U.S. sanctions 13 Chinese and North Korean organizations
| 11:01am
Macau | The 13 hotel expects to get operation license on or before mid-March 2018, still pending confirmation of gaming arrangement
| 10:28am
China's former internet czar faces graft probe
| 10:10am
Yellen gives passing grade to US balance sheet drawdown
| 09:19am
Hackers stole data from 57 million Uber riders, drivers: CEO
| 08:59am
Mugabe resigns, ending 37-year reign over Zimbabwe
| 08:42am
Macau | Construction of water pumps hopefully begin the start of next year - IACM
| 21 Nov
Macau | Head of Municipal Institute Macau should be appointed by Gov’t - Sonia Chan
| 21 Nov
Macau | Gov’t seeks to improve accountability, upgrades public service system - Sonia Chan
| 21 Nov
Macau | Education and parking metres push inflation up in October
| 21 Nov

Joseph Lau gives shares to children due to ‘unstable health’

Hong Kong billionaire Joseph Lau Luen Hung has distributed his interests in Chinese Estates Holdings Ltd. to his children due to his ‘very unstable health condition,’ according to a company filing with the Hong Kong Stock Exchange yesterday. In the announcement, the company said the businessman’s current health drives ‘the need to implement restructuring during […]

Hong Kong billionaire Joseph Lau Luen Hung has distributed his interests in Chinese Estates Holdings Ltd. to his children due to his ‘very unstable health condition,’ according to a company filing with the Hong Kong Stock Exchange yesterday.
In the announcement, the company said the businessman’s current health drives ‘the need to implement restructuring during his lifetime.’
With the restructuring effective yesterday, his eldest son, Lau Ming Wai, now holds 24.97 per cent of the company’s total shares, while his wife, Kimbee Chan Hoi Wan, as trustee for the couple’s minor children Lau Chung Hok and Lau Sau Wan, holds 50.02 per cent.
The billionaire previously indirectly held the stake of the company via a discretionary trust founded by him.
Last month, the businessman also named his wife as the company’s executive director.
Former chairman and CEO of Chinese Estates, Mr. Lao stepped down from his positions in 2014 after Macau’s courts convicted him of bribery and money laundering in the corruption case of disgraced former Secretary for Transport and Public Works Ao Man Long.

OPINION

549 POSTS0 COMMENTS
224 POSTS0 COMMENTS
185 POSTS0 COMMENTS
103 POSTS0 COMMENTS