25th January 2023 – (Hong Kong) In 2021, we wrote an article during the launch of Netflix’ Bling Empire and suggested that Hong Kong multi-millionaire Stephen Hung and his wife, Deborah Hung should appear in season 2 of the series due to their flamboyant lifestyle. Subsequently, Bling Empire: New York was launched on 20th January and the two did indeed appear in the new series. The new show revolves around Dorothy Wang, a billionaire (Roger Wang) heiress in Bling Empire season 2 who moved from Los Angeles to New York.
Kane Lim, one of the main characters in original series of Bling Empire has kept his family background very secretive despite his lavish lifestyle. We first exposed in 2021 that Kane’s father is Kenny Lim Oon Cheng, the interim chief executive of Xihe Holdings in Singapore. Kenny Lim Oon Cheng is the brother of Lim Oon Kuin (O.K. Lim) who is the founder of beleaguered Singaporean oil trader Hin Leong Trading (HLT). The company was embroiled in a financial scandal that saw the company file for bankruptcy in April, marking one of the world’s largest collapses of an oil trading firm. In August and September 2020, O.K. Lim was hit with two charges of abetment of forgery for the purpose of cheating in Singaporean court. The offence carries a fine and a jail term of up to 10 years. Lim, his children and a Hin Leong employee have also been sued by HSBC Holdings to recover millions in financing the bank alleges they obtained with forged documents.
After exposing his family background, 3-Ball Media Group in Los Angeles, a company owned by Jeff Jenkins Productions, which is behind Netflix’s Bling Empire reached out to us in June 2021 last year to use the information published by Dimsum Daily. We obliquely allowed the production company to use the content without quoting us as a source. We refused to negotiate any licensing fee as the information published on our media site is available for free for our readers.
It is unsure if the company’s ill-gotten funds have been diverted to Kane’s father and the source of money to fund Kane’s lavish lifestyle in the United States is questionable. Kane has denied any links.
That brings us back to the question: Who is Stephen Hung?
Stephen Hung, according to Wikipedia and online sources is a millionaire businessman with an unverified net worth of around US$400 million but his wealth was further exaggerated to as much as US$2 billion in Netfix’s Bling Empire: New York. Hung was educated at Columbia University and the University of Southern California, where he earned a master’s degree in business administration. Stephen Hung was co-head of investment banking for Asia at Merrill Lynch. He later formed his own investment company. Hung has also previously served as the Vice Chairman of eSun Holdings and as a non-executive director of Lippo Group‘s AcrossAsia Limited. He is also the chairman of The Taipan Investment Group and vice-chairman of Rio Entertainment Group, which operated the Rio Hotel & Casino in Macao up to mid 2022. Galaxy Entertainment Group is the owner of Rio Hotel & Casino. In June 2022, Rio Entertainment Limited, the company responsible for the Rio Hotel, has questioned Galaxy Entertainment Group‘s (GEG) decision to close its satellite casino at the hotel. Galaxy has announced that it would close Rio Casino along with President Casino, but Rio Entertainment claimed the company was not sought a renewal of its cooperation agreement to keep the casino working. In a half-page ad published in the Chinese-language newspaper Macao Daily, Rio Entertainment Ltd claimed to have received a notice from Rio Casino months ago that GEG had terminated operations and proposed to close it on 15th June 2022 before the concessionaire licence expiration deadline on 26th June, 2022.
Hung founded and is currently the chairman of SH Capital Group, a private investment firm dealing with real estate, hospitality, and other luxury industries, according to his LinkedIn. However, no details of the company can be found. He’s also the founder of failed The 13 hotel in Macao.
