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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: For decades, the Quack family in Singapore looked like a

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Speaker 2: model of a successful family run business.

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Speaker 1: The Quick family. They are super influential Dath singaporese Rich's family.

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Speaker 2: Cheryl Lee is a Bloomberg reporter based in Singapore.

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Speaker 1: And they owned one of Singapore's biggest listed property developers,

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Speaker 1: so that's City Developments and then in turn is actually

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Speaker 1: part of a sprawling conglomerate with more than thirty billion

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Speaker 1: US dollars of gross assets. And they've always been viewed

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Speaker 1: as a successful model for family transition.

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Speaker 2: But recently that image of a smooth, successful transfer of

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Speaker 2: power in the family business has been shattered. An explosive

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Speaker 2: lawsuit was filed by the family patriarch and chairman Quick

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Speaker 2: Lingbing against his son Sherman Quick, the company's chief executive officer.

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Speaker 1: So basically what happened was that in February, two new

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Speaker 1: directors were appointed to City Developments Board without consent from

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Speaker 1: Linbing and a few other directors.

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Speaker 2: Ling Bing wasn't happy. He claimed Sherman had bypassed the

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Speaker 2: proper committee to appoint those new directors.

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Speaker 1: So he accused Sherman of attempting a bodroom coup, and

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Speaker 1: he felt a lawsuit against Sherman and some of the

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Speaker 1: other directors.

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Speaker 2: The fight was quickly diffused, with the elder Quak dropping

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Speaker 2: the case, but the lawsuit has exposed key issues at

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Speaker 2: the core of a multi billion dollar family run business.

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Speaker 1: This came as a shock to everyone because everyone on

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Speaker 1: the outside had thought that the transition had already happened smoothly.

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Speaker 1: And this what it shows is that there were these long,

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Speaker 1: simmery intensions for many years. Now it has all spilt

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Speaker 1: over into accusations of business incompetence, a botroom coup and

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Speaker 1: an outsider's influence. All that is potential risk to investors.

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Speaker 2: And the spat has broader implications too. In this part

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Speaker 2: of the world more than others, Asian economies are often

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Speaker 2: built on multi generation family businesses and the quick dispute

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Speaker 2: has highlighted just how messy succession plans can get.

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Speaker 1: So investors are looking at this case and wondering whether

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Speaker 1: they have properly priced in their risks when they look

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Speaker 1: at family run businesses and their stocks. And we know

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Speaker 1: that as many of these Asian patriarchs h and look

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Speaker 1: to pass down their businesses to the next generation of

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Speaker 1: as this is going to be an increasingly hot issue

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Speaker 1: that investors need to take note off and be aware of.

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Speaker 2: Welcome to the Big Take Asia from Bloomberg News. I'm Wanha.

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Speaker 2: Every week we take you inside some of the world's

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Speaker 2: biggest and most powerful economies and the markets, tycoons and

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Speaker 2: businesses that drive this ever shifting region. Today on the show,

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Speaker 2: What's going on behind the boardroom door of one of

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Speaker 2: Singapore's largest developers run by its richest family, and how

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Speaker 2: are investors navigating the messiness of dynasty conglomerates. The Quick

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Speaker 2: family traces its roots back to China. Its original patriarch,

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Speaker 2: Quick Hong Pong, immigrated to Singapore from Fujian Province and

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Speaker 2: founded his trading business in nineteen forty one, but it

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Speaker 2: wasn't until the nineties that the Quick family's fortunes skyrocketed,

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Speaker 2: thanks in part to a property developer that they'd acquired earlier,

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Speaker 2: City Developments Limited or CDL.

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Speaker 1: It was in nineteen seventy two that the Quak families

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Speaker 1: bought a controlling stake in that property developer. So CDO's

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Speaker 1: property portfolio includes apartment buildings, offices, hotels, retail malls. It

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Speaker 1: also owns hotel across the world under its Millennium and

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Speaker 1: Cockgun brand and Cheryl.

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Speaker 2: Can you walk us through the main players of the

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Speaker 2: family run business now, sure?

