Ng Teng Fong, billionaire property tycoon, dies

SINGAPORE - Billionaire Ng Teng Fong, Singapore's richest man, died Tuesday after suffering a cerebral hemorrhage on Jan. 23, Far East Organization, the company he founded, said in a statement. He was 82.

Ng started Far East, Singapore's largest private property developer, in the 1960s, and Sino Group, parent of Hong Kong-listed Sino Land Co.

The two companies have revenue of $5.5 billion and hold assets of $40 billion, including 4,727 hotel rooms on 12 properties, according to Far East's Web site.

Forbes Asia listed Ng as Singapore's wealthiest man in 2009 with holdings of $8 billion.

Ng was born in 1928 in China's southeastern Fujian province as the eldest of 11 children. His family immigrated to Singapore when he was 6 and started a dried goods store in the city-state's Jelan Besar area.

As an adult, Ng struck out on his own building and selling houses, a business that became Far East in the 1960s. He is survived by his wife and eight children.

- Bloomberg News