Among Hong Kong's four legendary business dynasties—the Kwok, Lee, Li, and Cheng families—each built towering fortunes that became synonymous with the city's economic rise. Yet even the mightiest empires face storms. The Cheng family, founded by the late "King of Jewelry" Cheng Yu-tung, now grapples with a financial earthquake.

At the epicenter: A potential fire sale of the iconic Rosewood Hotel Group, crowned 2025's "World's 50 Best Hotels" champion and valued at HK$16 billion. This comes as flagship NEW WORLD DEV (00017.HK) battles HK$146.1 billion in total debt, reporting HK$16.3 billion losses for H1 2025—erasing two generations' cash reserves in four years.

The crisis escalated in June when NEW WORLD DEV deferred interest payments on $3.4 billion perpetual bonds, triggering stock and bond plunges. Though securing HK$80 billion emergency funding bought time, asset disposals accelerated—including HK$4 billion from Discovery Park Mall and HK$1.55 billion from a Shenzhen tower stake sale to Chow Tai Fook.

Cheng's journey from refugee to tycoon reads like a screenplay: 1. Born in 1925 Guangdong poverty, he apprenticed at 15 in Chow Tai Fook's Macau gold shop through family connections 2. Revolutionized Hong Kong's jewelry trade in 1960 by introducing 99.99% pure gold ("four nines") standard 3. Built dual empires—Chow Tai Fook's 2011 IPO created Asia's jewelry giant, while NEW WORLD DEV's 1972 listing spawned landmark projects like the HK$3 billion Convention Centre

Market watchers note eerie parallels to Cheng's 1980s rescue of NEW WORLD DEV during its last crisis. With third-generation leadership now at the helm, the family's HK$19.5 billion (Forbes 2025) fortune faces its sternest test. As asset sales continue, the business axiom "wealth doesn't last three generations" looms large over Hong Kong's glittering skyline.