Hong Kong billionaire Joseph Lau and his wife Chan Hoi Wan.
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Joseph Lau, former chairman of Hong Kong property developer Chinese Estates Holdings, has expressed his frustration with “false rumors” carried by mainland Chinese media that had claimed his wife, Chan Hoi Wan, had been cut out of his will after losing billions of dollars in bad investments.
Speaking at a hastily arranged press conference on Friday afternoon, Lau displayed some of the reports while speaking at length to address the rumors that ranged from succession plans at the helm of his real estate empire to speculation over the state of his health.
“My wife Chan Hoi Wan has never caused me any losses through financial investment,” Lau said. “Indeed, she has made more than HK$20 billion ($2.6 billion) for me through art investments.”
The Chinese reports claimed that Chan had lost more than HK$20 billion in bad investments over the years, prompting Lau to amend his will and leave her with nothing. The 72-year-old was said to have decided to leave all of his properties to Lau Ming-wai, his son from his first marriage who now serves as chairman of Chinese Estates.
Lau’s fortune, currently estimated at $13.1 billion, is mostly derived from his real estate holdings in Hong Kong. Although he had transferred the majority of his wealth to Chan and Ming-wai in 2017, Forbes includes spouse’s and children’s assets when calculating net worths. The transfer of Lau’s assets had taken place due to concern over his health. He had been diagnosed with heart disease and diabetes.
In response to the rumors about his health, Lau said, “Look at me speaking, do I look like I am dying? I am furious, and I am healthy.”
Joseph Lau speaking at a press conference on November 10, 2023 in Hong Kong.
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Chinese Estates estimated in 2021 that it had lost about $1 billion, after divesting the majority of its investment in China Evergrande Group, the embattled property giant controlled by Lau’s friend and longtime associate Hui Ka Yan. The two tycoons had engaged in a series of real estate deals over the years, and Lau said he won’t blame Hui for the loss.
“I have never been angry at him [Hui]. I only get angry at myself because my wife and her sister had told me more than 200 times to sell [Evergrande’s stocks],” Lau said. “I responded to them by saying, ‘If I sell, he will definitely collapse at a pace faster than he would have otherwise.’”
Lau had stepped down from his roles as Chinese Estates CEO and chairman after he was convicted of bribery and fraud in Macau in 2014. He was found guilty of paying $2.6 million to a public works official in a money-for-land deal, but Hong Kong and Macau do not have an extradition treaty, so Lau has never had to serve his sentence of five years and three months.
Lau is also known for spending his wealth on collectibles like fine art, wine and jewels. His wealth also includes pieces from Andy Warhol, Paul Gauguin and David Hockney that are worth at least $1 billion. Earlier this year, he offered to sell some of his collection through Christie’s and Sotheby’s.