A retired property agent has been convicted of trying to defraud a housewife after asking her to invest in a counterfeit money factory in Thailand, which he claimed could turn blank paper into genuine bank notes. Hung Wai-ngai, 72, had denied conspiring with two others, who are still at large, to cheat $300,000 from housewife Yau Yuk-fond, 63, between September 1998 and July last year, but was found guilty yesterday in Eastern Court. Hung and the two other men told Ms Yau they had a factory that could make counterfeit US dollars. Chan tricked Ms Yau by putting a piece of blank paper and a genuine US bank note into 'magic water' and the blank paper appeared to have been 'transformed' into a real bank note. Hung, who lived in Hong Kong until he moved to Thailand 10 years ago, first approached Ms Yau in September 1998 as a property agent interested in buying her flat. But he then tried to persuade her to mortgage the flat and invest in the factory. Magistrate Colin Mackintosh adjourned sentencing to July 31.