Kwek Leng Beng

Kwek Leng Beng
Born	27 1, 1941
Birthplace	Singapore, Straits Settlements
Nationality	Singaporean
Occupation	Businessman
Title	Executive Chairman, City Developments Limited; Executive Chairman, Hong Leong Group Singapore
Known for	Leading City Developments Limited and Hong Leong Group Singapore; global hotel acquisitions; development of landmark Singapore properties
Education	University of London (LLB)

Kwek Leng Beng (born 27 January 1941) is a Singaporean businessman who serves as executive chairman of City Developments Limited (CDL) and Hong Leong Group Singapore. The eldest son of Kwek Hong Png, founder of the Hong Leong Group, Kwek has over several decades transformed CDL from a Singapore-focused property developer into a multinational real estate and hospitality conglomerate with operations spanning Asia, Europe, and North America. Under his stewardship, CDL developed some of Singapore's most recognizable buildings, including Republic Plaza and The Sail @ Marina Bay, and assembled a global hotel portfolio that became Millennium & Copthorne Hotels — the first Singapore-based company to obtain a primary listing on the London Stock Exchange. His acquisition of a controlling stake in The Plaza Hotel, New York alongside Saudi investor Al-Waleed bin Talal in 1995 drew international attention to Singapore's growing influence in global real estate. Forbes has consistently ranked Kwek among the wealthiest individuals in Singapore; as of early 2026, the magazine identified him as the country's second-richest person.

Early Life

Kwek Leng Beng was born on 27 January 1941 in Singapore, then part of the Straits Settlements under British colonial rule. He was the eldest son of Kwek Hong Png, a Hokkien Chinese immigrant from Fujian, China, who founded the Hong Leong Group in the same year Kwek was born. The Hong Leong Group began as a trading company and expanded rapidly in the post-war years into a diversified conglomerate with interests in property, finance, manufacturing, and hospitality across Southeast Asia.

Growing up in a business-oriented family, Kwek was exposed from an early age to the operations and ethos of the Hong Leong Group. His father's business philosophy — characterized by diligence, frugality, and pragmatism — is reported to have shaped Kwek's own approach to commerce and management. In interviews, Kwek has described his guiding principles with the phrase "work hard, talk less, do more," a mantra he has attributed to the values instilled in him during his formative years.

The Kwek family became one of the most prominent business dynasties in Southeast Asia. Kwek Hong Png's brother, Quek Leng Chan, went on to lead the Malaysian arm of the family's business empire, Hong Leong Group Malaysia, while Kwek Leng Beng was groomed to lead the Singapore operations. This division of responsibilities across the family would define the structure of the Hong Leong conglomerate for decades to come.

Education

Kwek Leng Beng pursued legal studies at the University of London, where he obtained a Bachelor of Laws (LLB) degree. His legal training provided a foundation for the complex corporate structuring, acquisitions, and negotiations that would characterize his career in business. Following the completion of his studies, Kwek returned to Singapore to join the family's business operations, beginning his ascent through the ranks of Hong Leong Group.

Career

Early Career and Hong Leong Group

Upon returning to Singapore after his studies, Kwek entered the Hong Leong Group's operations and progressively assumed greater responsibilities within the family conglomerate. The Hong Leong Group, by that time, had diversified well beyond its origins as a trading firm and had significant interests in property development, financial services, and manufacturing. Kwek eventually rose to become executive chairman of Hong Leong Group Singapore, overseeing its sprawling portfolio of companies.

One of Kwek's earliest notable projects in the property sector was the development of King's Hotel in Singapore in 1968, an early indication of his interest in the hospitality industry that would later become central to his business empire.

City Developments Limited

Kwek Leng Beng became executive chairman of City Developments Limited (CDL), the flagship property arm of the Hong Leong Group, and transformed it into one of Singapore's largest and most internationally active real estate companies. CDL's operations encompass residential, commercial, and hospitality properties across multiple continents.

Under Kwek's leadership, CDL developed several landmark properties in Singapore. Republic Plaza, completed in 1998, stands as one of the tallest buildings in the city-state and became an iconic feature of the Singapore skyline. The Sail @ Marina Bay, launched in 2002, was a prominent residential development in the Marina Bay district, further cementing CDL's position as a leading developer in Singapore's rapidly evolving urban landscape.

CDL has continued to be active in Singapore's prime real estate market. In early 2026, CDL, together with partner Woh Hup Holdings, submitted the top bid of S$709.25 million (approximately US$556.5 million) for a rare residential site in Singapore. Additionally, CDL launched a freehold condominium project in Singapore's central business district in early 2026, selling 57% of units on its launch weekend.

Global Hotel Acquisitions and Millennium & Copthorne Hotels

One of the most significant chapters in Kwek's career was his aggressive expansion into the global hospitality industry. Beginning in the late 1980s and through the 1990s, CDL embarked on a series of international hotel acquisitions that established the company as a major player in the worldwide hotel sector.

CDL acquired The Gloucester Hotel in London and the Millennium Hotel in New York, among other properties, building a portfolio that spanned key cities in Europe, North America, Asia, and Australasia.

