Hwaiting!

Shing Huei Peh

Chapter 19 in Strictly Business:The Kwek Leng Beng Story, 2023, pp 198-205 from World Scientific Publishing Co. Pte. Ltd.

Abstract: In the depths of the COVID-19 pandemic and the Sincere saga, Kwek Leng Beng would find an unlikely break. Seemingly from out of nowhere, a Korean buyer approached City Developments (CDL) in August 2020 with an interest to buy the Millennium Hilton Seoul. “It was almost out of the blue, a cold call saying they want to purchase this hotel for over 700 billion won (US$490 million),” said Kwek Eik Sheng, nephew of Kwek Leng Beng and then the group chief strategy officer. The timing could not have been better. Kwek’s hotel empire had been savaged by the pandemic, Sincere was plunging deeper into the red and family members were demanding results. It was a chance for Kwek to charge back, or as the Koreans would cheer: “Hwaiting!” — Korean English for “fighting” or simply “come on”…

Keywords: Kwek Leng Beng; Hong Leong Group; Hong Leong; Singapore; Millennium Hotel; Millenium Hotel; 9/11; The Plaza; authorised biography; CDL; City Development Ltd; Donald Trump (search for similar items in EconPapers)
JEL-codes: L2 L21 L26 L85 M1 M13 M16 R3 (search for similar items in EconPapers)
Date: 2023
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