His father was also involved in real estate business and Stephen Hung reportedly inherited a substantial wealth from him. He started his career in investment banking before investing in real estate development. Stephen likes to flaunt his wealth by showing off his gaudy outfits and flashing his over-the-top jewellery, cars and material possessions on his Instagram account. The 64-year-old millionaire often attends fashion events in his signature and bizarre outfits that look like bathrobes and pyjamas with his equally narcissistic wife, Deborah. Sunglasses is a must-worn accessory when sitting at front rows during fashion shows to hide the wrinkles and eye bags due to advanced age. They both like to project the ‘power couple’ image by mingling with fashion designers and celebrities whom they claim treat them more like ‘friends’ than VIP clients. Fashion is very subjective, it’s akin to the emperor’s new clothes. If someone is a big spender on couture outfits, the designers will do whatever the person pleases to make money from him/her and sycophants would commend the person on his/her ‘good taste’.
Do Stephen and Deborah Hung live in New York?
The couple reportedly lives in a converted massive penthouse at Residence Bel-air in Cyberport, Hong Kong and they do not live in New York. Stephen Hung has a fleet of luxurious cars including 2 Rolls Royce cars in yellow and pink, Bentley Mulsane in red and a Pagani Huayra hypercar. The couple’s walk-in wardrobe at home in Residence Bel-air is fitted with 3,000 chandeliers. They were probably asked by the producer of Bling Empire to spend a few months in New York for the filming due to their hedonistic, extravagant and over-the-top jet-setting lifestyle that would fit in with the cast. Also, it is unlikely that they know the other cast members of Bling Empire: New York as they don’t really spend time in the Big Apple. In January last year, Stephen Hung posted a picture of a party he hosted at Opera Gallery in New York. Some of the other cast members like Tina Wang, Richard and Vika were spotted in the background. Stephen Hung also thanked Rolls Royce for providing them with a car and chauffeur during their stay in New York. This shows that their stay in New York was not on a permanent basis.
Stephen Hung reportedly had three failed marriages before marrying Deborah Valdez, a model from Mexico.
He has two sons from his previous marriage, Ivan Hung and Sean Hung. It is unknown who is the mother of his two sons. The two also attended their father’s wedding with Deborah at The Ritz Carlton in 2012. Both of them are believed to be still residing in Hong Kong. Ivan performed a hip-hop dance with Party Rock Anthem by LMFAO as theme music during the wedding. There is no information on Ivan’s career except that an offshore company, I Hung Limited, a company registered in BVI might be created by Stephen Hung using his name. However, I Hung Limited appears to be controlled 100% by Sean Hung.
Also, the identities of his three ex-wives remain a mystery. Local media reports said that Stephen Hung met his first wife a year or two after graduation, and there was little introduction to his second and third wives, except that they were both in their early 20s when they were married. Sean who is in his early 30s graduated with a degree in Finance from Bryant University, a private university in Smithfield, Rhode Island and attended St. Joseph’s College in Hong Kong. He also obtained a MBA in finance from Northeastern University.
In 2013, Sean Hung opened a ramen shop with the support of his father. Both Stephen Hung and Deborah were present to attend the opening ceremony. Sean then took a stake worth US$60 million, representing a 19.6% stake in Paul Y Engineering Group Limited via offshore company Pride Wisdom Group Limited to raise over HK$3.2 billion capital for the doomed Macao hotel The 13.
Sean Hung is also the CEO and Managing Partner at Chiron Partners, an Asian investment group focusing on supporting innovative teams globally in the digital asset and blockchain industry. According to the company website, previous to Chiron, Sean was Director at Diginex, a NASDAQ-listed digital assets exchange, and Diginex Solutions, its sister company that focuses on blockchain ESG solutions. Prior to this, he was Vice President at Cantor Fitzgerald, the global investment bank, specialising in APAC structured finance and special situations financing.
In 2016, Sean Hung bought a low-rise unit at Alassio in Mid-Levels West. According to the data from the Land Registry Office, the price of the low-rise unit A was sold in May 2016 for HK$31.68 million and the buyer was Sean Hung.