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Speaker 1: Yeah. Firstly there's Ling Bing. He's the second gen business

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Speaker 1: owner of CDL. He's eighty four now, he's the current

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Speaker 1: patriot of the family and he's the executive chairman at

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Speaker 1: the firm. So he is the second of Home Pong's children.

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Speaker 1: When he joined a business in his early twenties after

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Speaker 1: getting his law degree in London, and based on Lin

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Speaker 1: Bing's official biography, he was very much influenced by his father,

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Speaker 1: who taught him a lot about business, but who was

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Speaker 1: also a very tough boss. So his dad would scold

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Speaker 1: him harshly, and Ling Bing said that he actually learned

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Speaker 1: a lot true hardship under his dad. Yeah, exactly, typical

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Speaker 1: Asian father.

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Speaker 2: Lan Bing also has a reputation for being a savvy businessman.

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Speaker 2: In nineteen ninety five, he famously bought a hotel owned

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Speaker 2: by Donald Trump in a deal that rot the business world.

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Speaker 1: Trump was undergoing bankruptcy proceedings at that time, and basically

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Speaker 1: Liing Bing rejected a request by Trump to keep control

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Speaker 1: of the iconic Plaza hotel in New York City. So

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Speaker 1: in the end, what happened was that City Developments and

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Speaker 1: a CUD prince bought the iconic property for eighty three

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Speaker 1: million dollars, less than what Trump had paid for it.

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Speaker 2: Ral So he's a very good businessman, Linbing.

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Speaker 1: He is very visionary, keen on striking great deals, a

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Speaker 1: tough boss with high standards for everyone, including himself.

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Speaker 2: Lin Bing's tough management style left a strong impact on

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Speaker 2: his own son. The other key player in the story

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Speaker 2: Sherman Quick.

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Speaker 1: He is forty nine. He's the eldest son of Lin Bing,

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Speaker 1: and he is a hard working person. He has always

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Speaker 1: wanted to prove himself as a capable CEO to his staff,

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Speaker 1: to investors, and his own dad.

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Speaker 2: Sherman became the chief executive of CDL in twenty eighteen

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Speaker 2: after years of working in the family business. The next year,

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Speaker 2: he led the company to make a huge investment that

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Speaker 2: resulted in cdl's first annual loss in nearly five decades.

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Speaker 1: Sherman is the one who spearheaded this one point nine

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Speaker 1: billion singh dollar investment into Sincere Property Group. There was

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Speaker 1: the China investment that turned out to be disastrous. It

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Speaker 1: totally blew up, and so what happened after was that

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Speaker 1: sincere ran into liquidity problems and CDL had to sell

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Speaker 1: its stake phenomenal one dollar, so it was a total loss.

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Speaker 2: CDL has now lost seventy percent of its market value,

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Speaker 2: or more than eight billion dollars, since its shares peaked

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Speaker 2: close to eighteen years ago. Much of that decline has

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Speaker 2: taken place since Sherman became CEO, although high interest rates,

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Speaker 2: COVID and government curbs have hit Singapore's property sector more

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Speaker 2: broadly too. The losses caused a rift in the family

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Speaker 2: and then a long time apprentice of the elder, Quak,

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Speaker 2: brought even more division.

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Speaker 1: One other really important character in this story is Katherine Wu.

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Speaker 1: So Katherine Wo she met Quicklingbing in Taiwan in nineteen

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Speaker 1: ninety two. She is a musical person, a singer, and

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Speaker 1: she calls Ling being her benefactor and her boss, and

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Speaker 1: she moved to Singapore to be his mentee. Over the

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Speaker 1: next thirty years, she accompanied him to hotel inspections and

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Speaker 1: hotel meetings in Singapore and even in other countries. And

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Speaker 1: she has been very involved in the business and contributed

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Speaker 1: a lot. The tricky part is that when she issues instructions,

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Speaker 1: no one is quite clear whether she did it or

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Speaker 1: she is a proxy for the chairman.

