Case | HBS Case Collection | March 2007 (Revised March 2008)

Chiaphua Group Vietnam

by Nicolas P. Retsinas and Michael Shih-ta Chen


As part of its expansion and diversification strategy, the Chiaphua Group explored real estate investments in emerging markets. The Group was one of the largest privately held company groups based in Hong Kong, with international investments in a variety of manufacturing and property development. A family member, Raymond Cheng, had narrowed the list of potential markets to Singapore, Malaysia, Indonesia, and Vietnam. Notwithstanding a history of instability and conflict and substantial government control of markets, Raymond concluded that Vietnam was the best option. Revolves around how to assess the market in the absence of hard data, and what would be the appropriate entry points. Illuminates how relationship-driven investments can be the foundation of a long-term investment strategy. Issues also involve how, by working with government through a structured forum (along with personal relations), laws and regulations can evolve to facilitate real estate investments.

Keywords: Investment; Governing Rules, Regulations, and Reforms; Laws and Statutes; Emerging Markets; Market Entry and Exit; Business and Government Relations; Diversification; Hong Kong;


Retsinas, Nicolas P., and Michael Shih-ta Chen. "Chiaphua Group Vietnam." Harvard Business School Case 207-090, March 2007. (Revised March 2008.)