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Business Standard
2 days ago
- Business
- Business Standard
No more 70-hour work weeks? China clamps down on 996 overtime culture
The 70-hour workweek debate has reignited—this time in China, where the government is cracking down on the '996' work culture, recently declared illegal by the nation's top court. From tech giants to manufacturing powerhouses, several major Chinese firms have started telling employees to clock out earlier, The Economist reported last month. Midea, one of the country's leading appliance makers, now sends staff home by 6:20 pm. DJI, a drone manufacturer long associated with late hours, has begun clearing offices by 9 pm. These shifts signal a quiet, state-backed effort to dismantle the '996' culture that has come to define white-collar life in China's tech sector. Understanding China's 996 work culture and why it is controversial The '996 work culture' refers to a work schedule common in some Chinese tech companies and startups, where employees are expected to work from 9 am to 9 pm, six days a week. This results in a 72-hour work week, which is well beyond China's legal limit. Why tech firms in China pushed the 70-hour work week model The 996 work culture became a norm in China's tech industry, especially after Alibaba founder Jack Ma famously called it a 'blessing' in 2019, adding, 'If you want to join Alibaba, you need to be prepared to work 12 hours a day, otherwise why even bother joining?' A leaked internal letter from 2019 showed Richard Liu, founder of writing, 'Slackers are not my brothers!' He went on to criticise 'those who spend their days drinking coffee and pretending to work' and praised 'brothers who fight together and bleed together'. At the time, a job at Alibaba, Tencent, or Baidu signified prestige and prosperity, even if it came at the cost of personal time, pushing workers to quietly tolerate the long working hours. Chinese tech workers push back against exploitative work norms But soon after, tech workers, many of them young, began pushing back, criticising the culture as exploitative and unsustainable on platforms like GitHub. China's young workers join 'Bai Lan' and 'Tang Ping' anti-hustle movements Workers began mocking the system with phrases like '007'—working all day, every day. Many young Chinese started to join the 'Bai Lan' (let it rot) and 'Tang Ping' (lie flat) movements, rejecting ambition altogether in favour of low-key, low-stress lifestyles. This was further fuelled by the issue that despite working long hours, people were still struggling to afford housing, marriage, or a better quality of life. Skyrocketing property prices and living expenses made it especially difficult for Chinese youth to achieve financial security. Overwork, health risks and tragic deaths raise alarm in China and beyond Health has also taken a toll, with multiple reports of young workers in their twenties collapsing and dying after prolonged periods of overwork. While companies have denied any direct link to working hours, the incidents have fuelled speculation around chronic exhaustion. This is not unsimilar to the case of 26-year-old chartered accountant Anna Sebastian Perayil, who died just months after joining Ernst & Young in Pune. Her parents condemned the firm's 'glorification of overwork' and lack of employee support for her daughter's death. What China's labour law says about overtime and the 996 schedule China's Labour Law limits working hours to 8 hours per day and 40 per week, allowing up to 36 hours of overtime per month. In 2021, the Supreme People's Court and the Ministry of Human Resources ruled the 996 schedule illegal, citing labour disputes where workers had died or been wrongfully dismissed over overtime. How Chinese firms bypass 996 bans using flexible work labels Yet enforcement has been sporadic. Many companies simply rebranded 996 as 'big week/small week' or used flexible-hour loopholes approved by local labour bureaus. Backlash forces resignations and sparks debate on work-life balance In 2024, Baidu's head of communications triggered a social media firestorm by declaring it wasn't her responsibility if employees' personal lives were destroyed by work. 'I'm not their mother,' she said. Days later, she resigned amid backlash. Global tech leaders defend extreme work hours as path to success Tech leaders across the globe have long championed a 'sacrifice now, succeed later' ethos, portraying extreme work hours as a prerequisite for greatness. Tech billionaire Elon Musk in 2018 famously said, 'Nobody ever changed the world on 40 hours a week,' urging followers to put in 80 to 100 hours to 'improve the odds of success.' Indian leaders echo long work hour sentiment amid productivity debate In India, Infosys founder Narayana Murthy sparked controversy by suggesting young people should work 70 hours a week to boost national productivity, a sentiment later echoed by several leaders. And while many have spoken out against hustle culture and toxic workplaces, deep-rooted cultural and economic forces continue to favour long hours with the promise of future rewards. Workers rarely challenge employers on overtime, fearing job loss or missed promotions. The problem is even more prevalent in the informal sector, with gig workers and service staff remaining overworked and underprotected. Younger workers in China and India reject hustle culture norms A younger generation of Chinese workers is increasingly rejecting the old trade-off of money for misery. While ending a deeply rooted cultural trend may be difficult, the fact that Beijing is even acknowledging the problem is significant. In India too, growing pushback against burnout culture suggests that younger professionals are beginning to question whether success should come at the cost of health and personal time.
