2011年01月30日 12:57 PMFT社評：富貴所累Sick in fortune
英國《金融時報》
社評評論[3條]中文If Shakespeare were alive today, he would have had a good line in business books. Macbeth is a primer in how (not) to be a corporate wife; The Merchant of Venice is a cautionary tale about reckless lending. The play Stanley Ho should have read, however, is The Tragedy of King Lear.
如果莎士比亞活到今天，他肯定能在商業(yè)書籍中占據一席之地?！尔溈税住?Macbeth)講的是如何成為（或者不要成為） 企業(yè)高管的夫人；《威尼斯商人》(The Merchant of Venice)是一個警戒魯莽放貸的故事。而何鴻燊(Stanley Ho)應該看的，則是《李爾王》(The Tragedy of King Lear)。
It is not clear how the ageing king of Macao’s casinos intended to divide his gambling empire among his progeny. Instead, as in the play, it became apparent this week that the kingdom Mr Ho had built – and thought was his to distribute – had already been lost. How sharper than a serpent’s tooth it is to have a thankless child, as King Lear himself said.
現在尚不清楚的是，這位年事漸高的澳門賭王會如何在子女之間拆分自己的博彩帝國。就像劇中發(fā)生的一樣，本周的事態(tài)顯示出，何鴻燊本以為自己打造的這個王國可以由自己來分配，但實則早已失去了它。如李爾王所說，一個忘恩負義的孩子簡直比毒蛇的牙更尖利。
Ingratitude, thou marble-hearted fiend, Mr Ho must have muttered when he discovered that the majority stake in his gaming and hotels business was already held by his third wife and five children from his second marriage. It would be understandable if Mr Ho, like Lear, had difficulty distinguishing confessions of devotion from the real thing. After all, he has had four wives and at least 15 children. But he shares the king’s fate in now accusing his relatives of grabbing the family business.
在得知他的博彩和酒店帝國已經落入第三房太太和第二段婚姻中的五個子女手中時，何鴻燊一定會說：“忘恩負義啊，爾等鐵石心 腸之徒”。如果何鴻燊像李爾王一樣，看不出忠心誓言背后的真實目的，也算可以理解，畢竟他有四房太太、十五個子女。但他也落得了李爾王一樣的下場——現在 只能指責家人奪取了家族生意。
Lear could have told Mr Ho to make clear and public provision for distributing his estimated $3.1bn fortune among “younger strengths”. Instead, Mr Ho this week repeatedly changed his instructions. Storms raged around an anguished Lear; the jangle of slot machines must be clanging in Mr Ho’s head.
李爾王應該會建議何鴻燊，應當清楚公開地指示，要如何在“年輕力量”中分配他那近31億美元的財富。然而，何鴻燊在一周內卻反復更改指令。痛苦的李爾王在肆虐的暴風雨中掙扎，而何鴻燊腦海里此刻響起的，一定是老虎機的叮鐺聲。
Mr Ho’s decades-long monopoly of the Macao casinos won him enemies as well as friends, but this is a sorry saga for a man “at the verge of life”. King Lear teaches us not to hope for a sweet ending now – this is Shakespeare’s ultimate tragedy that plays out in five painful acts. With teams of lawyers, 21st-century financial systems and far more progeny, the unfolding tale of Mr Ho’s disappearing kingdom looks set to go on for far longer than that.
何鴻燊在澳門博彩市場長達幾十年的壟斷給他贏得了朋友，但也樹立了敵人。但這卻是一個“處在生命邊緣”的人的悲劇故事。李 爾王告訴我們，活在現下，別夢想總會有美滿結局——這出莎士比亞悲劇中的悲劇，用痛苦的五幕講述了這個故事。但因為龐大的律師團隊、21世紀的金融體系、 數量更多的子女會紛紛出場， 何鴻燊瀕臨消失的帝國故事的演出時間，恐怕會長很多。
2011年01月28日 07:20 AMLex專欄：何門恩怨Ho vs Ho
英國《金融時報》
Lex專欄評論[8條]中文When a father signs off a letter to his daughter, “Yours Sincerely,” things have come to a pretty pass. Investors who have poured a net $150bn into emerging market equities over the past two years – much of it into family-dominated firms – should take a good look at the Stanley Ho saga transfixing Hong Kong.
