Fu Fai Enterprises (富輝企業)

November 6, 2020 York Lo Articles, Hong Kong Companies, People, Property

York Lo: Fu Fai Enterprises (富輝企業)

Left: Fu Fai founder Leung Moon-chuen; Right: article about Fu Fai’s Avon Court on Broadcast Drive in 1973 (KSEN, 1973-6-14)

Incorporated in 1970 and publicly listed between 1973 and 1988, Fu Fai Enterprises has been a player in the HK real estate scene for over half a century with projects throughout HK, Kowloon and the New Territories.

Leung Moon-chuen (梁滿銓), the founder of Fu Fai, is a native of Shunde and honorary life president of the HK Shun Tak Fraternal Association who has donated generously to his native Shunde since 1986. has been involved in property development and construction since at least 1960, when he operated Leung Yan Kee Construction (梁恩記建築) with his brother Leung Moon-hung out of 510 Hing Fat House on Duddell Street in Central. (HK Yearbook, 1960; HK Government Gazette, 1969) He was close to the principals of Eternal Enterprises covered earlier such as fellow Shunde native Seaward Woo and Wong Kai-wing (黃啟榮, he and Leung were both listed as liquidators of Global Route Ltd in 2009 and Rodonway Development in 2013) who were both directors of Fu Fai at its IPO and Wong remains a director of Fu Fai today while Leung had served as director of the Woo family’s Kailey Enterprises when it was a public company. Another director of Fu Fai at the time of its listing was the accountant Wong Kai-lam (王啟霖), who later became a fugitive in 1977 after he was embroiled in the Asia Lands scandal. One of Leung Yan Kee’s projects in the early 1970s was the 16-story Tang Fai Building (登輝大廈, four units per floor) at 36-48 Tang Lung Street in Causeway Bay. (see below ad)

Ad for Leung Yan Kee’s Tang Fai Building in Causeway Bay in 1971 (WKYP, 1971-7-3)

In February 1973, Leung listed Fu Fai on the Far East and Kam Ngan stock exchanges through the issuance of 7.8 million new shares at HK$1 per share at 8.6 times projected earnings of $3.6 million and dividend yield of 8.5%. (WKYP, 1973-2-27) That year, the firm completed the 22-story Tai Ping Mansion (太平大廈) at 208-214 Hollywood Road which generated $3.6 million in profits. In 1973-75, the firm also developed two parcels of land it acquired through government land auction on Broadcast Drive in Kowloon into Kwong Fai Court (光輝園, two blocks of 10-story residential buildings with flats ranging from 700 to 1000 sq ft)and the 10 story Avon Court (雅芳園). Both Fu Fai and Leung Yan Kee were involved in the Broadcast Drive projects and both were operating out of Room 504 at TakShing House in Central by this time.

In 1977, Fu Fai developed Wing Fat Building (榮發大廈) at 114-120 Chun Yeung Street in North Point with flats starting at HK$100,000 each. The same year, the firm also developed Siu Cheung Building (兆祥大廈) in Sai Ying Pun and Tung Fat Building in Yuen Long.

Fu Fai’s ad for Wing Fat Building in North Point in 1977 (WKYP, 1977-8-30)

Left: article about Kwong Fai Court on Broadcast Drive in 1975 (KSDN, 1975-7-16) Right: Fu Fai’s ad for Wai Fat Building, Tung Cheung Building and Caine Mansion in 1980 (WKYP, 1980-7-11)

Leung Yan Kee’s ad for Caine Mansion in 1978 (WKYP, 1978-9-14)

In 1980, Fu Fai developed three buildings as shown in the ad above – Wai Fat Building (威發大廈) at 96-102 Hak Po Street in Mongkok, Tung Cheung Building (東祥大廈) at 1 Second Street in Sai Ying Pun and Caine Mansion (堅都大廈) at 80-88 Caine Road.

Fu Fai’s ad for Kai Hei Land Building in 1981 (WKYP, 1981-10-20)

In 1981, Fu Fai developed Kai Hei Land Building (嘉喜利大廈) in Tuen Mun with flats starting at HK$230,000 each. In 1984, Fu Fai developed Chuen Fai Centre (全輝中心), which comprised of two 20-story towers at 9 Kong Pui Street in Sha Tin with flats starting at HK$180,000 each and shops on the first two floors starting at $190,000 each. It also developed Tak Fat Building (得發大廈) at 11-17 Finnie Street in Quarry Bay and Man On Building (萬安大廈) at 2-6 Man On Street in Tai Kok Tsui. (see below ads)

Article about Fu Fai’s Chuen Fai Centre in Shatin in 1984 (WKYP, 1984-12-5)

Fu Fai’s ad for Tak Fat Building and Man On Building in 1984 (WKYP, 1984-12-29)

In 1986, Fu Fai acquired a 6-story industrial building in Kwai Chung for the purpose of rental income.

In February 1987, Fu Fai received an acquisition offer. At the time, Fu Fai had projects under development in North Point, Tai Kok Tsui, Sha Tin and Tai Po (Tai Wo Centre太和中心) and its shares was trading at a range between $3.70 and $4.67 per share. (WKYP, 1987-2-6) In June 1988, the listed shell of Fu Fai was renamed First South China Corporation (第一華南) after it was acquired by Lee Ming-tee and was later re-organized to become Kunlun Energy (昆侖能源) in 1991.

Fu Fai’s ad for Kin Wing Industrial Building in 1990 (WKYP, 1990-11-3)

In 1990, Leung Moon-chuen re-incorporated Fu Fai Enterprises which has the same English name from his old listed firm but a different Chinese name of 富輝發展(can be translated to Fu Fai Development) to continue to engage in property development including projects such as Kin Wing Industrial Building (建榮工業大廈) at 33 Kin Wing Street in Tuen Mun shown in above ad. Outside of Fu Fai, Leung was also director of the property developer Hip Shing Hong controlled by the Fong family when it was a public company. It is unclear if Fu Fai Commercial Centre in Sheung Wan was developed by Fu Fai but the firm was not involved in the Home Ownership Scheme project Fu Fai Garden in Ma On Shan.Outside of property, Leung is also a racehorse owner and has co-owned at least 6 horses with Edmond Leung Wai-choi (梁偉材) and George Leung Wai-ki (梁偉基).

Sources (other than those cited above):

https://www.gld.gov.hk/egazette/pdf/20131745/s620131745p2.pdf

This article was first posted on 6th November 2020.

Fu Fai Enterprises (富輝企業)

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