HOW MANY DOLLARS FOR THE FAMILY NAME?
Sir Kenneth Fung Ping-fan is 75. He has done well by Hong Kong, with a long career of public service in the British Crown Colony for which he has received a knighthood among other honours. In return, he and his sons have done well out of Hong Kong.
Sir Kenneth himself is a former general manager and director of the Bank of East Asia. He has created a considerable business empire, with extensive local trading, catering and real estate interests, and several ventures inside China. Hong Kong's Chinese community begrudes him none of his ample success since he epitomises old money in a parvenu city. Approachable, cultured and courteous in the traditional Chinese manner, he enjoys affection as much as respect.
The family seemed to justify the local custom of lending on the sole security of a respected name.
Sir Kenneth's name was the subject of unflattering news reports for the first time in September. The family empire began to get writs from the banks, for debts estimated at HK$500 million (US$64 million). Sir Kenneth and two of his sons had given personal guarantees to cover an estimated HK$150 million (US$19.2