Business Times
3 days ago
- Business
- Business Times
Haidilao founder Sean Shi, Ray Dalio, Secretlab boss, Forrest Li's wife join buyers of 8-figure Singapore properties
[SINGAPORE] Singapore's top-end real estate is becoming a must-have for billionaires and multi-millionaires seeking a safe haven amid a tanking US dollar and dark clouds over global markets. The buying is unlikely to ease anytime soon as more ultra-rich and family offices locate here, in line with the Republic's push to be a wealth hub. Realstar Premier's managing director Julian Yip said more buyers are also emerging from the crypto sector, likely driven by the industry's recent performance. When money is no object, Singapore's Good Class Bungalows (GCBs) – of which there are only about 2,700 – seem to be the most coveted. Steve Tay, executive director of Steve Tay Real Estate, said that buyers see this rarefied segment as a long-term wealth preservation hedge against short-term volatility. Here are some notable Singapore property purchases snapped up by the super-wealthy in recent years: Haidilao tycoon buys Cluny Hill GCB (2022) Sean Shi, a co-founder of Haidilao International, China's largest hotpot chain, bought a Cluny Hill GCB from the late Dr Lee Wei Ling – the daughter of founding prime minister Lee Kuan Yew and sister of Senior Minister and former prime minister Lee Hsien Loong – in 2022. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Haidilao International co-founder Sean Shi bought a Cluny Hill GCB. PHOTO: BT FILE Shi paid S$50 million for the freehold property, according to a Straits Times report. The price worked out to S$2,740 per square foot (psf) on the 18,255 sq ft land area. At the time, this was less than that for similar properties in the area, as market watchers said property in the Cluny Hill GCB area could fetch around S$3,000 to S$4,000 psf. The property is located in the vicinity of Haidilao chairman and co-founder Zhang Yong's Gallop Road GCB. Both properties are within walking distance of the Singapore Botanic Gardens. Jack Ma's wife buys 3 shophouses in Tanjong Pagar (2024) Three adjoining shophouses in Tanjong Pagar were bought by Zhang Ying, wife of Alibaba Group co-founder Jack Ma. Zhang Ying, wife of Alibaba Group co-founder Jack Ma, paid S$45 million to S$50 million for 70, 71 and 72 Duxton Road. PHOTO: GOOGLE MAPS Zhang, a Singaporean, paid S$45 million to S$50 million for 70, 71 and 72 Duxton Road. The three properties stand on commercial-zoned sites and have 99-year leasehold tenures starting from September 1988, with a balance of around 63.5 years. They each have three floors and an attic, with a combined plot of 3,239 sq ft. Zhang is believed to have also bought a GCB in the Astrid Park area via a trust for more than S$80 million in 2023. Separately, previous media reports indicated that an entity linked to Ma was developing a two-storey bungalow with a basement and swimming pool in the Victoria Park GCB area. A two-decade old bungalow that used to be on the site was sold for S$40 million in 2017. Wife of Sea's Forrest Li bags couple's second bungalow (2024) Ma Liqian, wife of Forrest Li, who owns New York-listed Sea, was in 2024 said to be buying an old GCB next to one that her tech billionaire husband acquired years earlier and nearly finished redeveloping. The property was sold by the children of the late kidney doctor Gordon Ku, who founded the Kidney Dialysis Foundation. PHOTO: BT FILE Ma's purchase of the S$42.5 million bungalow is the couple's second GCB on Gallop Road near the Singapore Botanic Gardens. Both properties are part of the Gallop Road/Woollerton Park GCB Area. The property was sold by the children of the late kidney doctor Gordon Ku, who founded the Kidney Dialysis Foundation. The couple are Singapore citizens, though Li hails from Tianjin. Wee family scion scoops up multi-million dollar mansion from ex-Keppel CEO (2024) Grant Wee (formerly known as Grace Wee), the grandchild of the late UOB patriarch and banking veteran Wee Cho Yaw, was said to be buying a S$39.5 million GCB in Ford Avenue, off Holland Road, in 2024. The co-owner of the 19,500 sq ft mansion being sold was Choo Chiau Beng, the former CEO of the company now called Keppel and Singapore's non-resident envoy to Brazil. PHOTO: BLOOMBERG Wee is the youngest child of UOB chief executive Wee Ee Cheong, the late Wee's eldest son. The co-owner of the 19,500 sq ft mansion being sold was Choo Chiau Beng, the former CEO of the company now called Keppel and Singapore's non-resident envoy to Brazil. Subsequently in 2024, Wee Boo Tee, a nephew of the late Wee Cho Yaw bought a S$23 million old two-story bungalow with a land area of 15,121 sq ft. First Resources family buys four Nassim Road bungalows (2023) The family behind Singapore-listed palm oil group First Resources scooped up four Nassim Road bungalows in the span of a few months in 2023. Singaporean members of the Indonesian Fangiono family bought a trio of GCBs from Cuscaden Peak Investments for S$206.7 million. PHOTO: BT FILE Singaporean members of the Indonesian Fangiono family bought a trio of GCBs from Cuscaden Peak Investments for S$206.7 million. Cuscaden Peak Investments was formerly known as Singapore Press Holdings before its May 2022 privatisation. Separately, another Singaporean member of the family bought a fourth bungalow on the