Billionaire Joseph Lau purchases another commercial property worth HK$100m from ex-girlfriend after helping her to settle debts by buying her Wan Chai apartment earlier

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Far East Finance Centre

3rd February 2023 – (Hong Kong) Joseph Lau Luen-hung, Hong Kong fugitive billionaire who is the former chairman of property developer Chinese Estates was spotted with his ex-girlfriend Yvonne Lui Lai-kwan together with 3 bodyguard in Windsor House in Causeway Bay earlier.  He refuted the rumour that they were back together and to avoid misunderstanding, he made a statement formally to explain why they met up. According to Lau, Lui recently reached out to Lau for help due to difficulties, Lau said he was helping Lui with her debts due to investment loss as he did want the issue to affect the relationship with their children.

It was subsequently revealed that Lau bought a 1,363sqf apartment on the top floor of One Wanchai, 1 Wan Chai from his ex-girlfriend Lui for HK$40 million, nearly 16% lower than the estimated price of the unit. The sale and purchase agreement between the two parties was concluded on 21st December last year. It is understood that Lau purchased the relevant unit as a first home and he only had to pay a stamp duty at 4.25% of the property value. Sources confirmed that there were specific transaction terms, that is, the full HK$40 million must be deposited into a Deutsche Bank AG account to repay Lui’s debt.

Sources revealed recently that the Wan Chai apartment was not the only property that Lau bought from Lui. He has recently taken over about half a floor of Lui’s office in the Far East Finance Centre in Admiralty, with a valuation of HK$100 million. On the same day, Lui also paid off her mortgage on the house she owns in Happy Valley worth HK$300 million. Lui who was once described as a “super rich woman” by Lau purchased rooms 6A to 13 on the 3rd floor of the Far East Finance Centre with a limited company for about HK$140 million in April 2021. The floor area is 5,680 square feet. The current market value exceeds one billion Hong Kong dollars. On 6th January this year, Lui resigned as director of the company holding the commercial property, and was replaced by the sister of Lau’s current wife Chan Hoi-wan (Kimbee), Chan Sze Wan. The registered address was also changed to Windsor House in Causeway Bay.