Joseph Lau gives shares to children due to ‘unstable health’


Hong Kong billionaire Joseph Lau Luen Hung has distributed his interests in Chinese Estates Holdings Ltd. to his children due to his ‘very unstable health condition,’ according to a company filing with the Hong Kong Stock Exchange yesterday.
In the announcement, the company said the businessman’s current health drives ‘the need to implement restructuring during his lifetime.’
With the restructuring effective yesterday, his eldest son, Lau Ming Wai, now holds 24.97 per cent of the company’s total shares, while his wife, Kimbee Chan Hoi Wan, as trustee for the couple’s minor children Lau Chung Hok and Lau Sau Wan, holds 50.02 per cent.
The billionaire previously indirectly held the stake of the company via a discretionary trust founded by him.
Last month, the businessman also named his wife as the company’s executive director.
Former chairman and CEO of Chinese Estates, Mr. Lao stepped down from his positions in 2014 after Macau’s courts convicted him of bribery and money laundering in the corruption case of disgraced former Secretary for Transport and Public Works Ao Man Long.