Thursday, 24 January 2019

Henry Sy, Retailer & investor, Died at 94

Henry Tan Chi Sieng Sy Sr. was born on October 15, 1924, in Fujian, China and died on January 19, 2019.
 
He was a Chinese-Filipino business magnate and philanthropist,
 
He was known as the "father of modern Philippine retail".
 
Sy moved with his family to the Philippines at age 12. While his family came back to China, he remained behind and established ShoeMart, a little Manilla shoe store, in 1958. 
 
Throughout the decades he formed ShoeMart into SM Investments, one of the biggest aggregates in the Philippines, incorporating 77 SM shopping centers in the Philippines and China, 62 retail establishments, 56 general stores and more than 200 supermarkets. 
 
SM likewise claims Banco de Oro, the second biggest bank in the Philippines, and land property. 

For eleven straight years until his passing, Sy was named by Forbes as the most extravagant individual in the Philippines.

At the time of his death on January 19, 2019, his estimated net worth amounted to US$19 billion, making him the 53rd richest person in the world.

Henry Sy passed away at 94 years old.

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