Joseph Lau adds another HK$970m to personal fortune as Chinese Estates continues selling assets
Lau has received HK$35 billion in dividends over the past 13 years from the business
Joseph Lau Luen-hung increased his personal wealth by some HK$970 million on Tuesday, as shares in his Chinese Estates Holdings soared, the day after the firm agreed to sell two properties to his long term partner, and his son, for a combined HK$1.55 billion, and plans to issue a special dividend.
Chinese Estates shares had risen 7.05 per cent at one point, before closing the day at HK$15.58, up 4.7 per cent from Monday.
Lau owns 74.99 per cent of the company, which translated into a daily paper profit of HK$970 million.
Chinese Estates revealed on Monday night it was selling a residential site – at No 12 Shui Fai Terrace in Mid-Levels East – for HK$1.05 billion to Chan Hoi-wan, according to a filing with the Hong Kong stock exchange on Monday.
Lau plans to marry Chan, according to a notice posted at the Hong Kong marriage registration office a fortnight ago.
Separately Chinese Estates – via its indirect wholly-owned subsidiary New Silver – has also agreed to sell a number of commercial retail outlets at Lowu Commercial Plaza in Shenzhen to Lau Ming-wai, Joseph Lau’s son, and the chairman of Chinese Estates, for HK$500 million.