New World’s Financial Woe Is Warning Tale for Hong Kong’s Billionaire Families

In the rarefied world of the Cheng family, one of the wealthiest clans in Hong Kong, staff spoke of the unwritten rule: Never say no to the boss.

So lieutenants were hesitant to disagree when the eldest of the patriarch’s children, Adrian, came up with a grandiose plan for the business, people close to the family said. His pitch: A mall to end all malls, next door to the sleek Hong Kong International Airport.

Continue Reading