same street from a low-profile property investor, at S$88 million. The combined cost of all four properties neared S$295 million. Failed crypto fund co-founder Zhu Su bags Yarwood GCB (2022) The co-founder of disgraced crypto fund Three Arrows Capital (3AC), Zhu Su, bought a S$48.8 million GCB at Yarwood Avenue in March 2022. The Yarwood Avenue GCB was used as an urban farm managed by a company co-founded by Zhu Su's wife Evelyn Tao. PHOTO: BT FILE When 3AC – once one of the world's largest crypto native funds – imploded in mid-2022 amid a larger crypto rout, speculation of the property's potential sale surfaced. The bungalow was used as an urban farm managed by a company co-founded by Zhu's wife Evelyn Tao, who conducted guided tours and private dining sessions at the site from early 2023. In 2020, Tao purchased a GCB at Dalvey Road, near the Singapore Botanic Gardens, for S$28.5 million. She sold it for S$51 million in 2024, despite a court-imposed freeze on some of the couple's assets. Kelly Chen, the wife of 3AC co-founder Kyle Davies, bought a bungalow in Ridout Park area in 2021 which was last reported to be in the process of being sold for S$37 million. Nanofilm founder's wife buys GCB from Sinar Mas co-founder (2021) Jin Xiao Qun, the wife of Singapore-listed Nanofilm Technologies International's founder Shi Xu, purchased a Nassim Road GCB for S$128.8 million. Jin Xiao Qun, the wife of Singapore-listed Nanofilm Technologies International's founder Shi Xu, purchased a Nassim Road GCB for S$128.8 million. The seller in the deal was Sukmawati Widjaja, a member of the Widjaja family who co-founded the family-controlled Sinar Mas Group with her late father Eka Tjipta Widjaja. E-commerce platform founder picks up GCB (2021) The founder of Singapore-based e-commerce marketing platform Tommy Ong, reportedly splashed S$63.7 million on a GCB at 2 Cluny Hill in 2021. Ong's purchase of the property at S$4,291 psf for 14,844 sq ft of land area marked a landmark deal for 2021 – a year that recorded two GCB sales at more than S$4,000 psf. It surpassed a previous record GCB psf price set by Jin when she bought the Nassim Road GCB. Hedge fund founder picks up Chinatown shophouses at S$25m (2021) Ray Dalio, founder of prominent hedge fund firm Bridgewater Associates, snapped up two shophouses along Club Street in the historic Chinatown area in 2021. The Dalio Family Office paid S$25.5 million for 44 and 46 Club Street. Dalio announced the opening of a Singapore family office in 2020 to run his investments and philanthropy in the region. With wealthy investors returning and shophouse sales in Singapore gaining traction, he joins the ranks of ultra-wealthy investors scooping up such historic buildings. Taiwanese family behind Want Want buys Orchard condo tower (2021) All 20 units at a freehold luxury condominium development in the Orchard area were snapped up by the Tsai family of Want Want cracker fame. Two members of the Taiwanese family behind snack food giant Want Want China Holdings paid S$293 million for the entire Eden Tower of the development at 2 Draycott Park. Two members of the Taiwanese family behind snack food giant Want Want China Holdings paid S$293 million for the entire Eden Tower of the development at 2 Draycott Park. The company is known for its rice crackers. Secretlab CEO bags GCB and penthouse (2021) Gaming chair company Secretlab co-founder Ian Ang bought two luxury properties for S$51 million in the span of just one week. In 2021, the Secretlab CEO reportedly acquired a S$36 million GCB at 27 Olive Road in the Caldecott Hill Estate. That same week, he bought a S$15 million triplex penthouse at Leedon Residence near the Singapore Botanic Gardens. Wilmar chairman's nephew snags Astrid Hill GCB (2024) In 2024, Glenn Kuok, a nephew of Wilmar International chairman and chief executive officer Kuok Khoon Hong, bought a S$49 million bungalow in Astrid Hill with his mother, Lee Yong Lah. The slightly more than 10-year-old bungalow has a land area of 21,116 sq ft, two storeys, a basement, six bedrooms, a swimming pool, a gym and an entertainment room. PHOTO: GOOGLE MAPS Glenn Kuok and Lee are the son and wife, respectively, of Kuok Koon Seng, the brother of Kuok Khoon Hong and former chief executive of The slightly more than 10-year-old bungalow has a land area of 21,116 sq ft, two storeys, a basement, six bedrooms, a swimming pool, a gym and an entertainment room. Koufu founder's sons snaps up Caldecott Hill GCB (2025) In May 2025, food and beverage company Koufu Group husband-and-wife founders Pang Lim and Ng Hoon Tien's two sons were in a deal to buy a Caldecott Hill GCB site for S$58 million. The GCB has a freehold land area of 39,276 sq ft containing two bungalows separated by a low wall. One bungalow has two storeys and a garden, with the other has two storeys, an attic an a swimming pool. The property was formerly owned and bought in the 1960s by Chan Kok Kwan, a famous diamond merchant and has housed three generations of his family. Public Bank founder's daughter breaks a record deal for Tanglin GCB (2025) Diona Teh, daughter of the late Public Bank founder Teh Hong Piow signed a S$93.9 million deal for a Tanglin Hill GCB in 2025. The new GCB spans 2,756 square metres, with two storeys, and has a 25 m pool with a tanning deck, walk-in wine chiller and an 18-seater theatre.