The Unlucky 13
In 2013, Stephen Hung set about developing a luxury casino-resort in Macao, under the name Louis XIII, with the help of Princess Tania de Bourbon Parme. By 2017, the project was lavishly built and under a new name ‘The 13’, but was in financial difficulties, having neither opened nor been awarded a casino licence. Hung’s main vehicle and the operating company for the project, 13 Holdings Limited, had targeted extremely wealthy officials and the business elite from the People’s Republic of China. However, in 2014, Chinese Communist Party‘s general secretary Xi Jinping, in Macao for its 15th anniversary as an SAR, announced his government’s displeasure at such ostentatious excess, as part of his crackdown on corruption, which severely impacted the project’s ambitions. The company was then forced to sell a 52 percent stake in its engineering subsidiary Paul Y Engineering Group Limited.
Back in November 2012, Paul Y Engineering Group Limited, a Hong Kong based bulk cargo port and infrastructure group announced that it would acquire Falloncroft Investments Ltd at a total price of HK$2 billion. Falloncroft Investments Ltd, founded by Stephen Hung owned a piece of land in Coloane, Macao which is the site for embattled Macao hotel, The 13. On completion of the acquisition, Falloncroft would have exclusive contractual rights in respect of a 65,000 sq ft land parcel located on the Cotai Strip in Macao, on which a 945,000 sq ft super luxury exclusive hotel, casino and retail complex was proposed to be built. The construction of the hotel started in 2013.
Falloncroft also signed an MOU with an affiliate of one of the gaming concessionaires for the management and operation of the proposed casino. Paul Y. Construction was engaged as the design-build manager for the development. The gross development budget was established at around $6,500 million. The acquisition was conditional upon Paul Y Engineering Group raising minimum gross proceeds of HK$3,200 million from the placing by CLSA of a minimum of 1,176 million new shares and additional new shares/convertible bonds. Located south of the Cotai Strip, The 13 Hotel opened on 31st August 2018 following a series of delays due to funding problems, but the company revealed an average occupancy rate of just 8% through 30th June 2019. A number of rooms also remain unfinished.
Falloncroft Investments Ltd is the subsidiary of South Shore Holdings Ltd which operated The 13. South Shore Holdings Limited (Hong Kong Stock Exchange: 0577) was founded in 2006 by Stephen Hung (former joint chairman) and the joint chairman was Mr Peter Lee Coker Jr. South Shore Holdings Limited (South Shore) was previously known as “The 13 Holdings Limited” before the name change from “Louis XIII Group Limited”, a company incorporated in Bermuda. In 2015, company filings showed that the majority shareholder of Louis XIII Holdings Ltd. was Stephen Hung’s son, Sean Hung. Other shareholders included offshore companies linked to Sean or companies owned by him. It is unknown why U.S. financial executive, Peter Lee Coker Jr was invited to become the joint chairman of the company.
The flamboyant former investment banker managed to smooth-talk a Canadian teachers’ pension fund and other investors to back the US$1.4 billion ‘World most luxurious The 13 hotel’ in Macao. One of the largest pension plans in the world, Ontario Teachers’ Pension Plan (Asia) Limited, a former major shareholder of South Shore (known previously as The 13 Holdings Limited), reported that when it was allotted convertible bonds on 8th November, 2013, it was deemed to have purchased 36.445 million shares off-market at HK$8.23 per share. The total amount involved exceeded HK$299 million. Together with the aforementioned shares, the number of shares held by the pension plan in The 13 Holdings Limited has increased from around 148 million shares to more than 184 million shares, and the shareholding ratio has increased from 41.12% to 51.23%. On 7th February, 2017, Ontario Teachers’ Pension Plan (Asia) Limited had a short position in 338,628,459 underlying shares of The 13 Holdings Limited (in relation to unlisted equity derivatives), representing the existing issued share capital of The 13 Holdings Limited. The existing issued share capital and enlarged issued share capital were approximately 36.77% and 21.62% respectively. On 23rd February, 2017, Ontario Teachers’ Pension Plan mysteriously transferred the total principal amount of convertible bonds of HK$1,752,542,350 and a total of 338,628,459 underlying company shares (in the form of unlisted equity derivatives) to U.S.-based hedge fund Evolution Capital Management LLC. According to its website, Evolution Capital Management which started in 2012 is one of the first investment firms to launch a family of funds dedicated to investing in U.S. consumer and small business loans originated by online providers. It is unsure who was the real beneficiary behind the hedge fund that purchased the block of shares. The 13 Holdings’ filing added that the company noticed that on 7th February 2017 the Ontario Teachers’ Pension Plan Board – a longstanding investor in The 13 Holdings – had “come to have a short position” in the company, in exactly the same number of shares and in the same percentage structure as Evolution Capital Management. The reason for the subsequent acquisition by Evolution Capital Management LLC of the shares of the troubled hotel remains questionable. Was Evolution Capital Management LLC fronting as a proxy for ‘someone else’?
