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CUHK EMBA Programme "Talking to CEOs Show"-
"Hong Kong people do this best - they are astute and quick at identifying opportunities," said Sir Gordon Wu, Chairman of Hopewell Holdings Limited. "We should take full advantage of our geographical location and decades of accumulated expertise in international trade and services." Traditionally people in China shop in Shanghai. However, Hong Kong should position itself as a huge duty-free market for trading, tourism, financial and logistics services. With its deep-water port and internationally acclaimed airport, Hong Kong provides the perfect infrastructure for such a development. And the business potential is tremendous. To facilitate this, urgent action is needed to build two bridges linking Hong Kong with Zhuhai and Macau, creating a triangular service centre. China's Central Government and Macau have already given the green light; agreement from the Guangdong Province and Zhuhai is awaited. It is little wonder why Sir Gordon is called a visionary. It was the same vision which prompted Sir Gordon to build the 300 km highway network in the Pearl River Delta in 1978, when China started its economic reforms. He was convinced that the success of China's economic reforms would hinge on adequate communications, power supply and transportation. His proposal met with considerable skepticism at the time, however. Engineers derided the idea, arguing that if the Chinese people could not afford bicycles, what use would they have for highways? Sir Gordon has been more than vindicated. A recent report by former Premier Zhu Rongji noted that China now has 25,000 km of highway, and more is in the pipeline. Time is of the essence, he stressed. Hence his criticism of the HK SAR Government's reliance on outside consultants which he regarded as a waste of time and money. Hong Kong should have a "government by consultations", not "government by consultants", he insisted. The $170 billion civil service expenditure should ensure sufficient in-house expertise to meet Government's needs. While he admires U.S. President Thomas Jefferson for his support of democracy, he opposes direct elections in Hong Kong, which, he believes, will bring a lot of problems. Only 10 per cent of Hong Kong citizens pay taxes, he noted, with the remaining 90 per cent receiving subsidy in various forms: public housing, healthcare and education. Once direct election is introduced, this group will, with the help of the politicians they have voted in, "get not only free lunches, but free dinners and breakfasts". It will be like Hong Kong juggling with two balls only to miss both. In his view, Hong Kong needs a gradual transition to democracy. The current composition of the Legislative Council membership provides a good balance. Full democracy should be a goal with a 10-20 year time horizon. It is crucial to learn from other countries' strength and steer clear of mistakes committed by others. The result of the different paths taken by China and the former Soviet Union shows clearly which is the right direction to go. Even the U.K., which has a long history of democracy, does not have 100 per cent elected politicians today. Sir Gordon holds profound admiration for two politicians: Chinese leader Deng Xiaoping and Singapore's Senior Minister Lee Kuan Yew. Both were strong leaders, but neither was democratically elected. What does Sir Gordon regard as his greatest achievement? The Shajiao B Power Station in Guangdong, replied Sir Gordon without hesitation, which was a build-own-transfer (BOT) project completed in just 22 months, and which helped alleviate Guangdong Province's need for electricity. Hopewell Centre was his other pride, because of its unique architectural and engineering design (the "slipform" method which enabled him to erect one high-rise floor every three days) and the access it provides for commuters from Queen's Road East to Kennedy Road. Has Sir Gordon experienced adversity at all and how did he cope with it? Certainly, replied Sir Gordon. He quoted two instances: the 1965 run on Hang Seng Bank, which brought land price crashing from $30 to $15; and the 1997 financial crisis which soured his investments in Indonesia and Thailand. However, these are just the normal ups and downs in business, he stressed. No one should regard himself as the most lucky or unlucky person in the world. In a crisis, "the important thing is not to panic," he advised. "Accept reality, get all necessary information, perform a full analysis of the situation and find a solution." "There will always be solutions," he added. "In fact, solutions often outnumber problems." On management, Sir Gordon believes that everyone has talent of some kind. It's only a matter of discovering it and putting it to good use. Teamwork requires a variety of talents, and he tries to give everyone a chance to prove himself. Notwithstanding the worldwide recognition, Sir Gordon does not think he is particularly bright, or that he has the answer to everything. He could never perform ballet, for example. What sets him apart is diligence, he said. He strongly believes that a wise decision is possible only when all the facts are to hand, and he spares no effort in collecting all available data. He commended the Hong Kong SAR Government for dealing with the SARS epidemic. "This is a brand new virus and we should not be over-critical about what Government should or should not have done," he said. "In my opinion, the Government as well as the two universities have coped pretty well." And he has no intention of hanging on to the business once he retires. "Life is like a show. No one should have monopoly of the stage." What are his retirement plans? Is politics an option? NO, responded Sir Gordon emphatically. He will spend time studying history. Why? Because what's happening, and what will happen, is but history replayed, over and over again. His parting words of wisdom to the packed audience of students and alumni of the EMBA and MBA Programmes were: study "The Story of the Three Kingdoms" and listen to classical music: the former is a valuable guide for business strategy and the latter will bring the tranquility of mind for clear vision. Sir Gordon Wu is the Chairman of Hopewell Holdings Limited. The company was formed in l964 and listed on the Hong Kong Stock Exchange in 1972. Hopewell is engaged in the development of properties, hotels, power stations and superhighways, with operations in Hong Kong, China, Philippines, Indonesia and Thailand. Sir Gordon has been involved in the design and construction of many building projects. Best known is his "slipform" method of construction, which enables one high-rise floor to be erected every three days. His 2x350MW coal-fired Shajiao B Power Station in Guangdong set a world record of sending the first electricity in month 22 after ground-breaking - a feat that earned the company the British Construction Award of 1988. Sir Gordon is active in civil and community services, and has received many awards and honours, including the "Chevalier De L'Ordre De La Corona" from the King of Belgium in 1985; "Business Man of the Year" from the South China Morning Post and DHL in 1991; one of the "Best Entrepreneurs" from BusinessWeek in 1994; and "International CEO of the Year" from George Washington University (USA) in 1996. He was knighted by the Queen of England in 1997. The EMBA "Talking to CEOs"
programme featuring Sir Gordon was publicly broadcast on May 11, 2003
at RTHK Radio 1 and simultaneously posted on the RTHK website (http://www.rthk.org.hk).
It will also be aired by Cable TV News Channel One on Monday, June 9,
2003. Information and photos of previous shows can be viewed at http://ihome.cuhk.edu.hk/~b845744/.
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