The ‘Asian tiger’ who took on Donald Trump: Singapore tycoon Kwek Leng Beng shares how he bought and sold Plaza Hotel in new biography
- In Strictly Business: The Kwek Leng Beng Story, the Singaporean billionaire opens up on his six decades in business and the lessons he learnt through crises and challenges
- The book takes readers on a journey through Kwek’s business empire that spans several continents and sheds light on the negotiations behind key corporate deals
Kwek’s first impression of Trump in London? “He talks a lot,” he said. The pair did not hit it off. They were too far apart in temperament and style. Trump kept pushing Kwek to make him his partner in the Plaza Hotel. But knowing that the American businessman’s empire was falling apart and almost broke, Kwek politely declined.
Trump changed tack, and asked whether Kwek could let him continue to manage the hotel. Kwek turned him down again, saying that the job was going to Saudi billionaire Alwaleed bin Talal’s Fairmont Hotels chain. But mindful of former Pakistani prime minister Shaukat Aziz’s advice, he gave Trump a face-saving way out. He offered Trump the role of an adviser to the Plaza, with a token fee every year. “It was to pacify him,” Kwek said.
In addition, Trump asked to be involved if the Plaza’s top floors were converted into penthouses. He told Kwek he knew the New York City authorities and could pave the way for the change. Kwek responded: “Well, it’s a good idea.” Trump would also get a cut of profits if the condominium penthouses were realised (they weren’t), and a small fee if Kwek should sell the hotel within seven years (it wasn’t).
“I was a good listener when negotiating with Trump,” Kwek told Satow. “He wanted to continue managing the hotel and be part of the venture. We eventually narrowed down his role.” No drama, no games. Like a kung fu master, he expertly neutralised his opponent’s moves without hurting him.
