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.
Read more about this topic: Yue-Kong Pao
Famous quotes containing the word move:
“A mother wants all of life to be painless for her child. This is not a realistic goal, however. Deprivation and frustration are as much a part of life as gratification. It is some balance between these that a mother is looking for. To take the next step is always painful in part. It means relinquishing gratification on some level. If one is totally gratified where one is, why move ahead? If one is totally frustrated, why bother?”
—Elaine Heffner (20th century)