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Hwaiting!

In: STRICTLY BUSINESS THE KWEK LENG BENG STORY

Author

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  • SHING HUEI PEH

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”…

Suggested Citation

  • Shing Huei Peh, 2023. "Hwaiting!," World Scientific Book Chapters, in: STRICTLY BUSINESS THE KWEK LENG BENG STORY, chapter 19, pages 198-205, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811284496_0019
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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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