Dr Cheng Yu Tung, Chairman of the New World Development Company Limited ("NWD", Hong Kong stock code: 17) was awarded the Ivey Business Leader Award by the Richard Ivey School of Business ("Ivey Business School") of The University of Western Ontario ("the University"), in recognition of his contribution to the business and education sectors, as well as his contribution to the establishment of the Ivey Business School's Asian campus.
The award presentation ceremony was held at the 10th anniversary gala dinner of the Ivey Business School, where Dr Cheng received the award from Dr Paul Davenport, the President and Vice Chancellor of the University. In his speech, Dr Cheng expressed gratitude to the University for awarding this prestigious award to him, and mentioned the reason to support the set up of Ivey Business School's Asian campus, "Real education is not simply transferring knowledge but creating platforms for academic discussions. Because of this, Ivey's emphases on analysis and sharing of experience have impressed me most. I was more than happy to contribute to the establishment of the Richard Ivey School of Business, Asia - The Cheng Yu Tung Management Institute."
"Ivey Business Leader Award" aims at awarding individuals who have made significant contribution to the advancement of business. Dr Cheng has been fully supporting business education to develop outstanding leaders. In the past, the Ivey Business Leader Award has been bestowed upon those in Canada only while it is the first time to be presented in Hong Kong.
Dr Cheng's son and daughter, Dr Henry Cheng and Ms Amy Cheng, are graduates of Richard Ivey School of Business. His other daughter Cecilia and grandson Conroy are graduates of The University of Western Ontario. Dr Cheng extended his great support to the establishment of the Ivey Business School in Asia - The Cheng Yu Tung Management Institute and introduced its EMBA programme to Hong Kong to help develop business leaders. In 1998, the Ivey Business School in Asia - The Cheng Yu Tung Management Institute, located at the Hong Kong Exhibition and Convention Centre, was set up and has completed its expansion in 2005.