Business Times
3 days ago
- Business
- Business Times
Haidilao founder, Ray Dalio, Secretlab boss, Forrest Li's wife join buyers of 8-figure Singapore properties
[SINGAPORE] Singapore's top-end real estate is becoming a must-have for billionaires and multi-millionaires seeking a safe haven amid a tanking US dollar and dark clouds over global markets. The buying is unlikely to ease anytime soon as more ultra-rich and family offices locate here, in line with the Republic's push to be a wealth hub. Realstar Premier's managing director Julian Yip said more buyers are also emerging from the crypto sector, likely driven by the industry's recent performance. When money is no object, Singapore's Good Class Bungalows (GCBs) – of which there are only about 2,700 – seem to be the most coveted. Steve Tay, executive director of Steve Tay Real Estate, said that buyers see this rarefied segment as a long-term wealth preservation hedge against short-term volatility. Here are some notable Singapore property purchases snapped up by the super-wealthy in recent years: Haidilao tycoon buys Cluny Hill GCB (2022) Sean Shi, a co-founder of Haidilao International, China's largest hotpot chain, bought a Cluny Hill GCB from the late Dr Lee Wei Ling – the daughter of founding prime minister Lee Kuan Yew and sister of Senior Minister and former prime minister Lee Hsien Loong – in 2022. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Haidilao International co-founder Sean Shi bought a Cluny Hill GCB. PHOTO: BT FILE Shi paid S$50 million for the freehold property, according to a Straits Times report. The price worked out to S$2,740 per square foot (psf) on the 18,255 sq ft land area. At the time, this was less than that for similar properties in the area, as market watchers said property in the Cluny Hill GCB area could fetch around S$3,000 to S$4,000 psf. The property is located in the vicinity of Haidilao chairman and co-founder Zhang Yong's Gallop Road GCB. Both properties are within walking distance of the Singapore Botanic Gardens. Jack Ma's wife buys 3 shophouses in Tanjong Pagar (2024) Three adjoining shophouses in Tanjong Pagar were bought by Zhang Ying, wife of Alibaba Group co-founder Jack Ma. Zhang Ying, wife of Alibaba Group co-founder Jack Ma, paid S$45 million to S$50 million for 70, 71 and 72 Duxton Road. PHOTO: GOOGLE MAPS Zhang, a Singaporean, paid S$45 million to S$50 million for 70, 71 and 72 Duxton Road. The three properties stand on commercial-zoned sites and have 99-year leasehold tenures starting from September 1988, with a balance of around 63.5 years. They each have three floors and an attic, with a combined plot of 3,239 sq ft. Zhang is believed to have also bought a GCB in the Astrid Park area via a trust for more than S$80 million in 2023. Separately, previous media reports indicated that an entity linked to Ma was developing a two-storey bungalow with a basement and swimming pool in the Victoria Park GCB area. A two-decade old bungalow that used to be on the site was sold for S$40 million in 2017. Wife of Sea's Forrest Li bags couple's second bungalow (2024) Ma Liqian, wife of Forrest Li, who owns New York-listed Sea, was in 2024 said to be buying an old GCB next to one that her tech billionaire husband acquired years earlier and nearly finished redeveloping. The property was sold by the children of the late kidney doctor Gordon Ku, who founded the Kidney Dialysis Foundation. PHOTO: BT FILE Ma's purchase of the S$42.5 million bungalow is the couple's second GCB on Gallop Road near the Singapore Botanic Gardens. Both properties are part of the Gallop Road/Woollerton Park GCB Area. The property was sold by the children of the late kidney doctor Gordon Ku, who founded the Kidney Dialysis Foundation. The couple are Singapore citizens, though Li hails from Tianjin. Wee family scion scoops up multi-million dollar mansion from ex-Keppel CEO (2024) Grant Wee (formerly known as Grace Wee), the grandchild of the late UOB patriarch and banking veteran Wee Cho Yaw, was said to be buying a S$39.5 million GCB in Ford Avenue, off Holland Road, in 2024. The co-owner of the 19,500 sq ft mansion being sold was Choo Chiau Beng, the former CEO of the company now called Keppel and Singapore's non-resident envoy to Brazil. PHOTO: BLOOMBERG Wee is the youngest child of UOB chief executive Wee Ee Cheong, the late Wee's eldest son. The co-owner of the 19,500 sq ft mansion being sold was Choo Chiau Beng, the former CEO of the company now called Keppel and Singapore's non-resident envoy to Brazil. Subsequently in 2024, Wee Boo Tee, a nephew of the late Wee Cho Yaw bought a S$23 million old two-story bungalow with a land area of 15,121 sq ft. First Resources family buys four Nassim Road bungalows (2023) The family behind Singapore-listed palm oil group First Resources scooped up four Nassim Road bungalows in the span of a few months in 2023. Singaporean members of the Indonesian Fangiono family bought a trio of GCBs from Cuscaden Peak Investments for S$206.7 million. PHOTO: BT FILE Singaporean members of the Indonesian Fangiono family bought a trio of GCBs from Cuscaden Peak Investments for S$206.7 million. Cuscaden Peak Investments was formerly known as Singapore Press Holdings before its May 2022 privatisation. Separately, another Singaporean member of the family bought a fourth bungalow on the same street from a low-profile property investor, at S$88 million. The combined cost of all four properties neared S$295 million. Failed crypto fund co-founder Zhu Su bags Yarwood GCB (2022) The co-founder of disgraced crypto fund Three Arrows Capital (3AC), Zhu Su, bought a S$48.8 million GCB at Yarwood Avenue in March 2022. The Yarwood Avenue GCB was used as an urban farm managed by a company co-founded by Zhu Su's wife Evelyn Tao. PHOTO: BT FILE When 3AC – once one of the world's largest crypto native funds – imploded in mid-2022 amid a larger crypto rout, speculation of the property's potential sale surfaced. The bungalow was used as an