 branches around Singapore and provides financing solutions to individuals and small-medium enterprises here.

Another company controlled by the Kweks would be Hong Leong Asia (SGX: H22), a conglomerate that focuses on consumer and industrial products. It conducts most of its business in China. In particular, Hong Leon Asia is the largest shareholder of China Yuchai International, the largest diesel engine manufacturer in China. Some other products that Hong Leong Asia makes include cement and plastic packaging.

The Queks

In Singapore, the major business interests of the Quek family, who are based in Malaysia, is limited to GuocoLand (SGX: F17) and GuocoLeisure (SGX: B16).

GuocoLand is a property developer that develops real estate in Singapore, Malaysia and China. In addition, it’s also associated with a Malaysia-listed real estate investment trust known as Tower REIT which owns three office towers located in Kuala Lumpur, Malaysia.

The Quek family had also recently extended their reach into the oil & gas industry by buying an 8% stake in offshore oil and gas support services provider Ezion Holdings (SGX: 5ME).

Foolish Summary

Although the families’ businesses have their roots here in Southeast Asia, both now have businesses that are truly global. Their influence continues to grow stronger in the region and there’s nothing to strongly suggest that their influence would not increase in the years to come.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Stanley Lim doesn’t own shares in any companies mentioned.