Now part of Renaissance Group, the underperforming hotels are expected to be in the black this year. The closure of the Hilton and the ongoing conversion of the Victoria Hotel into an office block are helping lift demand for the remaining upscale rooms in Hong Kong. ATV too seems on the mend. Jardine Fleming Securities forecasts a turnaround by 1997. The phone business has yet to take off but Cheng is typically upbeat.
Some analysts are cautious.
New World got flak when it started building the complex in what was then the downmarket Wanchai district. But it seems to have done very well. Now under construction, the second phase will be the venue of the 1997 World Bank-IMF international conference. Cheng has high hopes for New York's Riverside South, which will have 16 waterfront residential buildings and a commercial tower. The family owns a big stake as well in Suntec City, Singapore's new convention, exhibition and commercial center.