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Great Captain holdings repositions to remain in family

Joseph Lau’s Chinese Estates Holdings is selling Great Captain, which owns interests in Shengjing Bank, to the tycoon’s wife for HK$2.24 billion

China Entertainment and Land Investment Company has entered into a disposal agreement with Perfect Sign Investments Limited, in which it agreed to sell the entire issued share capital of Great Captain Limited for an estimated HK$2.24 billion (US$288.34 million) according to a filing with the Hong Kong Stock Exchange from March 15.
China Entertainment and Land Investment Company is a wholly owned subsidiary of Chinese Estates Holdings Limited, controlled by ailing tycoon Joseph Lau Luen Hung.
Ms. Chan Hoi-wan, Joseph Lau’s wife, wholly and beneficially owns Perfect Sign Investments Limited, the purchaser in the agreement.
The principal asset of Great Captain, an investment holding company and also a wholly owned subsidiary of Chinese Estates as at the date of the announcement, is its interest in 577.18 million shares of Shengjjing Bank, a commercial bank based in Shenyang, Liaoning Province, in the north of China, bordering North Korea.
The shares represent nearly 9.96 per cent interest of the total issued share capital of the bank as at February 28, 2017, the filing reads.
According to South China Morning Post, the shares represent a 37.5 per cent controlling stake in Shengjing Bank.
Upon completion of the acquisition, Great Captain will cease to be a subsidiary of Chinese Estates and become a wholly-owned subsidiary of Perfect Sign Investments Limited.
Ms. Chan, acting as the trustee for the couple’s two minor children, indirectly holds approximately 50.02 per cent of the total issued share capital of Chinese Estates as at the date of the announcement.
In addition to being a substantial shareholder of the company, Ms. Chan was also appointed one of its executive directors in early 2017, according to the company. The reshuffling stems from recent declarations about Lau’s critical health condition, and follows his latest efforts to distribute his assets.
Lau and his business associate, Steven Lo Kit Sing, were accused of bribing former Secretary of Land, Public Works, and Transport (DSSOPT) Ao Man Long in exchange for securing five land plots for them opposite Macau International Airport for the development of the luxury residential project La Scala.
In March 2014, Macau’s Court of First Instance convicted the Hong Kong billionaire and his associate of bribery and money laundering crimes linked to the case.