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Cheng Yu-Tung

Age: 84
Residence: Hong Kong
What keeps him busy: Chairman of Lifestyle International Holdings and of New World Development

Cheng Yu-Tung is the founder of New World Development, one of Hong Kong's biggest property groups, and the city's third-richest man. He built his fortune through success in real estate, gold, and diamonds. Like other Hong Kong tycoons, Cheng has used his base in real estate as a springboard to other businesses such as hotels, retail, and telecom. He's best known in the U.S. as the erstwhile partner in the 1990s of Donald Trump in Riverside South, the big development project on Manhattan's West Side that ended up with a lawsuit (later dismissed) brought by "the Donald" against Cheng. These days he leaves the management of New World largely to his son Henry Cheng. The younger Cheng is a graduate of Western Ontario University's Richard Ivey School of Business. Ten years ago the school set up the Cheng Yu-Tung School of Management in Hong Kong. Earlier this year Cheng Yu-Tung gave $50 million to the University of Hong Kong, which will name a building in its new law school after the tycoon.

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