Singaporeans Jeffrey Hing and Bei Wong have been as busy as ever after gaining entry on to the Rich List for the first time last year.
They have held substantial property investments in New Zealand since the late 1990s and have stakes in a variety of businesses and causes both in New Zealand and overseas. Both trained accountants, they have an extensive property portfolio, primarily in Auckland and Wellington. That portfolio includes some heavy hitters, including properties in Newmarket, Mt Eden and the lucrative Grey Lynn Countdown site.
Late last year, their LGGM company decided to put one of its most prized possessions, the 14,690sq m building at Auckland’s 280 Queen St, on the market. Singaporean company Roxy-Pacific Holdings quickly showed an interest, announcing it was entering into an agreement with LGGM to buy the company for an eye-watering $72.5 million. However, three weeks later it terminated the acquisition.
In 2017, Hing and Wong paid $5.75m for a stunning, 246ha farm in Kaiwaka, Northland. The sale, however, was conditional on Wong becoming a New Zealand resident within three years; if not it would have to be sold, as per an Overseas Investment Office stipulation.
Hing is heavily involved in several maritime businesses in his native Singapore, most notably as the executive chairman of Penguin International. The company designs, builds, owns and operates high-speed aluminium boats; it’s a continuation of Hing’s long involvement with the maritime industry, one that stretches back more than 30 years.
They are also devout Christians, attending the Life Church in Mt Eden. Hing founded the Singapore Christian Foundation – on which Wong is a board member – in May 2008. The group, a private, non-profit charity organisation, provides assistance to the needy as well as people affected by natural disasters. Among many donations was one to the North Elim Church for Christchurch earthquake victim relief.
They have two daughters. One, Basia Hing, is a co-director alongside her parents at LGGM. She is also a group performance and planning analyst at Fonterra.
2018: $280 million