In February 2018, The 13 Holdings announced that previous Joint Chairman and Executive Director Stephen Hung had stepped down and reportedly cashed out from his position leaving his joint-chairman Peter Coker Jr as the last man standing. The 13 finally opened in September of 2018 as a non-gaming hotel with practically no bookings. South Shore reported that an average of only 16 of its rooms were booked nightly at the property in its first 12 months. In securities filings with the Hong Kong Stock Exchange, South Shore Holdings Limited — the owner and operator of The 13 — says it has been notified from a lender for the repayment of HK$3.28 billion ($423 million). Though the filing did not specify the creditor, it’s suspected to be Wise Park Business Limited, which granted South Shore a large loan in 2018.
In 2019, South Shore Holdings Ltd revealed that it would offload a 50% stake in embattled Macao hotel The 13 for HK$750 million after reaching an agreement with three buyers. According to asgam.com, the news came three weeks after South Shore said it was selling a 40% stake to “an associate of a substantial shareholder” with the option to acquire another 10%. That associate was subsequently revealed as Fine Intellect Ltd – a wholly-owned subsidiary of ITC Properties Group, which holds a 10.48% stake in South Shore. Under the terms of a Sale and Purchase Agreement signed on 14th October 2019, Fine Intellect Ltd and another company, All Fame Developments Ltd, will each acquire a 20% stake in Uni-Dragon Ltd, the South Shore subsidiary that controls THE 13, for HK$300 million each. A second Sale and Purchase Agreement signed on 15th October 2019 will see a firm called Ease Link Investments Ltd acquire the remaining 10% for HK$150 million. South Shore subsidiary Falloncroft Investments Ltd would retain a 50% interest in Uni-Dragon, however Fine Intellect has an option to purchase another 30% stake at any time in the next two years. South Shore said that, as part of the deal, Uni-Dragon will no longer be considered a subsidiary of the company and its financial results will no longer be consolidated into the financial statements of the group. South Shore then reported a net loss of over HK$ 5.84 billion for the fiscal year which ended on 31st March, 2019, as the hotel only generated HK$5 million in revenue from accommodation plus food & beverage in the same period, and reporting a pathetic occupancy rate of only 8 per cent.
Who is Peter Coker Jr?
Peter Coker Jr who also stepped down as chairman of South Shore in October last year was arrested in Thailand in January this year some four months after being charged by the U.S. Department of Justice with stock market manipulation.
According to a report by The Bangkok Post, 54-year-old Peter Coker Jr who called himself ‘Macao Boy‘ on his Instagram account was arrested in a hotel room in Phuket, having been placed on a red and black notice by Interpol. He was tracked down following a joint investigation by Thailand’s Central Investigation Bureau and the US Federal Bureau of Investigation. Peter Coker resided in Hong Kong for years and acted as a frontman for Stephen Hung to run The 13. Due to his impending stock market manipulation charges, Coker resigned as Chairman of South Shore. He also sold and closed down all his F&B businesses in Hong Kong including Coyote Bar & Grill and Cafe Siam before fleeing to Phuket, Thailand abruptly.
