Joseph Lau

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Joseph Lau
Chairman of the Chinese Estates Holdings
In office
12 December 2006 – 14 March 2014
DeputyLau Ming Wai
Preceded byThomas Lau
Succeeded byLau Ming Wai
In office
1992 – 18 November 1999
Preceded byThomas Lau
Succeeded byThomas Lau
CEO of the Chinese Estates Holdings
In office
11 April 2006 – 14 March 2014
Succeeded byLau Ming Wai
Chairman of the Kwong Sang Hong International Limited
In office
24 February 1998 – 18 November 1999
Preceded byPhilip Leigh Tose
Succeeded byThomas Lau
Chairman of Evergo China Holdings Limited
In office
1994 – 18 November 1999
Succeeded byThomas Lau
Personal details
Born
劉鑾雄
Lau Luen-hung

(1951-07-21) 21 July 1951 (age 70)[1]
Hong Kong
CitizenshipUnited Kingdom[2]
Hong Kong
Spouse(s)Theresa Po Wing-kam†[3]
(1977–1992, 2 children)
Kimbee Chan
(2016–present, 2 children)
Domestic partnerYvonne Lui (2002–2014)
RelationsThomas Lau
(brother)
ChildrenLau Ming-wai
Jade Lau Sau-yung
Lau Sau-ying
Lau Sau-wah
Lau Chi-fung
Lau Chung-hok
ParentsIp Sok Wun (1920–2015)
Alma materUniversity of Waterloo, Kitchener, ON, CA [1][4]
Occupationbusinessman
Net worthIncrease US$13.3 billion (September 2021)[5]
Joseph Lau Luen Hung
Traditional Chinese劉鑾雄
Simplified Chinese刘銮雄

Joseph Lau Luen Hung (Chinese: 劉鑾雄; born 21 July 1951) is a Hong Kong billionaire. Lau is the former chairman of property developer Chinese Estates. He is an avid art and wine collector. His fortune is estimated by Forbes at $13.3 billion as of September 2021.[5] In 2014, he became a convicted felon and fugitive in Macau.[6]

Life and career[]

Joseph Lau was born on July 21, 1951 in Hong Kong. He has a younger brother Thomas and two younger sisters. Lau attended the University of Windsor in Canada before returning to join his family's business making electric fans in 1974.[7] In 1978, he renamed the company Evergo Industrial Enterprise. In 1982, 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.[7]

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.[7] In 2000, he acquired 67% stake in Chi Cheung Investment.[7]

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 Kimbie Chan Hoi-wan and their children.[8]

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 .[7] His son Lau Ming-wai acceded to the chairmanship of the company. Sue Chan, the elder sister of Lau's wife Kimbie, became the chief executive of the company Lau founded.[9]

Art and wine collections[]

Lau is an avid art collector. He ranks among ARTnews's list of the "Top 200 Collectors."[10] In 2017, Forbes has estimated the total value of his art collection at around a $1 billion.[10]

Lau purchased Everything Must Go (1984) by Jean-Michel Basquiat for $250,000 in the 1990s.[11] In 2006, Lau purchased and Andy Warhol's Mao (1977), a portrait of Mao Zedong, for $17.4 million at Christie's.[12] In 2007, Lau purchased Paul Gauguin's Te Poipoi (The Morning) (1892), a painting of a Tahitian scene, for $39.2 million at a Sotheby's auction.[13]

In February 2020, Lau offered his David Hockney painting The Splash (1966) at Sotheby’s contemporary art sale in London.[14] The painting sold for $29.9 million, which is the third highest price ever achieved for a Hockney at auction.[6]

Lau owns a collection of more than 10,000 bottles of red wine.[15] In October 2020, the sales of Lau's French wines at Sotheby's in Hong Kong brought a total of $6.8 million, more than doubling pre-sale expectations.[16] Following the success of the sale, Lau sold 147 lots (533 bottles in total) again at Sotheby's in Hong Kong.[17][18] The sale brought a total of $6.8 million, also doubling its pre-sale estimate.[19]

Personal life[]

Lau married Bo Wing-kam (1954–2003) in 1977 and they were divorced in 1992. They had two children: a son, Lau Ming-wai (born 1979 Dec) and daughter Jade Lau Sau-yung (born 1983). In 2008, Lau Ming-wai's wife gave birth to twins, they are Lau's eldest grandchildren. Lau Ming-wai, a British citizen, is vice-chairman of Chinese Estates Group and is both chairman of the government's Commission on Youth and on the steering committee of the HK$10 billion Community Care Fund, established in 2010.[20] He was formerly a member of the Commission on Poverty. In 2011, he was part of Henry Tang's election team for the 2012 chief executive election.[21]

Lau had two children with former assistant Kimbie Chan (aka Chan Hoi-wan)—a daughter, Josephine (born 2008) and a son (born 2012).[22]

In May 2007, Lau was revealed to be among the first seven purchasers of a Boeing 787 Dreamliner jet for private use.[23]

In 2009, Lau bought a 7.03 carat blue diamond for his daughter Josephine, that he named the "Star of Josephine" at Sotheby's for $9.5 million.[24]

In November 2014, Lau bought a 9.75 carat blue diamond for his 13-year-old daughter Zoe at Sotheby's for $32.6 million, that he named "Zoe Diamond".[25] He also bought her a Cartier brooch featuring a 10.1 carat ruby, that he named "Zoe Red" at Christie's for $8.4 million.[26][27]

