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The Nine-Zero Club

Joseph Lau is listed in a top 100 global rich list despite the fact that he has transferred Chinese Estates shares to his children

Hong Kong businessman Joseph Lau Luen Hung is ranked 86th wealthiest individual globally, with an estimated net worth of some US$13 billion (MOP104 billion) as featured in the Hurun Global Rich List 2017 released on Tuesday.
According to the list, Mr. Lau jumped 26 places compared to the same list in 2016.
However, the firm notes its wealth calculations are ‘a snapshot of January 15 this year.’
Last week, Chinese Estates announced that Mr. Lao, who is said in a filing to be in a ‘very unstable health condition,’ had distributed his interests in Chinese Estates to his eldest son, Lau Ming Wai (24.97 per cent), and to his wife, Kimbee Chan Hoi Wan (50.02 per cent), as trustee for the couple’s minor children.
Lau stepped down as chairman and CEO of Chinese Estates in 2014 after he was sentenced in Macau to five years in prison for bribery and money laundering in 2012 linked to the corruption case of former Secretary for Transport and Public Works Ao Man Long. He still faces possible extradition to Macau.
Meanwhile, China had the highest number of billionaires in 2016 according to the Hurun Global Rich List 2017.
Chinese billionaires pulled ahead of the U.S. for the second time, with a total of 609 and 552 billionaires, up 41 and 17, respectively.
The number of billionaires in the world is 2,257.
In terms of city, Beijing overtook New York as the billionaire’s capital of the world for the second time, with 94 and 86 billionaires, respectively.
Hong Kong (71), Shenzhen (62), Shanghai (53), and Hangzhou (36) also made the top ten cities with the most billionaires. In particular, Shenzhen recorded the highest number of new billionaires of 16 during the year.
In its sixth edition, the Hurun Global Rich List is produced by Hurun Report Inc., a leading media group targeted at Chinese and Indian high net worth individuals. Its ranking measures the world’s biggest fortunes in U.S. dollars.