Coker, his father Peter Coker Sr and another accomplice, James Patten, were also charged last September with securities fraud, conspiracy to commit securities fraud and conspiracy to manipulate securities prices, while Patten was also charged with four counts of manipulation of securities, four counts of wire fraud and one count of money laundering. The total fraud amounted to around US$100 million.
From 2014 through September 2022, Patten, Coker Sr., and Coker Jr. conspired to enrich themselves through a scheme to manipulate securities prices via a pattern of coordinated trading, which injected inaccurate information into the marketplace, creating false impressions of supply and demand for these securities.
As part of the securities fraud scheme, the defendants targeted two publicly traded companies – Hometown International Inc. and E-Waste Corp. – which were both traded on the OTC Link Alternative Trading System, also known as the OTC Marketplace. The OTC Marketplace is an alternative trading system that contains three tiers of markets, which are largely based on the quality and quantity of the listed companies’ information and disclosures.
“Once the defendants gained control of Hometown International and E-Waste’s shares, they arranged for the transfer of millions of shares of stock to a number of nominee entities, including entities controlled by Coker Jr, in an effort to mask their control of the shares,” the US Attorney’s Office said.
It was reported at the time that Hometown’s stock holding had soared to 8 million shares at a price of around US$13 per share – despite its only asset being a New Jersey deli with only US$35,000 in sales in the past two years combined. The authorities did not reveal whether the proceeds of sales from the manipulation throughout the years were traced and recovered.
As the Executive Chairman of the Board of South Shore, the total compensation of Peter Coker Jr at South Shore was reported to be around HKD$10,956,000. There were no executives at South Shore getting paid more but why did Stephen Hung entrust him with huge responsibilities when he is not even a family member?
He has over 23 years of experience in the finance and investment industries. He is also the Managing Partner of Pacific Advisors, and is a partner of TDR Capital Investment Ltd (a Shenzhen based private equity firm). Mr Coker served as an officer of the Bridge Companies prior to joining Wellington Securities (New Zealand) in 2002. During his service with the Bridge Companies, he held the title of Managing Director-Asia, Chief Executive Officer of E-Bridge and Managing Director of Bridge Asia where he was responsible for the firm’s equity business in Japan and South East Asia/Australia. From 2000 to 2001, he served as the Chairman of IRESS Market Technology Limited (formerly BridgeDFS) (ASX: IRE). From 2002 to 2005, he served as the Chairman of Wellington Securities (New Zealand). From 2006 to 2009, he served as the Chairman of Global Trading Offshore Pte (Singapore). He graduated from Lehigh University in the United States with a Bachelor of Arts degree in 1990.
Peter Lee Coker Jr. served as Executive Chairman of the Board of the group before the name change. He had been the Joint Chairman (Executive Director) of the group since February 2013. He was also a member of the Finance and Investment Committee, Disclosures Committee and Executive Committee of the group, and a director of various subsidiaries of the group. He had been the Executive Chairman of the Board of South Shore since 2018 before stepping down last year. There were 9 older and 1 younger executives at South Shore.
The relationship and financial dealings between Peter Coker Jr. and Stephen Hung remain dubious.
Meanwhile, after the flamboyant Stephen Hung resigned as joint Chairman of South Shore, he mysteriously went radio silent on his Instagram account and even stopped following his wife, Deborah on social media for a period of time. Pictures of Stephen Hung were allegedly removed by Deborah on her Instagram account. There were rumours in the market that the two left Hong Kong to avoid public scrutiny as ‘many creditors/investors were looking to contact Stephen Hung’ during that period leaving only Peter Coker Jr behind in Hong Kong to face them. Local media reports said that Hung was sued for bankruptcy and the two were contemplating divorce but the rumours were subsequently refuted. In response, Stephen Hung said that he had a new business plan and would not go bankrupt. In one of the episodes of Bling Empire: New York which was filmed before the meltdown of Bitcoin last year, he told those present during a yacht party to toast to his new crypto business in Dubai. However, no details of the new venture were divulged. As of now, Stephen Hung still maintains a luxurious life and his wife Deborah is still with him despite speculation that she would leave him if he were to become bankrupt.
