While all investors love to talk about mutual benefit, Cheng told the Post – in his first statement to the media in more than two years – that it was more than pretty words for CTFE. The organisation ran with the discipline of an institutional investment firm, but as a family office, it followed the “Cheng family philosophy, not a typical investment playbook”, he said.

His statement comes as CTFE faces scrutiny over its handling of NWD’s mounting debt, at a time when the property sector in Hong Kong and mainland China has yet to emerge from a years-long slump. Cheng did not comment on NWD.

“We should always invest the right way,” said Cheng, who steers the family empire founded by his late father Cheng Yu-tung. “Markets move, opportunities come and capital flows. We always trust the professional teams at our investees and focus on nurturing and compounding value over time for steady and continuous growth.”

When the company would exit a deal, “we mustn’t aim to earn every penny”, he added. Rather CTFE must ensure “some positive social impact to the investee and the community”, leaving the investment as “a better company”, and with its staff “in a better place than before”, he said.

CTFE’s strategic investments comprise companies in the energy, hospitality, healthcare and technology innovation sectors across nearly 30 countries. While it is a private investment firm, market watchers inevitably link its operations to the group’s diverse businesses, which range from real estate and hospitality to jewellery.