Building Business in China: The Shui On Way



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Code : BSM0016

Year :
2005

Industry : Building Materials and Construction Equipment

Region : China

Teaching Note:Not Available

Structured Assignment :Not Available

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Introduction:The rapid growth in China's construction industry fromthe late 1990s provided several opportunities for construction firms to expand operations in the country. Vincent Lo, the chairman of Shui On Group, a Hong Kong based construction enterprise, first entered the Chinesemarket during themid-1980s. Over the next couple of decades he began to invest in the Chinese Main land, buying cement plants and developing high-end commercial and residential centers. "A lot of people thought I was crazy", recalls Vincent Lo. He spent a lot of time building relationships with Chinese officials, which earned him the nickname, "king of guanxi".

Adrian Ngan, property analyst, BNP Paribas Peregrine, commented, "No head of a Hong Kong company visits China asmuch as Vincent Lo. WhenChina sees the chairman so often, they believe he is sincere". Vincent Lo's most successful venture in China has been the development of Shanghai's premier entertainment district, Xintiandi. The project, which opened in 2001 showcased Shanghai's cosmopolitan culture andwas patronized by the likes of Russian President Vladimir Putin, Singapore's Prime Minister Goh Chok Tong and the General Secretary of China’s ruling Communist Party, Jiang Zemin. By 2004, Vincent Lo's Shui On Group had become a well known property developer in southern China

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