The unlucky 13 never came anywhere close to the grand vision Stephen Hung intended. According asgam.com, all subsidiaries of South Shore Holdings, operator of Macao’s The 13 Hotel, ceased operations and were insolvent in 2021. The update on South Shore’s business status was provided via a filing following a series of recent developments, including an application in June 2021 for liquidation of the subsidiary that owns The 13, a High Court writ in Hong Kong over unpaid debts and a winding up order issued by the Supreme Court of Bermuda. Based on the information provided by the former management of South Shore, the subsidiaries of the company “either have ceased business or do not have operations, and all of them are insolvent.” The Bermuda court finally gave the winding-up order on 23rd July 2021, appointing provisional liquidators. Trading of company shares on the Hong Kong Stock Exchange had been suspended since 2nd July, and remain suspended “until further notice. Due to The 13’s disastrous performance and closing since early 2020, shares of South Shore have become nearly worthless. The stock was worth less than a cent at $0.007. At the height of South Shore’s valuation in 2014, shares were trading at $13.
The winding up actions could allow the plaintiffs access to South Shores assets, which include the hotel property, to recover the debts owed. On 18th May that year, legal representatives of an entity called Wise Park had informed the representatives of The 13 Hotel (BVI) Ltd – an entity linked to The 13 Hotel scheme – and South Shore, that Wise Park had exercised its rights under a share charge condition.
The brainchild of long-departed Chairman Stephen Hung, The 13 had been envisioned as an uber-luxury hotel with space for 66 VIP gaming tables aimed at capitalising on booming VIP segment of the early 2010s in Macao. Instead, a series of funding and construction delays saw the property open in September 2018 with no gaming and with a number of rooms unfinished – all at a cost of US$1.6 billion.
South Shore also disposed of one of its customised Rolls-Royce Phantoms for HK$3.5 million (US$449,664), in order to enhance its liquidity. According to a Hong Kong Stock Exchange filing, the sale was carried out by The 13 Group (Macau) Ltd., a subsidiary of South Shore Holdings Limited, with Empresa de Fomento Industrial e Comercial Concórdia. In 2016, the company behind the hotel announced it had purchased 30 customised Rolls-Royce Phantom luxury cars designed and ordered by its former owner, Stephen Hung, for an estimated US$20 million (MOP160 million). The Phantoms were said to be used to chauffeur VIP guests to and from the hotel and were considered the single commission in Rolls-Royce history, with two of the models said to have been built with gold and the most expensive vehicles the company had ever produced. In 2019 South Shore announced that it had sold 24 of its 30 customised Rolls-Royce Phantom Extended Wheelbase luxury cars for some HK$24 million in order to help repay some of its bank loans.
Meanwhile, in June 2021, South Shore received a statutory demand from Bank of Communications Co Ltd to make payment of HK$3.28 billion (US$423 million) in outstanding loans and interest or face a winding up petition against the company. The defendants are listed as South Shore and seven of its subsidiaries, including Louis XIII Holdings and The 13 Investments (BVI). If successful, the plaintiffs would likely be granted access to South Shore’s assets, including The 13 Hotel in Macao, for potential sale to recoup debts. The legal proceedings come with South Shore facing challenges on multiple fronts. The company also applied to the Macao court for voluntary liquidation of its wholly-owned subsidiary New Concordia Hotel Limited, the sole beneficial owner and operator of The 13 Hotel. The application could see New Concordia declared bankrupt and South Shore potentially delisted from the Hong Kong Stock Exchange due to insufficient operations as required under listing rules.
However, if no measures are approved, New Concordia will be declared bankrupt and the liquidator will take possession of the subsidiary’s assets and books.
