Chinese Estates Holdings

Life and career

Joseph Lau was born on 19 July 1951 in Hong Kong. He has a younger brother, Thomas, and two younger sisters, and is nicknamed "Elder Lau" (大劉), to distinguish from Thomas, nicknamed "Younger Lau" (細劉), whose name is pronounced the same in Cantonese. Lau attended the University of Windsor in Canada before returning to join his family's business making electric fans in 1974. In 1978, he established the company Evergo Industrial Enterprise, while Thomas, his brother, inherited the family business. In 1983, the company held an initial public offering in Hong Kong. In 1985, Lau switched Evergo's business focus to investment-holding and property-management services.

Lau became the majority shareholder of Chinese Estates Holdings when he acquired a 43% stake in the company through Evergo in 1986. Since then, he's expanded his real estate investments through a series of acquisitions.

In 1988, under the leadership of Lau, the Group diversified its property interests to Mainland China through the participation in the development of Oriental Arts Building Complex and Hilton Hotel in Beijing. In 1998, The Group, through a 50:50 joint venture vehicle, acquired around 64.29% interest in a listed company, The Kwong Sang Hong International Limited ("Kwong Sang Hong") in January.

Chinese Estates Holdings developed The ONE, the tallest retail complex in Hong Kong, which opened in 2010. In 2017, Lau gifted the property to his wife Kimbee Chan Hoi-wan and their children.

In March 2014, Lau resigned from his positions as chairman and CEO of Chinese Estates after a Macau court convicted him of bribery and money laundering. His son Lau Ming-wai acceded to the chairmanship of the company. Sue Chan, the elder sister of Lau's wife Kimbee, became the chief executive of the company Lau founded.

Legal issues

On 31 May 2012, the Macau Court of Final Appeal confirmed that Lau and Steven Lo were involved in the case of offering Macau's former public works chief Ao Man-long HK$20 million over the bid for five plots of land opposite Macau International Airport. Lau and Lo were charged with bribery and money laundering. They both denied the charges and Lo earlier told the court that the HK$20 million was a preliminary payment to construction company San Meng Fai.

On 14 March 2014 Lau and Lo were found guilty of the charges against them in Macau's Court of First Instance. Lau was sentenced to five years and three months in prison, but he appealed. However, on 19 July 2015, the Court of Second Instance rejected his and Lo's appeals and let the length of their prison terms stand. Lau has so far evaded extradition and remains as a fugitive at large, as Macau and Hong Kong do not have an extradition treaty.