5 Things you should know about Hong Leong Finance

[MovieStar]

Like many of Singapore’s successful entrepreneurs, the founder of Hong Leong Finance (SGX: S41) arrived on our island a penniless immigrant.

Born in 1913, the second child of a peasant family, Kwek Hong Png grew up on a farm in the Fujian region of China. Times were hard and turbulent, and by the time he reached 16, Kwek knew it was time for him to seek his fortune. He left China on a cargo ship with just his $8 ticket, a mat and a quilt to his name.

Great Depression

When he arrived in Singapore in 1928, however, things were not much better. The island was in the midst of the Great Depression with people suffering widespread unemployment, hardship and poverty. With little work to be found, Kwek helped his brother-in-law in his hardware shop for just $5 a week, sleeping on the store’s floor at night.

However, he worked hard and rapidly rose to become a clerk, then manager and then general manager.

Hong Leong

By 1941, Kwek had made up his mind – it was time to start his own business. Hong Leong began life in a small shop house on Beach Road, a general trading firm dealing with ropes, paints, and ship and rubber estate supplies. Kwek worked hard and when the time came to expand, decided to ask his brothers to join his firm, offering them a 65% stake in the company.

Paints and Hardware

As World War II came to an end, Singapore was left with a plethora of damaged public and private properties and initiated an ambitious re-building program. However, with a shortage of hardware, as well as general merchandise, prices rocketed. Hong Leong, with its plentiful warehouse space was in a good position to store and sell much-needed supplies and the company prospered.

Manufacturing

From here, Hong Leong continued to grow, turning its hand to manufacturing paint, cement, and ventured profitably into rubber.

Land

Kwek now had his sights set firmly on land, and in 1954 Hong Leong built its first, seven-storey building on Philips Street. By 1957, Hong Leong had bought a second building on Robinson Road and by 1972, had acquired a controlling interest in the property developer City Developments Ltd (SGX: C09).

Hong Leong Finance

The company started to offer financial services in 1961, moving on to offer loans to businesses in 1966, through its new financial arm Hong Leong Finance Ltd. The company quickly grew to become the largest finance business in Singapore.

Hong means “big, good and plentiful” while Leong means “great prosperity”. Together, Hong Leong connotes a good harvest.
Kwek’s first property was a bungalow on Buckley Road that he purchased in 1943, for just $49,000.
The Hong Leong Finance Building in Raffles Place was built in 1975 when it was one of Singapore’s tallest buildings. It currently houses the Embassy of Panama on its 41st floor, and the Embassy of Norway on its 44th floor.
A gallery displaying Chinese artefacts was named after Kwek Hong Png at Singapore’s Asian Civilisations Museum.
When Kwek’s son Kwek Leng Beng joined Hong Leong Finance as general manager, he would personally drive staff in his own car to approach businesses.
Today, Hong Leong Finance is Singapore’s largest finance company, with 28 branches and offering an extensive array of financial products and services to both business as well as domestic customers.

The company has also won numerous awards, including the Domestic Finance Company Singapore award in 2013, as well as the ASEAN Finance Company of the Year 2015.

https://www.fool.sg/2015/10/14/5-things-you-should-know-about-hong-leong-finance/

 

[MovieStar]

i have this

 

[syed putra]

He had backing from bro-in-law who was probably well off. You must find a financial backer to start that will make things easier.

 

[zeebjii]

i have this

You have what??

 

[NanoSpeed]

You have what??

Uber and Grabtaxi.

 

[eatshitndie]

too bad it didn't get the banking license, due to a feud with the......fill in the blank.

 

[Narong Wongwan]

too bad it didn't get the banking license, due to a feud with the......fill in the blank.

He was opposition supporter that's why. He supported Barisan Socialis.
The old man did not gambling or had any vices except he was a profilic womanizer. His mistresses all had to prepare health tonics to keep his libido going. He famously said he only womanize that's why he can hold on to his wealth.

 

[eatshitndie]

He was opposition supporter that's why. He supported Barisan Socialis.
The old man did not gambling or had any vices except he was a profilic womanizer. His mistresses all had to prepare health tonics to keep his libido going. He famously said he only womanize that's why he can hold on to his wealth.

yup, for any tycoon to operate in sg, must not reveal the "political" hand openly otherwise it's an affront to the ruling dynasty. wish he had played friendly poker instead of just womanizing.