In such a scenario, South Shore “would lose control over the subsidiary’s property in Macao, including the hotel in Macao. As the subsidiary constitutes a substantial part of the business of the Company, the loss of control over the subsidiary’s property will result in insufficient operations of the Company as required under Rule 13.24 of the Listing Rules. Under Hong Kong’s listing rules, the Stock Exchange may cancel the listing of any securities that have been suspended from trading for a continuous period of 18 months. With South Shore having suspended trading on 2nd July 2021, that would mean its 18-month period expired on 1st January 2023. During the three-stage delisting procedure of a minimum of six months each, the company may still submit proposals for the resumption of trading for the Exchange’s approval. South Shore may submit resumption proposals at any time during the delisting stages. Upon the expiry of each stage and in the absence of a viable proposal, the Exchange will place the company into the next delisting stage or if it is in the final stage, cancel its listing. Nevertheless, it seems like the company will be left to crumble as nothing has been done to-date. Both websites belonging to South Shore and The 13 have been removed and the domains are now available for purchase by anyone.
Meanwhile, another lender also terminated the ongoing renewal of a bridging loan at the same time on money owed of HK$593 million (US$76.5 million), while also exercising its rights under the original loan agreement to assume ownership of the subsidiary that holds South Shore’s engineering arm, Paul Y. Engineering Group Limited. The house of cards has fallen and many unknowns may be uncovered soon.
Who is Deborah Hung?
According to SCMP, 40-year-old (born 11th January, 1983) Deborah Hung is a model, lawyer, businesswoman from Mexico. She claimed that in 2004 when she was 21, while studying to become a lawyer, she took up modelling. However, there is no information of her degree, qualification or university she studied. Sources revealed that she came to Hong Kong from Mexico as a model to work for a local agency when she was at a young age. She shared a tiny apartment with 5-6 other models provided by the agency. She later met Stephen Hung before setting up DREAMODELS HK LIMITED on 30th January 2012 with a business address at an office unit in a building at 50 Wing Lok Street, Sheung Wan. The business was eventually relocated to a new office in Admiralty. She often turned up at the office with her bodyguards and hosted Christmas dinners with her agency models at Ritz Carlton Hotel where she got married with Stephen Hung. Despite her claims to media that that she stills runs the modelling agency, the company’s status is listed as “dissolved” now. DREAMODELS HK LIMITED had been operating for more than 10 years since its registered until dissolution. The modelling agency apparently suspended business operation as early as 2015 and had become dormant before being dissolved in later years. The models who were working for the agency at that time were told to leave Hong Kong immediately and go back to respectively their countries. In fact, DREAMODELS HK LIMITED only operated for a period of 3 years. Most unwary media outlets still mentioned that Deborah runs a ‘successful’ modelling agency but in actual fact, it has already closed down years ago.
Deborah and Stephen do not have children as claimed by other media outlets. Deborah also said in one of the episodes of Bling Empire: New York that she is frustrated whenever others keep haunting her with the question as to when the couple will have children of their own. She responded by saying it may be that she or Hung doesn’t want to have children or she or Hung can’t have children. In the show, Stephen Hung also mentioned that he is oblivious to the gossips as to the real reason for Deborah to get married to him despite the huge age gap.
Whenever the ‘power couple’ is in Hong Kong, Stephen Hung mingles with many rich and famous socialites in Hong Kong including Hsieh Ling-ling, a Taiwanese-born child star and the ex-wife of Hong Kong billionaire Peter Lam. In 1980, Hsieh married Hong Kong billionaire Peter Lam. The couple had 5 children – Lester, Emily, Evelyn, Eleanor and Lucas, where Eleanor and Lucas are mixed twins. And Hsieh got on very well with her parents-in-law Lim Por-yen and U Po-chu. But the couple divorced in 1995. From her marriage to Peter Lam, Hsieh has a step-daughter named Lyann.