The rise of a billionaire

Following the media frenzy triggered by the news that Joseph Lau Luen-hung faced bribery and money laundering charges in Macau, the 60-year-old property tycoon was, perhaps understandably, not available for comment yesterday.

The story broke on Wednesday night after Lau's company Chinese Estates Holdings informed the stock exchange shortly before 10pm that he would be facing charges of bribery and money laundering in Macau's Court of First Instance, an announcement that led to the suspension of trading in the conglomerate's shares yesterday.

The ensuing media scrutiny is inevitable, given the prominent role that Lau - ranked fifth on the Forbes Hong Kong Rich List with a US$6.5 billion fortune - has played in the region's commercial and business life.

Lau, and another Hong Kong businessman, Steven Lo Kit-sing, are alleged to have offered HK$20 million to convicted former Macau public works chief Ao Man-long in 2005 in connection with their bid for five sites opposite Macau airport. A luxury residential project called La Scala owned by Chinese Estates is being built there.

This is the only Macau project owned by Chinese Estates. Located on the Cotai Strip, La Scala has a gross floor area of more than 5.7 million sq ft and the company aims to make it the city's largest waterfront luxury development, at an estimated cost of more than HK$20 billion.

Lau has high hopes that the Macau project will strengthen the company's status as a prominent real estate developer, helping to overcome the image of the rash corporate raider that he acquired in the 1980s.