Seagull inspired charge into mainland property
With a HK$100,000 loan from his father, Vincent Lo Hong-sui has built a multibillion-dollar property and construction empire.
The successful career of the 59-year-old chairman of Shui On Group has not been modelled on hard-hitting and hard-nosed rivals. Instead, he claims the popular 1970s novella Jonathan Livingston Seagull about a bird seeking a higher purpose in life was his inspiration. A seagull is incorporated in the company's logo.
Now the ambitious developer is attempting to spread his wings even further in the supercharged mainland property market.
Mr Lo got his first taste of mainland commercial property in 1985 - 14 years after he persuaded his late father, Lo Ying-shek, founder of Great Eagle Holdings, to lend him that HK$100,000 to start Shui On.
Two decades later, Mr Lo has built up an impressive portfolio in Beijing, Shanghai, Hangzhou, Dalian, Wuhan and Chongqing through his three listed companies - Shui On Land, Shui On Construction and Materials, and China Central Properties. The jewel in the crown is Xintiandi, a trendy entertainment and dining area in Shanghai's Luwan district. Mr Lo is building similar Xintiandis in other major cities.
However, mainland investment has not been without risk, especially with more measures by the central government to restrict foreign involvement in the property market amid increasing concerns about a bubble.