urban farm managed by a company co-founded by Zhu's wife Evelyn Tao, who conducted guided tours and private dining sessions at the site from early 2023. In 2020, Tao purchased a GCB at Dalvey Road, near the Singapore Botanic Gardens, for S$28.5 million. She sold it for S$51 million in 2024, despite a court-imposed freeze on some of the couple's assets. Kelly Chen, the wife of 3AC co-founder Kyle Davies, bought a bungalow in Ridout Park area in 2021 which was last reported to be in the process of being sold for S$37 million. Nanofilm founder's wife buys GCB from Sinar Mas co-founder (2021) Jin Xiao Qun, the wife of Singapore-listed Nanofilm Technologies International's founder Shi Xu, purchased a Nassim Road GCB for S$128.8 million. Jin Xiao Qun, the wife of Singapore-listed Nanofilm Technologies International's founder Shi Xu, purchased a Nassim Road GCB for S$128.8 million. The seller in the deal was Sukmawati Widjaja, a member of the Widjaja family who co-founded the family-controlled Sinar Mas Group with her late father Eka Tjipta Widjaja. E-commerce platform founder picks up GCB (2021) The founder of Singapore-based e-commerce marketing platform Tommy Ong, reportedly splashed S$63.7 million on a GCB at 2 Cluny Hill in 2021. Ong's purchase of the property at S$4,291 psf for 14,844 sq ft of land area marked a landmark deal for 2021 – a year that recorded two GCB sales at more than S$4,000 psf. It surpassed a previous record GCB psf price set by Jin when she bought the Nassim Road GCB. Hedge fund founder picks up Chinatown shophouses at S$25m (2021) Ray Dalio, founder of prominent hedge fund firm Bridgewater Associates, snapped up two shophouses along Club Street in the historic Chinatown area in 2021. The Dalio Family Office paid S$25.5 million for 44 and 46 Club Street. Dalio announced the opening of a Singapore family office in 2020 to run his investments and philanthropy in the region. With wealthy investors returning and shophouse sales in Singapore gaining traction, he joins the ranks of ultra-wealthy investors scooping up such historic buildings. Taiwanese family behind Want Want buys Orchard condo tower (2021) All 20 units at a freehold luxury condominium development in the Orchard area were snapped up by the Tsai family of Want Want cracker fame. Two members of the Taiwanese family behind snack food giant Want Want China Holdings paid S$293 million for the entire Eden Tower of the development at 2 Draycott Park. Two members of the Taiwanese family behind snack food giant Want Want China Holdings paid S$293 million for the entire Eden Tower of the development at 2 Draycott Park. The company is known for its rice crackers. Secretlab CEO bags GCB and penthouse (2021) Gaming chair company Secretlab co-founder Ian Ang bought two luxury properties for S$51 million in the span of just one week. In 2021, the Secretlab CEO reportedly acquired a S$36 million GCB at 27 Olive Road in the Caldecott Hill Estate. That same week, he bought a S$15 million triplex penthouse at Leedon Residence near the Singapore Botanic Gardens. Wilmar chairman's nephew snags Astrid Hill GCB (2024) In 2024, Glenn Kuok, a nephew of Wilmar International chairman and chief executive officer Kuok Khoon Hong, bought a S$49 million bungalow in Astrid Hill with his mother, Lee Yong Lah. The slightly more than 10-year-old bungalow has a land area of 21,116 sq ft, two storeys, a basement, six bedrooms, a swimming pool, a gym and an entertainment room. PHOTO: GOOGLE MAPS Glenn Kuok and Lee are the son and wife, respectively, of Kuok Koon Seng, the brother of Kuok Khoon Hong and former chief executive of The slightly more than 10-year-old bungalow has a land area of 21,116 sq ft, two storeys, a basement, six bedrooms, a swimming pool, a gym and an entertainment room. Koufu founder's sons snaps up Caldecott Hill GCB (2025) In May 2025, food and beverage company Koufu Group husband-and-wife founders Pang Lim and Ng Hoon Tien's two sons were in a deal to buy a Caldecott Hill GCB site for S$58 million. The GCB has a freehold land area of 39,276 sq ft containing two bungalows separated by a low wall. One bungalow has two storeys and a garden, with the other has two storeys, an attic an a swimming pool. The property was formerly owned and bought in the 1960s by Chan Kok Kwan, a famous diamond merchant and has housed three generations of his family. Public Bank founder's daughter breaks a record deal for Tanglin GCB (2025) Diona Teh, daughter of the late Public Bank founder Teh Hong Piow signed a S$93.9 million deal for a Tanglin Hill GCB in 2025. The new GCB spans 2,756 square metres, with two storeys, and has a 25 m pool with a tanning deck, walk-in wine chiller and an 18-seater theatre.
Straits Times
3 days ago
- Business
- Straits Times
From Haidilao tycoon to Jack Ma's wife: Billionaires who bought 8-figure Singapore properties
Zhu Su, co-founder of disgraced crypto fund Three Arrows Capital, bought the S$48.8 million GCB at Yarwood Avenue in March 2022. PHOTO: ST FILE From Haidilao tycoon to Jack Ma's wife: Billionaires who bought 8-figure Singapore properties SINGAPORE - Singapore's top-end real estate has been a must-have for billionaires and multi-millionaires seeking a safe haven amid a tanking US dollar and dark clouds over global markets. Demand is likely to persist as more ultra-rich and family offices locate here, in line with the Republic's push to be a wealth hub. Realstar Premier's managing director Julian Yip said more buyers are also emerging from the crypto sector, likely driven by the industry's recent performance. When money is no object, Singapore's Good Class Bungalows (GCBs) – of which there are only about 2,700 – seem to be the most coveted. Steve Tay, executive director of Steve Tay Real Estate, said that buyers see this rarefied segment as a long-term wealth preservation hedge against short-term volatility. Here are some notable Singapore property purchases snapped up by the super-rich in recent years: Public Bank founder's