Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

For two of Southeast Asia’s richest men, it all started in Hong Kong

For two of Southeast Asia’s richest men, it all started in Hong Kong

The Thai and Indonesian business titans discuss how the city played an essential role on their way to the top – and will do so today for investments related to Xi Jinping’s ambitious global trade strategy.

Two of Southeast Asia’s most prominent members of the Chinese diaspora, businessmen Dhanin Chearavanont and Mochtar Riady, took the stage at the Hong Kong Trade and Development Council’s Belt and Road Summit on Wednesday to reminisce about being early investors on the mainland.

The tycoons, who both addressed the summit in Mandarin, emphasised their belief in China’s economy and President Xi Jinping, and described how Hong Kong had played an essential role in their early successes – and could do so today for investments related to the Belt and Road Initiative
.
Riady, founder and chairman of Lippo Group and one of Indonesia’s richest men, received a round of applause from the crowd after telling them he had recently celebrated his 91st birthday.

He described getting his start in banking after being born into a working-class family in East Java, and how he went on to acquire Hong Kong’s iconic Lippo Centre in the late 1990s.

“I thought for all products there were limits, but there’s one thing with no constraints – that’s money. So I wanted to work for a bank,” Riady said.

He was doing just that in Hong Kong when he heard that the city’s famous Bond Building was going to be sold, and sought some expert advice. “I called up [influential entrepreneur] Li Ka-shing – he often said I should invest in Hong Kong. So then I did invest in Hong Kong, and I bought the Lippo Tower.”

The building was renamed after Riady’s company in 1998.

From there, Riady said, he was able to make investments in the Philippines, Singapore, Malaysia, the United States and Australia.

Lippo Group – which is now run by sons James and Stephen, and which Forbes estimates brings in around US$8 billion in total revenue – today has holdings in real estate, health care, media, education and retail.

“It all started from Hong Kong,” Riady said.

Dhanin Chearavanont, Thailand’s richest man and senior chairman of family-owned conglomerate CP Group, expressed confidence in the benefits of the belt and road plan for China’s economy as well as Asian economies broadly.

Dhanin, an early investor in Shenzhen, and first listed his company in Hong Kong in 1988. CP Group remains in the Chearavanont family, which was named the fourth richest in Asia by Forbes in 2017.

The conglomerate is now headed by Dhanin’s sons Soopakij and Suphachai, and is a shareholder in China’s top insurer Ping An Insurance Group.

CP Group’s estimated overall earnings from 19 companies listed across stock exchanges in Bangkok, Shanghai and Hong Kong are over US$400 billion.

Dhanin, who recently bought three full-page newspaper advertisements calling for a return to order in Hong Kong, expressed confidence in China’s economy and lauded the economic benefits to be gained from investment related to the belt and road strategy.

“The belt and road is about sharing common benefits,” said the 80-year-old tycoon, adding that Xi’s signature initiative was making China more open to outside investment.

Panellists at the Belt and Road Summit said the initiative was more than a plan for infrastructure investment, but rather a new international system for free exchange and economic connectivity.

Dhanin pointed to the example of Thailand’s Eastern Economic Corridor (EEC), one of the ruling junta’s flagship projects.

In April it was announced that a consortium including CP Group and state-owned China Railway Construction Corporation would be awarded a 224 billion baht (US$7.3 billion) concession for a high-speed railway project linking three airports.

Dhanin said the EEC had transformed Thailand’s economy, and – being based in a sound legal environment – had helped Thailand achieve an updated “version of the industrial revolution”.

“Hardworking investors can reap the rewards,” he said. “The belt and road is opening a lot of new opportunities.”

Hui Yew-Foong, associate professor at Hong Kong Shue Yan University, said the opening up of China gave both men the opportunity to deepen their ties to the country by investing in its growing economy.

“Their roles demonstrate the continual importance of the Chinese diaspora to China,” Hui said.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
The Personality Rights Challenge in India’s AI Era
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Study Finds No Safe Level of Alcohol for Dementia Risk
Trump Says Ukraine Can Fully Restore Borders with NATO Backing
Europe Signals Stronger Support for Taiwan at Major Taipei Defence Show
Germany Weighs Excluding France from Key European Fighter Jet Programme
Cyberattack Disrupts Check-in and Boarding Systems at Major European Airports
Björn Borg Breaks Silence: Memoir Reveals Addiction, Shame and Cancer Battle
When Extremism Hijacks Idealism: How the Baader-Meinhof Gang Emerged and Fell
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
Trump Orders $100,000 Fee on H-1B Visas and Launches ‘Gold Card’ Immigration Pathway
France’s Looming Budget Crisis and Political Fracture Raise Fears of Becoming Europe’s “Sick Man”
Three Russian MiG-31 Jets Breach Estonian Airspace in ‘Unprecedentedly Brazen’ NATO Incident
European manufacturers against ban on polluting cars: "The industry may collapse"
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
Christian Brueckner Released from German Prison after Serving Unrelated Sentence
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
The conservative right spreads westward: a huge achievement for 'Alternative for Germany' in local elections
Pope Leo Warns of Societal Crisis Over Mega-CEO Pay, Citing Tesla’s Proposed Trillion-Dollar Package
Poland Green-Lights NATO Deployment in Response to Major Russian Drone Incursion
U.S. and China Agree on Framework to Shift TikTok to American Ownership
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
The New Life of Novak Djokovic
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
×