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Joseph Lau

From Wikipedia - Reading time: 7 min

In this Hong Kong name, the surname is Lau. In accordance with Hong Kong custom, the Western-style name is Joseph Lau and the Chinese-style name is Lau Luen-hung.
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
Lau Luen-hung

(1951-07-19) 19 July 1951 (age 73)[1]
British 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)
Children6
Alma materUniversity of Windsor, Canada[4]
OccupationBusinessman
NicknameBig Lau/Elder Lau (大劉)
Joseph Lau Luen Hung
Traditional Chinese劉鑾雄
Simplified Chinese刘銮雄
Transcriptions
Standard Mandarin
Hanyu PinyinLiú Luánxióng
Yue: Cantonese
Jyutpinglau4 lyun4 hung4

Joseph Lau Luen-hung (Chinese: 劉鑾雄; born 21 July 1951) is a Hong Kong billionaire businessman. 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]

He lives in one of the most expensive houses in Hong Kong, at Goldsmith Road, Jardine's Lookout, valued at HK$2.5 billion with Chan Hoi-wan.[7]

Life and career

[edit]

Joseph Lau was born on 19 July 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.[8] 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.[8]

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.[8] In 2000, he acquired 67% stake in Chi Cheung Investment.[8]

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.[9]

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.[8] 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.[10]

Art and wine collections

[edit]

Lau is an avid art collector. He ranks among ARTnews's list of the "Top 200 Collectors."[11] In 2017, Forbes has estimated the total value of his art collection at around a $1 billion.[11]

Lau owns the painting Everything Must Go (1984) by Jean-Michel Basquiat.[12] In 2006, Lau purchased Andy Warhol's Mao (1977), a portrait of Mao Zedong, for $17.4 million at Christie's.[13] 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.[14]

In February 2020, Lau offered his David Hockney painting The Splash (1966) at Sotheby's contemporary art sale in London.[15] 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.[16] 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.[17] Following the success of the sale, Lau sold 147 lots (533 bottles in total) again at Sotheby's in Hong Kong.[18][19] The sale brought a total of $6.8 million, also doubling its pre-sale estimate.[20]

Personal life

[edit]

Lau married Po 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.[21] 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.[22]

Lau had five additional children with two women concurrently out of wedlock, two with Yvonne Lui and three with Kimbee Chan (aka Chan Hoi-wan).[23]

In May 2007, Lau was revealed to be among the first seven purchasers of a Boeing 787 Dreamliner jet for private use.[24]

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.[25]

In November 2015, Lau bought two expensive diamonds for his 7-year-old daughter Josephine.[26][27] On 10 November, he bought a 16.08 carat pink diamond at Christie's for $28.5 million.[27] 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.[27] He subsequently renamed them the "Sweet Josephine" and the "Blue Moon of Josephine" respectively after his daughter.[27]

On 7 December 2016, Lau married Kimbee Chan in Hong Kong.[28] In 2017, citing serious health issues, the business tycoon has transferred his 75% shares in Chinese Estates to his new wife and his son.[29]

[edit]

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.[30] 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.[31] Lau has so far evaded extradition and remains as a fugitive at large, as Macau and Hong Kong do not have an extradition treaty.[27]