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Speaker 2: This irk Sherman the younger quak. He blamed Wu for

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Speaker 2: causing the family dispute and accused her of meddling in

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Speaker 2: business affairs beyond her scope. Things got so tense that

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Speaker 2: at one point father and son stopped speaking directly to

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Speaker 2: each other. After Ling Being filed the lawsuit in February,

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Speaker 2: accusing his CEO son of attempting a boardroom coup, Sherman

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Speaker 2: responded that he wasn't trying to oust his father and

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Speaker 2: pointed at Wu for being the source of the conflict.

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Speaker 2: But the very public feud ended almost as abruptly as

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Speaker 2: it had started. On March fourth, just about a month

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Speaker 2: after the lawsuit was filed, Ling Being released a statement

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Speaker 2: seeing Wu had irrevocably resigned from her role as an

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Speaker 2: unpaid adviser, and he dropped the case about a week after,

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Speaker 2: saying he and Sherman would keep their roles at cdl's

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Speaker 2: helm and investor's confidence needs to be restored, but shareholders

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Speaker 2: are already startled. Trading in the st was halted still

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Speaker 2: is halted. Singapore's riveted by the Quick Family drama that

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Speaker 2: feels ripped right out of a TV show after the break.

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Speaker 2: What do these succession feuds say about the state of

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Speaker 2: wealth and family business in Asia? The drama in the

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Speaker 2: Quick Family could be a warning sign for other family

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Speaker 2: businesses in Asia. To put into context the risks investors' face,

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Speaker 2: we brought in Dexter Low Bloomberg, Singapore real estate reporter

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Speaker 2: Dexter it sounds like you guys there are watching the

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Speaker 2: Singapore edition of Succession, You know the TV series play

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Speaker 2: out in real life?

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Speaker 3: Yes, indeed, and it's something that has invariably attracted comparisons

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Speaker 3: in Singapore, a very public falling out, a lot of

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Speaker 3: much slinging from both sides that you don't really normally

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Speaker 3: see in covered scene in Singapore.

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Speaker 2: Now. On the other hand, succession dramas and transitions happen

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Speaker 2: all around the world. What does the Quick Family saga

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Speaker 2: tell us about the broader challenges for transition of wealth

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Speaker 2: in Asian families?

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Speaker 3: So thin the struggles that you are seeing right now

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Speaker 3: with the quas is not something that's unfamiliar to quite

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Speaker 3: a lot of large wealthy Asian families or even around

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Speaker 3: the world. I think one of the main challenges for

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Speaker 3: a lot of these families now is that they're hanging

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Speaker 3: over from what you called the second generation, the third

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Speaker 3: generation of younger scions, and a lot of them want

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Speaker 3: to bring the business in different directions. There's a Chinese

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Speaker 3: saying in Asia called football gods and that, and basically,

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Speaker 3: if you directly translated, it means wealth does not survive

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Speaker 3: past the third generation, and for a lot of families,

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Speaker 3: almost like a curse. And it's been documented both in

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Speaker 3: Asia but as well in the West that wealth doesn't

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Speaker 3: typically tend to go beyond the third generation or it

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Speaker 3: tends to start declining of the time. And one reason

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Speaker 3: for that, which Qua himself had talked about in the past,

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Speaker 3: is that families sort of disagree e other on how

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Speaker 3: to bring the business forward and how to distribute the wealth,

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Speaker 3: so to speak, and that can lead to feuds like

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Speaker 3: this one.

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Speaker 2: So in these multi generation family businesses, the problems often

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Speaker 2: surface when it's time for the old guard to hand

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Speaker 2: over the reins of the business to the next generation. Right.

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Speaker 3: So one of the major challenges that you have, essentially

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Speaker 3: in these kind of family businesses is that the patriarch

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Speaker 3: basically still wants to run the show. It leaves limited

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Speaker 3: room for the scion to devigate in the sense, and

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Speaker 3: that can lead to all sorts of problems. And another challenge,

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Speaker 3: of course, is that the world has changed quite radically

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Speaker 3: from when their fathers or their manners were bringing up. So,

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Speaker 3: for example, that's much more competitional, interest rates are much higher,

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Speaker 3: the economy is much more developed, and the opportunities or

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Speaker 3: the kind of chances to do huge scale deals or

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Speaker 3: set your name for yourself is much harder, and there's

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Speaker 3: the shadow of your parents of the older generation lingering

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Speaker 3: over ahead.

