Joseph Lau’s wife takes control of Chinese Estates after tycoon’s eldest son and chairman transfers entire stake
- Lau Ming-wai, 39, transfers his 25 per cent stake in the Hong Kong-listed developer to his stepmother amid rumours he is pursuing a role in government
- Former celebrity journalist Chan Hoi-wan now controls 75 per cent in Chinese Estates as a trustee for her three young children
Chan Hoi-wan, executive director of Chinese Estates Holdings and wife of convicted fugitive Joseph Lau Luen-hung, is now the de facto controller of the Hong Kong-listed developer, after her stepson Lau Ming-wai transferred his entire stake in the company to her three children.
Lau Ming-wai, 39, chairman of Chinese Estates Holdings, transferred 476.4 million shares or 24.97 per cent stake to his half siblings, according to a filing to the Hong Kong stock exchange after the market close on Thursday.
Lau Ming-wai transferred the stake via wholly-owned Century Frontier to Solar Bright, which is wholly-owned by Sino Omen. Chan, in turn, is the trustee of Sino Omen for her underage children.
The share transfer means that the 40-year-old former celebrity journalist, together with her children Lau Chung-hok, aged 7, Lau Sau-wah, 11 and Lau Sau-yee, 2, now own 1.43 billion shares, or 74.99 per cent stake, in Chinese Estates.
The shares rose 3.8 per cent before the announcement. Based on the closing price of HK$4.95 on Thursday, Chan and her children’s stake amount to HK$7.07 billion.
“The transfer is due to Lau Ming-wai’s personal investment plan,” a source said, who added that he will continue in the chairman’s post. Another source said that the chairman may have divested his stake in the company to pursue a government role. Lau Ming-wai currently serves as deputy chairman of the financially troubled Ocean Park.