References

[edit]
  1. ^ "Lau, Joseph Luen Hung 劉鑾雄". Webb-site. 13 December 2014.
  2. ^ Lo, Alex (4 May 2016). "Holding a foreign passport is fine – as long as no one finds out". South China Morning Post. Retrieved 18 September 2021.
  3. ^ "Theresa Po left behind a life in media's gaze". South China Morning Post.
  4. ^ "Executive Directors". Chinese Estates Group. 2008. Archived from the original on 1 February 2008. Retrieved 1 February 2008.
  5. ^ "Joseph Lau". Forbes. Retrieved 18 September 2021.
  6. ^ 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. ^ "【渣甸山大業主】大劉高士美道大屋 1億升至25億 ｜ 蘋果日報". 21 June 2021. Archived from the original on 21 June 2021. Retrieved 2 June 2023.
  8. ^ a b c d e "Bloomberg Billionaires Index". Bloomberg L.P. Retrieved 18 September 2021.
  9. ^ Nguy, Dominique (27 January 2017). "Tycoon gifts $18b building to wife". The Standard.
  10. ^ Kwok, Ben (12 November 2015). "Joseph Lau and the gift that keeps on giving". ejinsight. Archived from the original on 4 March 2016.
  11. ^ a b "Top 200 Collectors: Joseph Lau". ARTnews.com. 10 September 2017. Retrieved 18 September 2021.
  12. ^ "Chinese Estates Holdings invests largest Asian-owned commercial development approved by the City of London, UK in the last few". Bloomberg L.P. 22 August 2022. Retrieved 15 April 2023.
  13. ^ "Warhol's 'Mao' portrait sells for record $17.4M". TODAY.com. 16 November 2006. Retrieved 18 September 2021.
  14. ^ Peers, Alexandra (8 November 2007). "The Night the Art Market Went Bust?". Portfolio.com. Archived from the original on 4 May 2012. Retrieved 9 July 2022.
  15. ^ Solomon, Tessa (16 January 2020). "Fugitive Billionaire Joseph Lau Revealed as Seller of David Hockney's 'Splash': Report". ARTnews.com. Retrieved 18 September 2021.
  16. ^ "Boeing gets 787 order from Hong Kong's Lau". Reuters. 22 May 2007. Retrieved 18 September 2021.
  17. ^ Wang, Natalie (7 October 2020). "Sotheby's achieved 'white glove' sales from fugitive HK billionaire wine collection". Vino Joy News. Retrieved 18 September 2021.
  18. ^ "Wines from the Cellar of Joseph Lau Part II 劉鑾雄窖藏佳釀（第二部份）". Sotheby's.
  19. ^ "Sotheby's Hong Kong spring sale ends on a high note". The Drinks Business. 20 April 2021. Retrieved 18 September 2021.
  20. ^ Wang, Natalie (19 April 2021). "US$6.8m wines from Hong Kong billionaire Joseph Lau sold out". Vino Joy News. Retrieved 18 September 2021.
  21. ^ Panama Papers: Future political star and Heung Yee Kuk lawmaker have British nationality, Hong Kong Free Press, 20 April 2016
  22. ^ Lo, Alex (28 November 2011). "The man on Henry Tang's coat-tails", South China Morning Post.
  23. ^ Olsen, Robert (28 October 2010). "Tycoon's Two Girlfriends Seek $1.4 Billion of AIA Shares". Forbes. Retrieved 21 June 2013.
  24. ^ "ABC News". ABC News. Archived from the original on 29 June 2011. Retrieved 12 August 2022.
  25. ^ "Billionaire buys 7-year-old daughter Blue Moon diamond for record $48m". The Guardian. 12 November 2015. Retrieved 12 November 2015.
  26. ^ "Crooked tycoon buys daughter $77M in diamonds at auctions". CBS News. 12 November 2015. Retrieved 12 November 2015.
  27. ^ 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.
  28. ^ 【承認身份】大劉娶甘比 共同持有200億元華置股份. Apple Daily (in Chinese). Archived from the original on 21 December 2016. Retrieved 21 December 2016.
  29. ^ "Joseph Lau". Forbes. Retrieved 7 May 2017.
  30. ^ "Billionaire Lau Guilty of Bribery, Corruption in Macau". Bloomberg News. 14 March 2014. Retrieved 12 November 2015.
  31. ^ Lai, Stephanie (19 July 2015). "Court of Second Instance rejects appeal lodged by Joseph Lau, Steven Lo". Macau Business Daily. Retrieved 12 November 2015.
[edit]

Media related to Joseph Lau at Wikimedia Commons

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