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Recently, according to Hong Kong media reports, Nan Fung Group founder Chen Tinghua’s ex-wife Yang Fu'e died of illness on Tuesday morning, all year round 92 years old. A spokesperson for Nan Fung Group said that an obituary will be officially published later.
Chen Tinghua is a well-known Hong Kong entrepreneur and the founder of Nan Fung Group. Ex-wife Yang Fu'e applied to the court for divorce in December 2009 on the grounds that Chen Tinghua committed unreasonable behavior and that the two could no longer live together. The two reached a settlement through their lawyers in 2011, agreed to divorce after one year of separation, and reached an agreement on property distribution. Chen Tinghua passed away in 2012 at the age of 89. It is estimated that the Chen Tinghua family's global wealth exceeds 100 billion yuan.
Chen Tinghua was born in Ningbo, Zhejiang Province. His father was the owner of a cloth factory. He was fascinated by his childhood and was very interested in business. After graduating from middle school, he abandoned his studies and went to business. He went from Ningbo to Shanghai to do business by himself. He opened a small family in Shanghai. Satin Village. Due to his strong business ability, Chen Tinghua became the general manager of three commercial organizations in his 20s.
Later, Chen Tinghua came to Hong Kong with 300,000 yuan. He opened an office in Central at the beginning and continued to do business in cloth. Later, he keenly discovered business opportunities in his business and determined to establish a textile factory in Hong Kong. In 1954, Chen Tinghua invested 600,000 yuan to set up Nan Fung Yarn Mill Co., Ltd. in Tsuen Wan. Thanks to Chen Tinghua's proper management and opening up the international market, his products are very popular.
In 1969, Chen Yanhua changed Nanfeng Spinning Mill to Nanfeng Textile Union. In the second year, the company was listed by HSBC, and Chen Tinghua instantly doubled in strength. In the early 1970s, Chen Tinghua expanded its technology and made Nan Fung develop rapidly and became the leader of Hong Kong's textile industry. He was therefore named the "King of Cotton Yarn".
In the 1980s, even in the economic recession, the textile industry was hit hard, Chen Tinghua was not discouraged. He took the lead in producing air-spun yarn that can spin denim and became a popular item. At the same time, he began to enter the real estate and stock markets, his worth doubled and he became a super rich man ever since. Chen Tinghua entered the top 10 billionaires in Hong Kong in 1990.
In addition to doing business, Chen Tinghua is also a low-key philanthropist. In 1970, he established a charity foundation before he was very wealthy. He silently donated cultural, educational, medical, health and other charity projects to the mainland. But he is very low-key, and often chooses to use the name "Anonymous" when donating. According to incomplete statistics, Chen Tinghua and his various foundations have donated hundreds of millions in total in the decades since their establishment. In addition to his hometown of Ningbo, he also loves to donate to school in Guizhou, and is also committed to the development of Peking Opera.
Chen Tinghua’s youngest daughter, Chen Huihui, took over as chairman and managing director of the group in 2009, but the eldest daughter Chen Huifang and Chen Huihui had a dispute over property issues. Chen Huifang, who moved to the United States with her ex-husband many years ago, returned to Hong Kong with her second husband in 2006 and has stayed with her mother ever since.
and his mother, Yang Fu'e, filed a lawsuit against Chen Huihui for misleading and affecting Chen Tinghua in November 2010. From 2003 to 2005, the husband and wife and two daughters made arrangements for the distribution of some real estate and private property, and the trust statement caused the mother to suffer losses when it was transferred. , Request the court to order compensation. On the surface, it looks like a mother-daughter dispute, but everyone thinks that the two sisters are competing for birth.
In 2016, the court announced that Chen Huihui had lost the lawsuit and had to pay her mother 8.7 billion yuan for property and value-added difference, rental interest and litigation fees. However, Chen Huihui refused to accept the appeal, and the lawsuit has not been resolved so far. It has been procrastinated for more than 10 years. It is understood that before the mother's death, the eldest daughter Chen Huifang invited her sister Chen Huihui who had quarreled with her mother and her grandson to bid farewell.
Hong Kong media reported that after Yang Fu'e passed away, her team of lawyers will continue to deal with the lawsuit. A lawyer pointed out that even if Yang Fu'e dies, her estate executor can stillContinue to follow his wishes and continue the lawsuit, so I don't know what will happen to the final two sisters' dispute over lawsuit.
Mr. Chen Tinghua is a respectable businessman and philanthropist. Now his ex-wife has also passed away. I hope his two daughters will be able to clear up their suspicions sooner.