當一位父親在寫給女兒的信中以“您真誠的”(Yours Sincerely)落款時，事情就已經變得一團糟了。過去兩年，投資者向新興市場股市凈投入了1500億美元資金——其中很大一部分進入了家族企業(yè)。這些投資者應當好好審視一下震驚香港的“何門恩怨”。
The ailing tycoon, father of 17 children by four women, has spent the past month contesting his own estate with wife number three and five progeny from wife number two. Minority shareholders in Hong Kong-listed SJM Holdings, which took in almost a third of gross gaming revenues in Macau last year, have not known where to look. On Wednesday, the HK$72bn ($9.3bn) company lost almost a 10th, driving its valuation to a historic low relative to peers, before recovering on reports of a truce. There are legitimate reasons for weakness: SJM is yet to develop any properties on Macau’s Cotai strip, for example, where Chinese tourists are increasingly swarming. But the widening discount to the likes of Wynn Macau and Sands China is best explained by squabbles over Mr Ho’s assets. His Sociedade de Turismo e Diversões de Macau, which holds 56 per cent of SJM, is a good example of the business model prevalent across Asia, where a patriarch owns an umbrella entity that controls a cascade of subsidiaries and affiliates, often run by his offspring. Prospectuses may warn, as SJM’s did, that founder/chairmen can “influence or control our business in ways that might not be in the interests of other shareholders”. But investors in sprawling conglomerates in India, Indonesia, Korea, the Philippines, Thailand and Malaysia may not appreciate the risk of a feud until they see one. The one constant, as the paterfamilias divvies up the spoils, is that minorities just don’t matter.
何鴻燊(Stanley Ho)共有四個太太，17個子女。過去一個月，這位身體狀況欠佳的澳門賭王一直在與二太太的五個子女及三太太爭奪自己名下的財產。澳門博彩控股（SJM Holdings，簡稱：澳博）的中小股東們被弄得不知所措。在香港上市的澳博去年攫取了澳門博彩業(yè)近三分之一的毛收入。澳博股價周三一度下跌近十分之 一，相對于同業(yè)的估值降至歷史低點；收盤時的市值為720億港元（合93億美元）。不過，在有關何家內斗休戰(zhàn)的消息傳出后，澳博股價出現回升。
澳博股價疲軟有其合理的理由：比方說，在內陸游客日益云集的澳門路氹金光大道 (Cotai Strip)，該公司尚未開發(fā)任何地產。但圍繞何鴻燊資產的爭吵，或許是對澳博與永利澳門(Wynn Macau)和金沙中國(Sands China)等同業(yè)公司估值差距不斷擴大的最好解釋。何鴻燊持有澳博56%股份的澳門旅游娛樂有限公司（STDM，簡稱：澳娛），是亞洲所盛行的商業(yè)模式 的一個范例：一位家長擁有一家控股實體，控制著一系列通常由其后代經營的子公司和附屬公司。
正如澳博所做的那樣，上市公司可能會在招股說明書中警告，創(chuàng)始人/董事會主席能夠“對 我們發(fā)揮重大影響力或控制，彼等影響或控制我們的業(yè)務的方式可能不符合其他股東的利益”。但是在印度、印尼、韓國、菲律賓、泰國和馬來西亞，那些業(yè)務紛繁 復雜的集團企業(yè)的投資者，除非親眼目睹，否則可能意識不到家族內斗的風險。在一家之主分家產時，有一點是一成不變的，那就是中小股東們無關緊要。
