Former bankrupt tycoon Siegfried Lee markets immigrant visa quotas linked to US project
Investors guaranteed 1 per cent interest and money back after five years
Bankrupt manufacturing tycoon Siegfried Lee Siu-fung, who once owned the most expensive house in Hong Kong, has moved into property development in the US, targeting investors from the city and China seeking residency status through an investment visa programme.
Lee moved his base out of Hong Kong to the US after his company Siu-Fung Ceramics Holdings was delisted in 2000 and he was declared bankrupt in 2001.
He recently returned to the city, where he gained fame and notoriety in equal measure for insider-trading violations, with the sole purpose of marketing the EB-5 immigrant investor visa programme linked to his project in Houston, Texas.
The 29-storey building at 3300 Main Street has 328 units with an average size of 1,114 square feet.
“We are building a single block in Houston. We are considered as qualified project with a grant of 59 immigration quotas through the EB-5 immigrant investor visa programme. This time, we are not selling the units, but the quotas, ” said Lee, who is now the chief executive of Roy Ceramics, the developer of the property.