daughter breaks a record deal for Tanglin GCB (2025) Diona Teh, daughter of the late Public Bank founder Teh Hong Piow signed a $93.9 million deal for a Tanglin Hill GCB in 2025. The new GCB spans 2,756 square metres, with two storeys, and has a 25 m pool with a tanning deck, walk-in wine chiller and an 18-seater theatre. Koufu founder's sons snaps up Caldecott Hill GCB (2025) In May 2025, food and beverage company Koufu Group husband-and-wife founders Pang Lim and Ng Hoon Tien's two sons were in a deal to buy a Caldecott Hill GCB site for $58 million. The GCB has a freehold land area of 39,276 sq ft containing two bungalows separated by a low wall. One bungalow has two storeys and a garden, with the other has two storeys, an attic an a swimming pool. The property was formerly owned and bought in the 1960s by Chan Kok Kwan, a famous diamond merchant and has housed three generations of his family. Wilmar chairman's nephew snags Astrid Hill GCB (2024) In 2024, Glenn Kuok, a nephew of Wilmar International chairman and CEO Kuok Khoon Hong, bought a $49 million bungalow in Astrid Hill with his mother, Lee Yong Lah. Jack Ma's wife buys 3 shophouses in Tanjong Pagar (2024) Three adjoining shophouses in Tanjong Pagar were bought by Zhang Ying, wife of Alibaba Group co-founder Jack Ma. Ms Zhang, a Singaporean, paid $45 million to $50 million for 70, 71 and 72 Duxton Road. The three properties stand on commercial-zoned sites and have 99-year leasehold tenures starting from September 1988, with a balance of around 63.5 years. They each have three floors and an attic, with a combined plot of 3,239 sq ft. Ms Zhang is believed to have also bought a GCB in the Astrid Park area via a trust for more than $80 million in 2023. Wife of Sea's Forrest Li bags couple's second bungalow (2024) Ma Liqian, wife of Forrest Li, who owns New York-listed Sea, was in 2024 said to be buying an old GCB next to one that her tech billionaire husband acquired years earlier and nearly finished redeveloping. Ms Ma's purchase of the $42.5 million bungalow is the couple's second GCB on Gallop Road near the Singapore Botanic Gardens. Both properties are part of the Gallop Road/Woollerton Park GCB Area. The property was sold by the children of the late kidney doctor Gordon Ku, who founded the Kidney Dialysis Foundation. The couple are Singapore citizens, though Mr Li hails from Tianjin. Wee family scion scoops up multi-million dollar mansion from ex-Keppel CEO (2024) Grant Wee (formerly known as Grace Wee), the grandchild of the late UOB patriarch and banking veteran Wee Cho Yaw, was said to be buying a $39.5 million GCB in Ford Avenue, off Holland Road, in 2024. Grant Wee is the youngest child of UOB chief executive Wee Ee Cheong, the late Mr Wee's eldest son. The co-owner of the 19,500 sq ft mansion being sold was Choo Chiau Beng, the former CEO of the company now called Keppel and Singapore's non-resident envoy to Brazil. Subsequently in 2024, Wee Boo Tee, a nephew of the late Wee Cho Yaw bought a $23 million old two-story bungalow with a land area of 15,121 sq ft. First Resources family buys four Nassim Road bungalows (2023) The family behind Singapore-listed palm oil group First Resources scooped up four Nassim Road bungalows in the span of a few months in 2023. Singaporean members of the Indonesian Fangiono family bought a trio of GCBs from Cuscaden Peak Investments for $206.7 million. Cuscaden Peak Investments was formerly known as Singapore Press Holdings before its May 2022 privatisation. Separately, another Singaporean member of the family bought a fourth bungalow on the same street from a low-profile property investor, at $88 million. The combined cost of all four properties neared $295 million. Haidilao tycoon buys Cluny Hill GCB (2022) Sean Shi, a co-founder of Haidilao International, China's largest hotpot chain, bought a Cluny Hill GCB from the late Dr Lee Wei Ling – the daughter of founding prime minister Lee Kuan Yew and sister of Senior Minister and former prime minister Lee Hsien Loong – in 2022. Mr Shi paid $50 million for the freehold property. The price worked out to $2,740 per square foot (psf) on the 18,255 sq ft land area. At the time, this was less than that for similar properties in the area, as market watchers said property in the Cluny Hill GCB area could fetch around $3,000 to $4,000 ps f. The property is located in the vicinity of Haidilao chairman and co-founder Zhang Yong's Gallop Road GCB. Both properties are within walking distance of the Singapore Botanic Gardens. Failed crypto fund co-founder Zhu Su bags Yarwood GCB (2022) The co-founder of disgraced crypto fund Three Arrows Capital (3AC), Zhu Su, bought a $48.8 million GCB at Yarwood Avenue in March 2022. The bungalow was used as an urban farm managed by a company co-founded by Zhu's wife Evelyn Tao, who conducted guided tours and private dining sessions at the site from early 2023. In 2020, Ms Tao purchased a GCB at Dalvey Road, near the Singapore Botanic Gardens, for $28.5 million. She sold it for $51 million in 2024, despite a court-imposed freeze on some of the couple's assets. Kelly Chen, the wife of 3AC co-founder Kyle Davies, bought a bungalow in Ridout Park area in 2021 which was last reported to be in the process of being sold for $37 million. Nanofilm founder's wife buys GCB from Sinar Mas co-founder (2021) Jin Xiao Qun, the wife of Singapore-listed Nanofilm Technologies International's founder Shi Xu, purchased a Nassim Road GCB for $128.8 million. The seller in the deal was Sukmawati Widjaja, a member of the Widjaja family who co-founded the family-controlled Sinar Mas Group with her late father Eka Tjipta Widjaja. E-commerce platform founder picks up GCB (2021) The founder of Singapore-based e-commerce marketing platform Tommy Ong, reportedly splashed $63.7 million on a GCB at 2 Cluny Hill in 2021. Mr Ong's purchase of the property at $4,291 psf for 14,844 sq ft of land area marked a landmark deal for 2021 – a year that recorded two GCB sales at more than $4,000 psf. It surpassed a previous record GCB psf price set by Jin when she bought the Nassim Road GCB. Hedge fund founder picks up Chinatown shophouses at S$25m (2021) Ray Dalio, founder of prominent hedge fund firm Bridgewater Associates, snapped up two shophouses along Club Street in the historic Chinatown area in 2021. The Dalio Family Office paid $25.5 million for 44 and 46 Club Street. Mr Dalio announced the opening of a Singapore family office in 2020 to run his investments and philanthropy in the region. Taiwanese family behind Want Want buys Orchard condo tower (2021) All 20 units at a freehold luxury condominium development in the Orchard area were snapped up by the Tsai family of Want Want cracker fame. Two members of the Taiwanese family behind snack food giant Want Want China Holdings paid $293 million for the entire Eden Tower of the development at 2 Draycott Park. Secretlab CEO bags GCB and penthouse (2021) Gaming chair company Secretlab co-founder Ian Ang bought two luxury properties for $51 million in the span of just one week. In 2021, the Secretlab CEO reportedly acquired a $36 million GCB at 27 Olive Road in the Caldecott Hill Estate. That same week, he bought a $15 million triplex penthouse at Leedon Residence near the Singapore Botanic Gardens. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
3 days ago
- Business
- Business Times
Haidilao founder, Secretlab boss, Want Want family buy into coveted Singapore GCBs
[SINGAPORE] Singapore's top-end real estate is becoming a must-have for billionaires and multi-millionaires seeking a safe haven amid a tanking US dollar and dark clouds over global markets. The buying is not likely to ease anytime soon as more ultra-rich and family offices locate here, in line with the Republic's push to be a wealth hub. Realstar Premier's managing director Julian Yip said more buyers are also emerging from the crypto sector, likely driven by the industry's recent performance. When money is no object, Singapore's Good Class Bungalows (GCBs) – of which there are only about 2,700 – seem to be the most coveted. Steve Tay, executive director of Steve Tay Real Estate, said that buyers see this rarefied segment as a long-term wealth preservation hedge against short-term volatility. Here are some notable Singapore property purchases snapped up by the super-wealthy in recent years: Haidilao tycoon buys Cluny Hill GCB (2022) Sean Shi, a co-founder of Haidilao International, China's largest hotpot chain, bought a Cluny Hill GCB from the late Dr Lee Wei Ling – the daughter of founding prime minister Lee Kuan Yew and sister of Senior Minister and former prime minister Lee Hsien Loong – in 2022. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Haidilao International co-founder Sean Shi bought a Cluny Hill GCB. PHOTO: BT FILE Shi paid S$50 million for the freehold property, according to a Straits Times report. The price worked out to S$2,740 per square foot (psf) on the 18,255 sq ft land area. At the time, this was less than that for similar properties in the area, as market watchers said property in the Cluny Hill GCB area could fetch around S$3,000 to S$4,000 psf. The property is located in the vicinity of Haidilao chairman and co-founder Zhang Yong's Gallop Road GCB. Both properties are within walking distance of the Singapore Botanic Gardens. Jack Ma's wife buys 3 shophouses in Tanjong Pagar (2024) Three adjoining shophouses in Tanjong Pagar were bought by Zhang Ying, wife of Alibaba Group co-founder Jack Ma. Zhang Ying, wife of Alibaba Group co-founder Jack Ma, paid S$45 million to S$50 million for 70, 71 and 72 Duxton Road. PHOTO: GOOGLE MAPS Zhang, a Singaporean, paid S$45 million to S$50 million for 70, 71 and 72 Duxton Road. The three properties stand on commercial-zoned sites and have 99-year leasehold tenures starting from September 1988, with a balance of around 63.5 years. They each have three floors and an attic, with a combined plot of 3,239 sq ft. Zhang is believed to have also bought a GCB in the Astrid Park area via a trust for more than S$80 million in 2023. Previous media reports indicated that an entity linked to Ma was developing a two-storey bungalow with a basement and swimming pool in the Victoria Park GCB area. A two-decade old bungalow that used to be on the site was sold for S$40 million in 2017. Wife of Sea's Forrest Li bags couple's second bungalow (2024) Ma Liqian, wife of Forrest Li, who owns New York-listed Sea, was in 2024 said to be buying an old GCB next to one that her tech billionaire husband acquired years earlier and nearly finished redeveloping. The property was sold by the children of the late kidney doctor Gordon Ku, who founded the Kidney Dialysis Foundation. PHOTO: BT FILE Ma's purchase of the S$42.5 million bungalow is the couple's second GCB on Gallop Road near the Singapore Botanic Gardens. Both properties are part of the Gallop Road/Woollerton Park GCB Area. The property was sold by the children of the late kidney doctor Gordon Ku, who founded the Kidney Dialysis Foundation. The couple are Singapore citizens, though Li hails from Tianjin. Wee family scion scoops up multi-million dollar mansion from ex-Keppel CEO (2024) Grant Wee (formerly known as Grace Wee), the grandchild of the late UOB patriarch and banking veteran Wee Cho Yaw, was said to be buying a S$39.5 million GCB in Ford Avenue, off Holland Road, in 2024. The co-owner of the 19,500 sq ft mansion being sold was Choo Chiau Beng, the former CEO of the company now called Keppel and Singapore's non-resident envoy to Brazil. PHOTO: BLOOMBERG Wee is the youngest child of UOB chief executive Wee Ee Cheong, the late Wee's eldest son. The co-owner of the 19,500 sq ft mansion being sold was Choo Chiau Beng, the former CEO of the company now called Keppel and Singapore's non-resident envoy to Brazil. Subsequently in 2024, Wee Boo Tee, a nephew of the late Wee Cho Yaw bought a S$23 million old two-story bungalow with a land area of 15,121 sq ft. First Resources family buys