Man Wah Holdings founder and chairman Wong Man Li saw his wealth plummet by a third to $2 billion as sales at the Hong Kong-listed sofa and bedding maker sagged at home and overseas.
Lessons learned in the 1997-2004 slump helped some weather the storm while others were buffered by investments in luxury malls and non-property assets.
Hong Kong’s third-richest person Henry Cheng threw succession plans into question when he said in November that he might tap an outsider to lead his business empire, which includes property giant New World Development and Chow Tai Fook Jewellery Group.
Logistics and delivery giant Lalatech Holdings’ chairman Chow Shing Yuk, who debuts this year with a net worth of $1.9 billion, is a rare billionaire from Hong Kong’s startup community.