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The Sail Worth Waiting For

In: STRICTLY BUSINESS THE KWEK LENG BENG STORY

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  • SHING HUEI PEH

Abstract

The new millennium had not been kind to Kwek Leng Beng. The dot.com crash in 2000 was exacerbated by the September 11 attacks the next year, dealing two severe blows to the global economy, particularly in the United States. His hotel empire was reeling. To make it worse, the real estate market in Asia remained in absolute doldrums, struggling to exit a long winter which began with the Asian Financial Crisis in 1997. When City Developments (CDL) announced its results for financial year ending 2001, it was an ugly sight. Its net profit had plunged 85.5 per cent to S$41.6 million…

Suggested Citation

  • Shing Huei Peh, 2023. "The Sail Worth Waiting For," World Scientific Book Chapters, in: STRICTLY BUSINESS THE KWEK LENG BENG STORY, chapter 15, pages 155-161, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811284496_0015
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    More about this item

    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;
    All these keywords.

    JEL classification:

    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • M16 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - International Business Administration
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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