four Nassim Road bungalows (2023) The family behind Singapore-listed palm oil group First Resources scooped up four Nassim Road bungalows in the span of a few months in 2023. Singaporean members of the Indonesian Fangiono family bought a trio of GCBs from Cuscaden Peak Investments for S$206.7 million. PHOTO: BT FILE Singaporean members of the Indonesian Fangiono family bought a trio of GCBs from Cuscaden Peak Investments for S$206.7 million. Cuscaden Peak Investments was formerly known as Singapore Press Holdings before its May 2022 privatisation. Separately, another Singaporean member of the family bought a fourth bungalow on the same street from a low-profile property investor, at S$88 million. The combined cost of all four properties neared S$295 million. Failed crypto fund co-founder Zhu Su bags Yarwood GCB (2022) The co-founder of disgraced crypto fund Three Arrows Capital (3AC), Zhu Su, bought a S$48.8 million GCB at Yarwood Avenue in March 2022. The Yarwood Avenue GCB was used as an urban farm managed by a company co-founded by Zhu Su's wife Evelyn Tao. PHOTO: BT FILE When 3AC – once one of the world's largest crypto native funds – imploded in mid-2022 amid a larger crypto rout, speculation of the property's potential sale surfaced. The bungalow was used as an urban farm managed by a company co-founded by Zhu's wife Evelyn Tao, who conducted guided tours and private dining sessions at the site from early 2023. In 2020, Tao purchased a GCB at Dalvey Road, near the Singapore Botanic Gardens, for S$28.5 million. She sold it for S$51 million in 2024, despite a court-imposed freeze on some of the couple's assets. Kelly Chen, the wife of 3AC co-founder Kyle Davies, bought a bungalow in Ridout Park area in 2021 which was last reported to be in the process of being sold for S$37 million. Nanofilm founder's wife buys GCB from Sinar Mas co-founder (2021) Jin Xiao Qun, the wife of Singapore-listed Nanofilm Technologies International's founder Shi Xu, purchased a Nassim Road GCB for S$128.8 million. Jin Xiao Qun, the wife of Singapore-listed Nanofilm Technologies International's founder Shi Xu, purchased a Nassim Road GCB for S$128.8 million. The seller in the deal was Sukmawati Widjaja, a member of the Widjaja family who co-founded the family-controlled Sinar Mas Group with her late father Eka Tjipta Widjaja. E-commerce platform founder picks up GCB (2021) The founder of Singapore-based e-commerce marketing platform Tommy Ong, reportedly splashed S$63.7 million on a GCB at 2 Cluny Hill in 2021. Ong's purchase of the property at S$4,291 psf for 14,844 sq ft of land area marked a landmark deal for 2021 – a year that recorded two GCB sales at more than S$4,000 psf. It surpassed a previous record GCB psf price set by Jin when she bought the Nassim Road GCB. Hedge fund founder picks up Chinatown shophouses at S$25m (2021) Ray Dalio, founder of prominent hedge fund firm Bridgewater Associates, snapped up two shophouses along Club Street in the historic Chinatown area in 2021. The Dalio Family Office paid S$25.5 million for 44 and 46 Club Street. Dalio announced the opening of a Singapore family office in 2020 to run his investments and philanthropy in the region. With wealthy investors returning and shophouse sales in Singapore gaining traction, he joins the ranks of ultra-wealthy investors scooping up such historic buildings. Taiwanese family behind Want Want buys Orchard condo tower (2021) All 20 units at a freehold luxury condominium development in the Orchard area were snapped up by the Tsai family of Want Want cracker fame. Two members of the Taiwanese family behind snack food giant Want Want China Holdings paid S$293 million for the entire Eden Tower of the development at 2 Draycott Park. Two members of the Taiwanese family behind snack food giant Want Want China Holdings paid S$293 million for the entire Eden Tower of the development at 2 Draycott Park. The company is known for its rice crackers. Secretlab CEO bags GCB and penthouse (2021) Gaming chair company Secretlab co-founder Ian Ang bought two luxury properties for S$51 million in the span of just one week. In 2021, the Secretlab CEO reportedly acquired a S$36 million GCB at 27 Olive Road in the Caldecott Hill Estate. That same week, he bought a S$15 million triplex penthouse at Leedon Residence near the Singapore Botanic Gardens. Wilmar chairman's nephew snags Astrid Hill GCB (2024) In 2024, Glenn Kuok, a nephew of Wilmar International chairman and chief executive officer Kuok Khoon Hong, bought a S$49 million bungalow in Astrid Hill with his mother, Lee Yong Lah. The slightly more than 10-year-old bungalow has a land area of 21,116 sq ft, two storeys, a basement, six bedrooms, a swimming pool, a gym and an entertainment room. PHOTO: GOOGLE MAPS Glenn Kuok and Lee are the son and wife, respectively, of Kuok Koon Seng, the brother of Kuok Khoon Hong and former chief executive of The slightly more than 10-year-old bungalow has a land area of 21,116 sq ft, two storeys, a basement, six bedrooms, a swimming pool, a gym and an entertainment room. Koufu founder's sons snaps up Caldecott Hill GCB (2025) In May 2025, food and beverage company Koufu Group husband-and-wife founders Pang Lim and Ng Hoon Tien's two sons were in a deal to buy a Caldecott Hill GCB site for S$58 million. The GCB has a freehold land area of 39,276 sq ft containing two bungalows separated by a low wall. One bungalow has two storeys and a garden, with the other has two storeys, an attic an a swimming pool. The property was formerly owned and bought in the 1960s by Chan Kok Kwan, a famous diamond merchant and has housed three generations of his family. Public Bank founder's daughter breaks a record deal for Tanglin GCB (2025) Diona Teh, daughter of the late Public Bank founder Teh Hong Piow signed a S$93.9 million deal for a Tanglin Hill GCB in 2025. The new GCB spans 2,756 square metres, with two storeys, and has a 25 m pool with a tanning deck, walk-in wine chiller and an 18-seater theatre.