In November 2015, Lau bought two expensive diamonds for his 7-year old daughter Josephine.[27][28] On 10 November, he bought a 16.08 carat pink diamond at Christie's for $28.5 million.[28] The next day, Lau bought a 12.03 carat blue diamond at Sotheby's for $48.4 million, setting new records for the most expensive jewel sold at auction and the most expensive diamond ever.[28] He subsequently renamed them the "Sweet Josephine" and the "Blue Moon of Josephine" respectively after his daughter.[28]

On 7 December 2016, Lau married Chan Hoi-wan (Kimbee) at Hong Kong, they have two children.[29] In 2017, citing serious health issues, the business tycoon has transferred his 75% shares in Chinese Estates to his new wife and his son.[30]

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.[31] However, the Court of Second Instance rejected his and Lo's appeals on 19 July 2015 and let the length of their prison terms stand.[32] Lau has so far escaped extradition and remains at large as a fugitive as Macau and Hong Kong do not have an extradition treaty.[28]

References[]

  1. ^ "Lau, Joseph Luen Hung 劉鑾雄". Webb-site. 13 December 2014.
  2. ^ "Holding a foreign passport is fine – as long as no one finds out". South China Morning Post. 4 May 2016. Retrieved 18 September 2021.
  3. ^ "Theresa Po left behind a life in media's gaze". South China Morning Post.
  4. ^ "Board of Directors". Chinese Estates Group. 2012. Retrieved 29 February 2012.
  5. ^ Jump up to: a b "Joseph Lau". Forbes. Retrieved 18 September 2021.
  6. ^ Jump up to: a b "Did fugitive tycoon Joseph Lau sell a David Hockney painting for US$30 million?". South China Morning Post. 16 February 2020. Retrieved 8 October 2020.
  7. ^ Jump up to: a b c d e "Bloomberg Billionaires Index". Bloomberg.com. Retrieved 18 September 2021.
  8. ^ Nguy, Dominique (27 January 2017). "Tycoon gifts $18b building to wife". The Standard.
  9. ^ http://www.ejinsight.com/20151112-joseph-lau-the-gift-that-keeps-on-giving/
  10. ^ Jump up to: a b "Top 200 Collectors: Joseph Lau". ARTnews.com. 10 September 2017. Retrieved 18 September 2021.
  11. ^ "刘銮雄一生中至爱画家，作品8.6亿破纪录成交，果然眼光独到" [Liu Luanxiong's beloved painter in his life, his works were sold for 860 million yuan, and he really had a unique vision]. kknews.cc (in Chinese). 20 May 2017.
  12. ^ "Warhol's 'Mao' portrait sells for record $17.4M". TODAY.com. 16 November 2006. Retrieved 18 September 2021.
  13. ^ (in German) Sothebys Auction – Portfolio.com
  14. ^ Solomon, Tessa (16 January 2020). "Fugitive Billionaire Joseph Lau Revealed as Seller of David Hockney's 'Splash': Report". ARTnews.com. Retrieved 18 September 2021.
  15. ^ Staff, Reuters (22 May 2007). "Boeing gets 787 order from Hong Kong's Lau". Reuters. Retrieved 18 September 2021.
  16. ^ Wang, Natalie (7 October 2020). "Sotheby's achieved 'white glove' sales from fugitive HK billionaire wine collection". Vino Joy News. Retrieved 18 September 2021.
  17. ^ "Wines from the Cellar of Joseph Lau Part II 劉鑾雄窖藏佳釀（第二部份）". Sotheby's.
  18. ^ "Sotheby's Hong Kong spring sale ends on a high note". The Drinks Business. 20 April 2021. Retrieved 18 September 2021.
  19. ^ Wang, Natalie (19 April 2021). "US$6.8m wines from Hong Kong billionaire Joseph Lau sold out". Vino Joy News. Retrieved 18 September 2021.
  20. ^ Panama Papers: Future political star and Heung Yee Kuk lawmaker have British nationality, Hong Kong Free Press, 20 April 2016
  21. ^ Lo, Alex (28 Nov 2011). "The man on Henry Tang's coat-tails", South China Morning Post.
  22. ^ Olsen, Robert (28 October 2010). "Tycoon's Two Girlfriends Seek $1.4 Billion of AIA Shares". Forbes. Retrieved 21 June 2013.
  23. ^ ABC News: ABC News
  24. ^ "Billionaire buys 7-year-old daughter Blue Moon diamond for record $48m". The Guardian. 12 November 2015. Retrieved 12 November 2015.
  25. ^ DeMarco, Anthony. "Bunny Mellon's Blue Diamond Sells For More Than $32.6 Million, Sets Two World Auction Records". Forbes. Retrieved 12 November 2015.
  26. ^ "AN EXTREMELY RARE RUBY AND DIAMOND BROOCH, BY CARTIER". Chistie's. Retrieved 12 November 2015.
  27. ^ Jump up to: a b "Crooked tycoon buys daughter $77M in diamonds at auctions". CBS News. Retrieved 12 November 2015.
  28. ^ Jump up to: a b c d e "What a gem: Hong Kong tycoon buys daughter $48 mn diamond". Yahoo News. Agence France-Presse. 12 November 2015. Retrieved 12 November 2015.
  29. ^ 【承認身份】大劉娶甘比 共同持有200億元華置股份. Apple Daily (in Chinese). Retrieved 21 December 2016.
  30. ^ "Joseph Lau". Forbes. Retrieved 7 May 2017.
  31. ^ "Billionaire Lau Guilty of Bribery, Corruption in Macau". Bloomberg News. 14 March 2014. Retrieved 12 November 2015.
  32. ^ Lai, Stephanie (19 July 2015). "Court of Second Instance rejects appeal lodged by Joseph Lau, Steven Lo". Macau Business Daily. Retrieved 12 November 2015.
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