 

[frenchbriefs]

if u study singapore and malayan history back in the 19th century and early 20th century of tan kah kee's era,hokkiens was the most richest and powerful and influential dialect group among the overseas chinese community,we were the de facto business elite,established businessmen and were known as the merchant princes and dominated the more modern sectors of the economy including banking,insurance,shipping,rubber milling and manufacturing.we were also held in high regards by the british.so dont believe LKY that singaporeans especially hokkiens are coolies and farmers.

however there was a substantial working underclass in singapore society,but due to the high levels of illiteracy and inarticulateness,they were unable to form a working class consciousness.these may be the coolies and hawkers and unskilled labourers.

singapore already had a triving and bustling background and heritage that could have developed further if not for the interference of PAP.

 

[eatshitndie]

if u study singapore and malayan history back in the 19th century and early 20th century of tan kah kee's era,hokkiens was the most richest and powerful and influential dialect group among the overseas chinese community,we were the de facto business elite,established businessmen and were known as the merchant princes and dominated the more modern sectors of the economy including banking,insurance,shipping,rubber milling and manufacturing.we were also held in high regards by the british.so dont believe LKY that singaporeans especially hokkiens are coolies and farmers.

however there was a substantial working underclass in singapore society,but due to the high levels of illiteracy and inarticulateness,they were unable to form a working class consciousness.these may be the coolies and hawkers and unskilled labourers.

singapore already had a triving and bustling background and heritage that could have developed further if not for the interference of PAP.

teochews too, although their population size is smaller than hokkiens. seah eu chin, lim nee soon, lien ying chow cum to mind, including the ngee ann kongsi foundation which was founded by teochew tycoons in sg. tan lark sye sounds like teochew but he was born in fujian. he worked for tan kah kee. kah kee sounded like teochew but he was also born in fujian. and then there was tan tock seng who was born in malacca from a peranakan family with patriarch side from fujian origins. the son in law of tan kah kee also became a tycoon. also born in fujian. last name is lee. :p

 

[Papsmearer]

if u study singapore and malayan history back in the 19th century and early 20th century of tan kah kee's era,hokkiens was the most richest and powerful and influential dialect group among the overseas chinese community,we were the de facto business elite,established businessmen and were known as the merchant princes and dominated the more modern sectors of the economy including banking,insurance,shipping,rubber milling and manufacturing.we were also held in high regards by the british.so dont believe LKY that singaporeans especially hokkiens are coolies and farmers.

however there was a substantial working underclass in singapore society,but due to the high levels of illiteracy and inarticulateness,they were unable to form a working class consciousness.these may be the coolies and hawkers and unskilled labourers.

singapore already had a triving and bustling background and heritage that could have developed further if not for the interference of PAP.

Hokkiens are rich and influential by virtue they are the highest number of ethnic Chinese. They comprised by far the largest group, so its not unusual they have the wealthiest too. The second largest group, the Cantonese, also had some very rich people. Eu Tong Sen being one of them.

 

[Papsmearer]

He was opposition supporter that's why. He supported Barisan Socialis.
The old man did not gambling or had any vices except he was a profilic womanizer. His mistresses all had to prepare health tonics to keep his libido going. He famously said he only womanize that's why he can hold on to his wealth.

Not what I heard. In fact, Hong Leong Finance was in the process of getting a banking license having successfully operated the Finance company for a while. Old Fart got pissed off at the Kweks when they started bribing Teh Cheang Wan to get the HDB construction projects. I heard that Teh was so beholden to them that if Kwek called, Teh immediately left his office to go to Kwek. Drove Old Fart nuts to know that someone else had more control over his Ministers then himself. Only he can have them on their beck and call and no one else. He made sure Hong Leong Finance never got a banking license.

 

[zookeeper]

By 1941, Kwek had made up his mind – it was time to start his own business. Hong Leong began life in a small shop house on Beach Road, a general trading firm dealing with ropes, paints, and ship and rubber estate supplies.

Heard many Beach Road shops had smuggling buisinesses at that time and were making very good monies.
I am not saying Kwek did smuggle.

 

[Faces]

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