Yue-Kong Pao - Move To Hong Kong

Move To Hong Kong

With the approaching fall of the "Bamboo Curtain", Pao and all his family had moved to Hong Kong by the spring of 1949, having managed to remit much of the family's assets and money before events made it impossible. It was impossible to resume a banking career and, given the prevailing uncertainties, he did not wish to commit to investing in machinery and land in Hong Kong, so Pao started an Import/Export business dealing in Chinese goods. Following the UN trade embargo resulting from China's entry into the Korean War the company broadened its scope to Europe, although trade with China continued in a circuitous way through skilful exploitation of legal loopholes in the embargo. It was during the first half of the 1950s that Pao first made contact with Jake Saunders (who was running the Imports Department) and Guy Sayer (also working in the department) at the Hong Kong Bank. Both were later to become Chief Manager and Chairman of the bank, and the relationship was to be a decisive element in the growth of Pao's businesses.