Today, Michael Kadoorie oversees his family's empire which includes CLP Holdings, Ltd., the electricity company founded by his grandfather in 1890 which provides electricity to 75% of Hong Kong and as chairman of the Hong Kong and Shanghai Hotels – the owners and operators of the Peninsula Hotel Group. The Kadoories have been long-time residents of Hong Kong. In fact, the family's history in the Far East can be traced back to the 1880s, when Sir Elly Kadoorie and his older brother Ellis, Baghdad-born Jews, arrived in Hong Kong to work for the Sassoons – a prominent family of the Baghdad Jewish diaspora. Elly and Ellis set up a brokerage that invested in hotels, banks, and power generation companies. Today, the Kadoorie family is the 10th richest family in Asia with a collective net worth of $18.5 billion.
In 1931, Elly Kadoorie made a visionary decision to purchase a large plot of land near Mong Kok for about $200,000. At that time, the land was mostly empty except for a few trees. Fast forward to today, that same plot now hosts homes and is adjacent to one of the most densely populated neighborhoods in the world. Initially, the plan was to sell the houses as they were completed, but due to slow sales, the Kadoorie family opted to lease the homes, leading to further developments.
Michael Kadoorie (R)
(MIKE CLARKE/AFP/Getty Images)
After the war, construction resumed, resulting in the beautiful Kadoorie Estates, which features 84 standalone homes, gardens, and swimming pools. The average rent for these homes has skyrocketed to HK$300,000 in just seven years, attracting high-net-worth residents, including corporate executives and celebrities. Additionally, the family has meticulously maintained records of the rent rolls, with the earliest entry dating back to 1936, showcasing their long-standing success in real estate.
| Personal Details | Information |
|---|---|
| Name | Michael Kadoorie |
| Birthdate | 1941 |
| Net Worth | $8.9 billion |
| Family Business | CLP Holdings, Peninsula Hotels |
| Residence | Hong Kong |
Table of Contents
Biography
Michael Kadoorie's influence extends far beyond mere business transactions. His family's lineage, beginning with Sir Elly Kadoorie, highlights a legacy of resilience and foresight. As a prominent figure, Michael has continued to uphold the family's tradition of strategic investments and community involvement.
Land Acquisition and Development
The foresight of Elly Kadoorie in the early 1930s laid the groundwork for the family's prosperity. The acquisition of land near Mong Kok proved to be a pivotal moment that transformed into a lucrative real estate venture. These early decisions not only shaped their financial future but also contributed to the urban landscape of Hong Kong.
Real Estate Success
With the establishment of Kadoorie Estates, the family effectively catered to the rising demand for luxury housing in a rapidly growing metropolis. The estates today symbolize wealth and exclusivity, attracting affluent tenants. The Kadoorie family’s ability to adapt their rental strategy has significantly increased their income from real estate.
Control of Family Business
Today, Michael Kadoorie heads CLP Holdings, which is a cornerstone of Hong Kong's electricity supply. The family's control over significant assets, including a majority stake in Peninsula Hotels, showcases their enduring influence in both the energy and hospitality sectors. As they expand their portfolio internationally, the Kadoorie name continues to represent excellence and legacy.
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