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Wealth to Wealth over Three Generations: Inheritance Studies on Chinese Family Businesses

Author: Zheng Hongtai, Gao Hao
Subject:Economics & Management
Publication Date:2019.01.01
Page Count:288

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“A gentleman establishes his own business, expecting it to be inherited by his descendants”, said Mencius. From ancient times to the present, no matter emperors, generals and ministers, or ordinary people, all of them have made efforts to create their own cause and pass it on to their descendants. However, “shirtsleeves to shirtsleeves in three generations” is a true story for most family businesses. In this book, the authors cite examples of 9 Chinese family businesses – all of them not only start a business, but successfully keep it going: the Fung Family of Fung Group, the Kam family of Yung Kee, the Wu Family of Maxims Group, the Kwok Family of Sun Hung Kai Properties, the Pao Family of BW Group, the Tung Family of OOCL, the Lee Family of BEA, the Law Family of Great Eagle Holdings, and the Law Family of Vitasoy International Holdings. This book profoundly analyzes the characteristics of development and inheritance of these family businesses; advocates to integrate the merits of both eastern and western cultures, and draw on each other’s strength; reveals how they carry out family governance, strive for business inheritance and innovation in response to social and historical changes, and finally succeed in achieving “wealth to wealth over three generations”.

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  • Zheng Hongtai is Co-Convener of the Global China Studies launched by the Chinese University of Hong Kong (CUHK) and Co-Director of CUHK’s Centre for Social and Political Development Studies. He is Bachelor of Business Administration, Master of Philosophy and Doctor of Philosophy from the University of Hong Kong. Gao Hao is Director of the Global Family Business Research Center, PBC School of Finance, Tsinghua University, and Editor-in-Chief of Family Business Governance Series and Family Wealth Inheritance Series. Gao holds a PhD in Management and a post-doctoral research position at Tsinghua.

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