Hong Kong: Billionaire Cheng Yu-tung transferred his shares in six Hong Kong-listed companies valued at about HK$3.8 billion ($490 million, Dh1.8 billion) to a family holding company, almost four years after announcing retirement from his main company.

The transfer of his holdings to Chow Tai Fook Capital took place Dec. 21 and included stock in apparel retailer Giordano International Ltd., Hsin Chong Construction Group Ltd., Integrated Waste Solutions Group Holdings Ltd., Mongolia Energy Corp., New Times Energy Corp. and Shengjing Bank Co., according to filings to Hong Kong’s stock exchange late on Monday.

Shares of all the companies, except Shengjing Bank, have declined by more than 20 per cent since February 2012, when Cheng stepped down as the chairman of New World Development Co. Cheng’s sprawling conglomerate includes businesses that range from real estate to jewellery and fashion.

“The transfer is a type of personal estate management,” said Andrew Sullivan, managing director for sales trading at Haitong International Securities Group Ltd. Cheng, 90, could move more of his assets to family members in the future, he said.

Chow Tai Fook Capital is a major shareholder of Chow Tai Fook (Holding) Ltd., which controls property developer New World Development Co. and Chow Tai Fook Jewellery Group Ltd. Cheng, whose net worth is estimated at $10.3 billion, was Hong Kong’s fourth-richest man before the share transfers, according to Bloomberg Billionaire Index.

The patriarch in early 2012 named his eldest son, Henry Cheng, as chairman of New World Development, which has businesses in property, infrastructure, hotels and retail. The elder Cheng was hospitalised in September 2012 and hasn’t attended public events since. His son-in-law, Doo Wai-hoi, said last month that the elder Cheng’s health was improving, the Hong Kong Economic Journal reported Tuesday.

Cheng, son of a tailor, was born in the southern Chinese city Shunde and later fled war-torn China for Macau. He got his first job when he was 15 as an apprentice at the Chow Tai Fook gold shop that was founded by his future wife’s family and expanded the jewellery chain in Hong Kong, according to Bloomberg Billionaire Index. Today, Chow Tai Fook Jewellery, which was listed in 2011, is one of the world’s largest listed jewellery chains.

Maria Cheung, a spokeswoman for New World Development, said the company doesn’t comment on transactions related to the Cheng family’s personal investments and personal issues. Joanne Wong, spokeswoman of Chow Tai Fook Jewellery, couldn’t be reached immediately by email and phone.

FACTBOX: Everglade to buy $3.2b projects from Cheng

Evergrande Real Estate Group Ltd. will buy projects in China worth 20.4 billion yuan ($3.2 billion, Dh11.56 billion) from Hong Kong billionaire Cheng Yu-Tung’s family-controlled companies, extending an acquisition spree by the Chinese developer this year.

New World China Land Ltd. has signed an agreement to sell property in the Chinese cities of Guiyang and Chengdu to Evergrande for a total 7.3 billion yuan, Hong Kong-based New World China Land said in a statement to the city’s stock exchange. In a separate statement, Evergrande said it will buy five developments for a combined 13.1 billion yuan from Chow Tai Fook Enterprises Ltd., which is controlled by the Cheng family.

Ties between Cheng and Evergrande Chairman Hui Ka Yan, two of the richest men in China and Hong Kong, go back to at least 2008 when Cheng’s family investment company was part of a group of investors that bought a $506 million stake in Evergrande the year before its initial public offering.

— Bloomberg