Macau voids sale of land for La Scala development by Chinese Estates
HK-listed Chinese Estates building HK$20b La Scala development on the land
Macau's chief executive has invalidated the sale of five plots of land at the centre of a corruption case involving Hong Kong tycoons Joseph Lau Luen-hung and Steven Lo Kit-sing, it was revealed last night.
The land in question is the site of the HK$20 billion La Scala luxury residential project.
Lau's company Chinese Estates issued a statement via the Hong Kong Exchanges and Clearing website last night, saying that its subsidiary Moon Ocean had received notice that Chief Executive Dr Fernando Chui Sai-on had declared land transfer contracts dated March 2006 invalid. The developer said Moon Ocean, previously owned by Lo, had been given 15 days to object to the decision or appeal to Macau's Court of Second Instance, and was seeking legal advice.
Lau and Lo are due to face trial in Macau next month on charges of paying a HK$20 million bribe to former Macau public works chief Ao Man-long to secure the plots. Ao was jailed for 29 years in May for corruption and money laundering.
Chinese Estates stopped work and ceased flat sales in June after Macau's government said it would look to reclaim the site.
Lau and Lo deny the charges against them. Lo could not be reached for comment last night.