A particularly high-profile transaction occurred in April 1995, when CDL, in partnership with Saudi investor Prince Al-Waleed bin Talal, acquired an 80% stake in The Plaza Hotel in New York City from Donald Trump. The deal attracted widespread international media coverage and signaled the growing financial clout of Asian investors in the global luxury property market. The New York Times reported at the time that the transaction was part of a broader restructuring of Trump's debt-laden real estate holdings.

Kwek subsequently merged CDL's various hotel interests into a single entity, Millennium & Copthorne Hotels (M&C Hotels). In 1996, M&C Hotels obtained a primary listing on the London Stock Exchange, making it the first Singapore-based company to achieve this distinction. The listing gave CDL's hotel division access to European capital markets and raised its international profile. M&C Hotels grew to operate and manage dozens of hotels worldwide before CDL completed a privatization of the company in later years, bringing the hotel chain fully under CDL's corporate umbrella.

Marina Bay Sands Bid

In the mid-2000s, Kwek and CDL were involved in the early bidding process for the Marina Bay Sands integrated resort in Singapore. CDL entered into a partnership with Las Vegas Sands, the American casino and resort operator led by Sheldon Adelson, to bid for the project, which was part of the Singapore government's landmark decision to allow casino-based integrated resorts. However, CDL withdrew from the partnership in 2006, and Las Vegas Sands ultimately won the bid and developed Marina Bay Sands independently.

Succession Planning and Family Dispute

The question of leadership succession at CDL became a public matter in the 2020s. Kwek's son, Sherman Kwek, was named CEO designate of CDL following the resignation of previous CEO Grant Kelley. Sherman subsequently assumed the role of CEO of CDL.

However, in 2025, a public dispute erupted between Kwek Leng Beng and his son Sherman over the direction and control of CDL. The Straits Times reported that a legal battle between father and son became one of the most closely watched corporate dramas in Singapore that year. Channel News Asia published a detailed timeline of events surrounding the corporate tensions at CDL, noting the involvement of various board members and stakeholders.

The dispute drew significant investor attention. In an interview, Kwek Leng Beng had previously discussed the complexities of succession planning within a family-controlled business, stating that he could not "force my children to do things they don't want."

In August 2025, Bloomberg News reported that CDL saw a small profit increase even as the family's leadership sought to demonstrate stability amid the succession uncertainty. The report described the succession plan as "fluid."

By September 2025, Kwek Leng Beng and Sherman Kwek publicly reached a truce. Forbes reported that the reconciliation was aimed at restoring investor confidence at CDL, whose shares had climbed back amid moves to reduce the company's approximately S$13 billion (US$10 billion) in debt. Subsequently, Kwek Leng Beng dropped his legal action against Sherman, and Sherman remained as CEO of CDL. The family feud was listed among the most-read business stories of 2025 by VnExpress International.

Personal Life

Kwek Leng Beng has generally maintained a private personal life, consistent with his stated philosophy of "talk less, do more." His son, Sherman Kwek, has been the most publicly visible member of the next generation of the Kwek family, serving as CEO of City Developments Limited.

The Kwek family is among the wealthiest in Singapore. Forbes has consistently tracked the family's wealth, and as of early 2026, estimated Kwek Leng Beng's personal net worth at approximately US$4.8 billion, making him the second-richest person in Singapore.

Philanthropy

Kwek Leng Beng and CDL have been involved in philanthropic activities in Singapore. Notably, Kwek and CDL together donated S$24 million to the Singapore Institute of Technology (SIT), a significant contribution to higher education in Singapore.

Recognition

Forbes has included Kwek Leng Beng on its lists of the world's billionaires and Singapore's richest individuals for multiple years. Archival records show that Forbes has tracked his wealth for at least several years, with his ranking fluctuating based on the performance of CDL's share price and the broader real estate market.

As of January 2026, Forbes estimated his net worth at US$4.8 billion and ranked him as the second-richest person in Singapore.

The development of Millennium & Copthorne Hotels as the first Singapore-based company with a primary listing on the London Stock Exchange was noted as a significant achievement for both CDL and the broader Singaporean business community.

Legacy

Kwek Leng Beng's career has spanned more than five decades at the helm of one of Singapore's largest conglomerates. His transformation of CDL from a primarily domestic property developer into a multinational corporation with substantial hotel and real estate holdings across multiple continents represents one of the more notable stories of Singaporean corporate internationalization.

The landmark properties developed under his leadership — including Republic Plaza and The Sail @ Marina Bay — have become permanent features of the Singapore skyline. His role in the acquisition of The Plaza Hotel in New York in 1995, alongside Prince Al-Waleed bin Talal, marked a milestone in the global expansion of Singapore-based capital into trophy assets in Western markets.

The formation and London listing of Millennium & Copthorne Hotels demonstrated a model for how Asian property companies could access international capital markets and build global hospitality brands. The company's portfolio grew to include dozens of hotels across key cities worldwide.

The public succession dispute between Kwek and his son Sherman in 2025, and its subsequent resolution, drew attention to the broader challenges facing family-controlled conglomerates in Asia as founding generations age and new leadership takes the reins. The resolution of the dispute, with Sherman continuing as CEO of CDL, represented a pragmatic outcome that allowed the company to continue operations while the family navigated its internal dynamics.

CDL's continued activity in Singapore's property market in 2026 — including major land bids and successful residential project launches — indicated that the company remained a central player in the city-state's real estate sector under the framework that Kwek built over decades.