With the revitalisation of Xintiandi, Shui On has been credited with helping to change the way Chinese urban planners think – inspiring them to consider preserving historical sites. And this push to innovate is one of the reasons Vincent Lo was awarded The Ernst & Young Entrepreneur of the Year Award for the China – Hong Kong/Macau region in 2009.

Lo will be stepping down as chairman and becoming president of the board of directors “within a year,” he says. One might assume this transition would be difficult, but Lo seems to be letting go gracefully. “As I look for a successor, I’m trying to listen to everyone’s opinion, from the top to the bottom,” he says. “I want the company to remain a place where people can develop themselves, rather than having a sole ruler or asking my children to step in.”

 
Vincent Lo at Wai Yin Association Charity Ball

The idea of creating a business based on birthright seems to strike a nerve. Lo, who formerly worked for his family business Great Eagle Holdings, admits he felt “under-appreciated” there. “Since my brothers and sisters were already there, I had nothing important to do.” Therefore, with the help of a $100,000 loan from his family, Lo started Shui On in 1971 at the age of 23. “My children think I put this ‘invisible pressure’ on them, but they should decide what they want to do on their own,” he says. “Nowadays, young people have too many choices. When I was 23, my mum told me to choose between working for my dad or myself – no other options.”

So Lo chose to work for himself, which worked out incredibly well. In 1978, he won the bid to construct Yau Tong Centre, the first Private Sector Participation Scheme home-ownership project in Hong Kong. In 1985, Lo made his first hotel investment, in Shanghai. And 25 years later, his plans for Shanghai are intensifying, even on the eve of his retirement. “I want to develop China’s Silicon Valley,” he says. The Knowledge and Innovation Community (kic) project will cover 84 hectares and fuse 14 universities in the Wujiaochang area. Lo says he wants to encourage creativity and risk-taking, fearing that Shanghai’s materialistic culture saps adventurous spirits. “Most people can’t face failure and therefore don’t challenge themselves,” he says. “I want to create an atmosphere to encourage young people to become entrepreneurs.”