According to Hong Kong media reports, on November 14, Joseph Cheng Yu-tung, chairman of Hong Kong New World Development Company Limited with a personal wealth of more than HK$60 billion (about RMB 52.8 billion yuan), married his grandson's wife and the wedding banquet cost an estimated over HK$140 million (about RMB 1.23 billion yuan). Famous tycoons such as Li Ka-shing and Li Chao-ki gathered together to congratulate them.