Heung Yee Kuk chairman Kenneth Lau Ip-keung (centre) has shares in more than 50 companies. Photo: Felix Wong

Here are the big landlords among Hong Kong’s top decision makers

Executive councillor Kenneth Lau holds 14 plots of land and 18 residential and commercial units in city, while housing chief Frank Chan owns none

Kimmy Chung

Published: 9:24am, 2 Aug 2017

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The son of a late rural strongman has emerged as one of the biggest landlords and shareholders on the city’s top decision-making body, owning 14 pieces of land and 18 residential and commercial units in Hong Kong, as well as shares in more than 50 companies.

The assets of executive councillor Kenneth Lau Ip-keung came to light as the government released the declaration of interests of members of Chief Executive Carrie Lam Cheng Yuet-ngor’s new cabinet.

In stark contrast with Lau, three ministers, including housing chief Frank Chan Fan, own no property.

Lau, who took office on July 1, declared that he owned 14 pieces of land, along with seven units of a house, six houses and three commercial properties in Tuen Mun, in the New Territories. He holds another two homes in Yuen Long, in the New Territories, with two factory plots in Hubei and Huizhou on the mainland.

Lau, the son of rural strongman Lau Wong-fat,who died last week, also holds shares – with a value greater than one per cent of the issued share capital – in more than 50 companies. He is a non-paid director of 36 companies and is paid at three.

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Another big landlord, Arthur Li Kwok-cheung, was also an Exco member in the former government and holds more than 30 pieces of property in Hong Kong, some of which belong to a company directed by Li and his relatives.

Li is a paid director of seven companies, including Bank of East Asia.

Newly appointed non-official member Joseph Yam Chi-kwong, former head of the Hong Kong Monetary Authority, is an independent non-executive director of Union Pay International and Johnson Electric Holdings Limited.

He owns three flats in Hong Kong, two adjoining flats in Zhongshan and Guangdong in mainland China, and two companies. One of the companies is declared as a holding company for a golf club in Zhongshan and the other is currently deregistered.

Among the government’s 17 top officials, Chief Secretary Matthew Cheung Kin-chung and Secretary for Innovation and Technology Nicholas Yang Wei-hsiung appear to hold the most investments.

Cheung declared ownership of nine residential and commercial properties in the city, seven of them owned by his spouse for leasing.

Yang has five units in Hong Kong and another five in the United States, mainly owned by his spouse as well.

Secretary for Transport and Housing Frank Chan declared that he owned no property. Photo: Edward Wong

Secretary for Constitutional and Mainland Affairs Patrick Nip Tak-kuen also owns five properties with his wife, including three in mainland China and one in the UK.

City leader Lam declared only one residential flat with a parking space in Zhongshan, owned by her husband.

Three ministers, Frank Chan, education chief Kevin Yeung Yun-hung and Secretary for Home Affairs Lau Kong-wah, declared they owned no property, either under their name or the name of their spouse.

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