In the investment narrative, there are those who take risks and those who don’t. Individuals who take risks tend to find themselves holding on even when there is noise that tells them otherwise.

That is the story of Billy Cheung, the Chairman of Master Assets Investments, an investment group with business interests across real estate, construction, and hospitality, among others. His tale is that of a man who had a vision, took a bet, and persevered even when it was sometimes uncertain.

Cheung’s story begins in the year 2000 at the time many countries across Africa were starting to experience an economic boom, and at the turn of the millennium when the ‘Africa rising’ narrative was taking shape.

Cheung, a Hong Kong businessman and investor, had already begun to make inroads into various African markets. His procurement company was becoming known for its ability to supply crucial materials for burgeoning construction projects across the continent.

But it was in 2006 that Cheung’s trajectory would take a decisive turn. His first visit to Rwanda was less than favorable.

"My impression wasn’t very good,” Cheung recalls the first time he visited Rwanda, his eyes distant with the memory. "It was very quiet, very few cars on the road, no traffic, and less people on the streets.”

To many, this would have been a sign to look elsewhere for business opportunities. But Cheung saw something different – he saw potential.

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In those early days, Cheung’s role was essentially that of a supplier. His company provided a wide array of building materials – aluminum cladding, electrical items, mechanical components, elevators, and generators – for projects that were slowly but surely changing the face of Rwanda.

The Kigali City Tower, until a few years ago a symbol of Rwanda’s modern aspirations, is one of those projects from which Cheung’s supply chain expertise benefitted.

Early steps

Cheung’s visits to Rwanda became more frequent as the years passed. With each trip, he noticed changes.

"Every time I returned, there was something new. New roads, new schools, new ongoing projects,” he says. It was as if the country was thriving before his very eyes.

But it wasn’t just the physical transformation of Rwanda that caught Cheung&039;s attention. There was something else that set Rwanda apart from others he had visited.

He recounts an incident that left a lasting impression.

"We were driving around at some point, and we were suddenly stopped by police. I thought it's going to be the same story I had experienced across Africa – asking for bribes. All they did, however, ways to ask where we were going and whether we had a license. Then I realized, this country is different,” he narrates.

That realisation was the seed that would grow into Cheung's future investments in Rwanda. In a continent often plagued by corruption and instability, Rwanda stood out for him. For a businessman looking to transition from trading to investing, these were crucial factors.

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The leap into hospitality

As Cheung’s businesses in Africa reached its peak, he found himself at a crossroads.

"I was looking at what I can do to invest beyond trading,” he explains. "When you are trading, it&039;s different from when you are an investor. As an investor, you are looking for a country that is politically stable, secure, and has low levels of corruption.”

His experiences in China over the past two decades had taught him valuable lessons about economic development. He saw parallels between China's growth trajectory and the potential he saw in Rwanda.

"I looked at the development in China for the past 20 years, and I realised real estate and hospitality sectors were the way to go,” Cheung says.

In 2010, Cheung made a decision that would later alter his future. He decided to build an international hotel in Kigali – a five-star establishment in a country that, at the time, had none.

The boldness of this move cannot be overstated. "I remember telling people that I want to build a five-star hotel,” Cheung recalls with a laugh. "Everyone looked at me as if I was mad.”

Indeed, to many observers, the idea seemed insane. Rwanda, still struggling to shake off the shadows of its past, hardly seemed ready for a luxury hotel catering to international travelers.

Cheung was nonetheless undeterred. He pressed forward with his vision. He purchased land, drew up designs, and began the strenuous process of attracting a major international hotel brand to Rwanda.

"That time to convince international brands to come to Rwanda was the toughest negotiation I ever had,” Cheung admits. The concerns were numerous – would there be enough customers? Could they make a profit in such an untested market?

After 18 months of tireless effort, Cheung achieved what many had deemed impossible. Marriott, one of the world’s largest and most prestigious hotel chains, agreed to lend its name to the project.

But even as the project moved forward, many still doubted it.

"Some people were laughing at my back, saying how could this guy burn money to set up an international hotel in a tiny country like Rwanda,” Cheung vividly remembers.

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The decision-making

It was during this period of intense activity that Cheung’s reputation caught the attention of Rwanda’s government. On one quiet Sunday evening, Cheung found himself summoned to a meeting with the then minister of finance.

The government was looking for a contractor for the Kigali Convention Centre, and Cheung’s name had come up. Cheung met with the Finance Minister and the Mayor of Kigali, toured potential hotel sites, and made a series of rapid decisions.

"We opened the company, opened the bank account, got a lawyer, and called Hong Kong to send money,” Cheung recounts, still somewhat amazed at the speed of events. "Sometimes you just have to trust your guts and do it, because if you don’t. you may regret.”

The Century Park vision

As the Marriott project progressed, Cheung’s entrepreneurial spirit saw yet another opportunity. Heand his partners envisioned a complementary establishment – one that would cater to families and offer a different experience from the luxury of Marriott.

Thus, Century Park was born.

"I wanted to build something as a family place to complement Marriott because not everyone can afford Marriott,” Cheung explains. The Century Park project, spanning 30,000 square meters, would grow to include villas, restaurants, serviced apartments, and eventually, another hotel in the making.

But even this project was not without its challenges.

"When I showed business friends, they were asking, are you crazy?” Cheung remembers.

Some even accused him of being a scammer, suggesting he was merely trying to acquire free land to sell plots. But Cheung's local partner saw the vision. "He told me that was the only time to acquire a strategically located land, and Century Park was that piece of land. I took a risk to buy the land.”

That risk seems to be paying off. Today, Century Park is a thriving establishment, hosting multiple events simultaneously and constantly innovating to meet the evolving needs of its clientele.

"Over the weekends, you can have like 20 birthday parties in a day,” Cheung says proudly.

From hospitality to mining

As Cheung's hospitality ventures sprung up, he began to look for new opportunities to contribute to Rwanda’s economic growth. His attention turned to a sector with enormous untapped potential: mining.

"Africa holds 30 per cent of the world’s mineral reserves. This means there are lots of opportunities in the mining sector across the continent, and I saw those opportunities in Rwanda,” Cheung notes.

However, he was also aware of the challenges, including safety concerns and environmental issues that often plague mining operations in developing countries.

Cheung's faith in Rwanda’s stability and potential guided his decision.

"After Covid-19, I decided to settle in Rwanda,” he says. "When I thought about expanding my business lines, I realised there were many opportunities in the mining sector and it would be safe to invest here.”

Since 2023, Cheung has been looking for mining opportunities in Rwanda focusing on coltan and gold. His company currently owns two mineral concessions across the country.

As Cheung looks back on his journey in Rwanda, his satisfaction is palpable. When asked if he would choose Rwanda again, given the chance to start over, his response is immediate and emphatic.

"I am not a politician, but elections tend to be problematic in many countries. Take a look at what is happening in the US. This is different from Rwanda,” he says, adding that he admires the leadership of President Paul Kagame.

He marvels at the enthusiasm he witnessed during Rwanda’s elections, a stark contrast to the uncertainty and unrest that often accompany political transitions in other parts of the world.

This stability, coupled with the rapid progress he has witnessed over nearly two decades, has cemented Cheung's commitment to Rwanda's future. "I have no regret in choosing Rwanda. In fact, I feel very lucky that I picked the right place to invest in.”