HONG KONG -- Fugitive Hong Kong property tycoon Joseph Lau Luen-hung is perhaps more a target for paparazzi than business journalists. Better known for his extravagant purchases of private jets and Hermes handbags for his girlfriends, his recent wealth transfer has come under spotlight, revealing deeper fissures and governance issues in the family business of the ailing billionaire.
Lau, 65, announced that he would divide his 17 billion Hong Kong dollar ($2 billion) business empire between his loved ones early March. As a trustee for their children, his wife Kimbie Chan Hoi-wan received half of the shareholding in Chinese Estates Holdings, a developer founded by Lau. His son and non-executive chairman Lau Ming-wai had a quarter.
