LARRY YUNG

By JOHN COLMEY

This is more than just an important year for Larry Yung: 1997 is the culmination of his career, one that is about to become vitally important to Hong Kong's 6.3 million residents. Mainland-born, Yung is founder and chairman of CITIC Pacific, China's most powerful conglomerate in Hong Kong. He is also the eldest son of Rong Yiren, Vice President of the People's Republic. Yung has parlayed those connections into an empire that spans property, aviation, telecommunications and civil works. During the predicted buying spree in Hong Kong before and after the colony reverts to Chinese sovereignty on July 1, Yung, 55, could prove to be Hong Kong's premier shopper.

Yung has earned a reputation as one of the few Chinese businessmen to master the art of Western finance. He also knows how to cultivate an opulent life-style. One of the 12 stewards of the oh-so-exclusive Hong Kong Jockey Club, Yung loves French wine and Thoroughbred horses; he owns Mr. Vitality, the top prizewinner in Hong Kong last year.

Believed to be the 10th richest man in China, Yung has been well rewarded for his efforts on behalf of Beijing. Last summer Yung brokered a deal between British conglomerate Swire Pacific and the China National Aviation Corp., owned by Beijing's aviation authority. CNAC was set to launch an airline to rival Swire's Cathay Pacific; Yung prodded the British firm instead to sell the mainland intruder a controlling share in Cathay's regional DragonAir. In January, CITIC Pacific paid $2.1 billion for 20% of Hong Kong's British-controlled electricity company. Beijing denied this was the next step in China's takeover of Hong Kong's main industries. Maybe so, but Yung is shaking up the colony, and 1997 has just begun.

--By John Colmey