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Speaker 2: According to one McKinsey report, eighty five percent of Asia's

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Speaker 2: businesses are family run. Many of the biggest names in

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Speaker 2: the region, Samsung to Toyota, are run by multi generational families,

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Speaker 2: and that makes the region especially vulnerable to the dramas

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Speaker 2: of family dynamics bleeding into the boardroom.

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Speaker 3: It's general case that in Asia, families dominate businesses even

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Speaker 3: more so than in the West, where it's much more

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Speaker 3: institutionally run or much more controlled by say, activist investors.

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Speaker 3: And that's why for a lot of investors and people

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Speaker 3: looking to invest in this region. It's definitely a case

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Speaker 3: where you have to come take note of all these

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Speaker 3: family feuds and where they're going. And as we have

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Speaker 3: seen with the case of city developments, these issues can

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Speaker 3: definitely affect hole the stock performs.

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Speaker 2: And in what way do you think this could be

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Speaker 2: a warning for other Asian clans as well who are

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Speaker 2: involved in businesses.

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Speaker 3: I think it's definitely a warning sign to a lot

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Speaker 3: of families in Singapore bious the white region. We have

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Speaker 3: seen case of Hong Kong, for example, where you have

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Speaker 3: very public, very bits of intergeneration feuds which can lead

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Speaker 3: to huge splinters in the family. And it's same keys

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Speaker 3: in Singapore. And there's obviously the additional complexity because a

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Speaker 3: lot of these firms are listed and it's not just

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Speaker 3: the family the ones that have a say in the

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Speaker 3: future of these companies, but other shareholders as well. And

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Speaker 3: going forward, as we go into the annual general meeting

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Speaker 3: of shareholders, for example, we might see some of these

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Speaker 3: tensions play out.

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Speaker 2: So dexter what's happening with the Quick family now.

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Speaker 3: Going forward, there will be a no general meeting in

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Speaker 3: April where the chairman and the CEO is likely to

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Speaker 3: face shareholders so that will be one of the first

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Speaker 3: attempts for them to present a very united front to

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Speaker 3: the public and dexter.

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Speaker 2: How does what's happening with this family shed light on

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Speaker 2: the risks of investing in family run corporations across Asia.

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Speaker 3: I think this issue is being closely watched by a

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Speaker 3: lot of firms because we are at the stage where

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Speaker 3: a lot of firms, especially if we are state firms,

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Speaker 3: controls a huge, sizable part of single economy as well.

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Speaker 3: So the fact that succession plan that is so well

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Speaker 3: laid out and so well telegraphed can go so badly wrong.

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Speaker 3: It's probably quite worrying to not just shareholders and investors

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Speaker 3: in this market, but also do all these various families

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Speaker 3: that are very closely planning and thinking about what's next

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Speaker 3: for these firms as a lot of these patriarchs each

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Speaker 3: and start thinking about handing off the rains to a

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Speaker 3: younger generation.

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Speaker 2: This is the big take Asia from Bloomberg News. I'm

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Speaker 2: wan ha. This episode was produced by Young Young and

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Speaker 2: Nomi m It was edited by Grace Jennings Edquist and

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Speaker 2: serena Um. It was fact checked by Naomi Aaron Edwards

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Speaker 2: and mixed and sound design by Taka Yasuzawa. Our senior

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Speaker 2: producer is Naomi Shaven. Our senior editor is Elizabeth Ponso.

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Speaker 2: Our deputy executive producer is Julia Weaver. Our executive producer

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Speaker 2: is Nicole Binsterborwer Sage Bauman is Bloomberg's head of podcast.

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Speaker 2: If you like this episode, make sure to subscribe and

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Speaker 2: review The Big Tick Asia wherever you listen to podcasts.

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