9th December 2023 – (Hong Kong) In a recent development, Chow Hon-kwong, the son of Wing Kwok Enterprises founder Chow Yiu-wah, has once again found himself in legal trouble. Previously convicted of drug trafficking and serving a 16-year prison sentence, Chow Hon-kwong was recently arrested for possession of methamphetamine (commonly known as ice) after his release from prison a few years ago. While the charge of drug trafficking was not proven, he has now been found guilty of two counts of drug possession on 7th December. The High Court judge, in sentencing him, took into account his poor criminal record and handed him an extended sentence of 22 months.
Chow Hon-kwong, 65 years old, identifies himself as a businessman and holds a significant stake in Wing Kwok Enterprises, with a 7.5% ownership share. His personal wealth amounts to several hundred million Hong Kong dollars, and he also owns a luxury unit in Mid-levels West, located in the prestigious Western Mid-Levels area.
Wing Kwok Enterprises is known for its substantial property portfolio, which includes several commercial buildings generating rental income. The family’s total assets are estimated to be worth billions of dollars. One of their recent projects is the newly completed Richway Residences, a residential development located at 123 Castle Peak Road in Sham Shui Po, with an estimated market value of HK$1 billion.
Chow Hon-kwong’s involvement in the family business is noteworthy, considering his previous criminal record. Wing Kwok Enterprises, founded by his father Chow Yiu-wah in the 1960s, is a well-established company with eight shareholders, all members of the Chow family, including Chow Hon-kwong, despite his imprisonment. According to registration records, Chow Hon-kwong still holds a 7.5% ownership stake in Wing Kwok Enterprises, valued at several hundred million dollars. Additionally, he continues to reside in a luxury unit in the Western Mid-Levels area under his own name.
Wing Kwok Enterprises is engaged in various businesses, including finance and construction. Initially, the company focused on acquiring old buildings for redevelopment, but it has also participated in competitive bidding for government-owned small and medium-sized land parcels. Some of the properties currently held by the company include Wing Kwok Centre in Jordan and Fortis Centre in Tsuen Wan.
The completion of Richway Residences in Sham Shui Po marks another milestone for Wing Kwok Enterprises. The development, consisting of 123 residential units and a commercial podium, was built adjacent to the Precious Blood Hospital (Caritas) on Castle Peak Road. With a market value of HK$1 billion, the project reflects the company’s commitment to expanding its property portfolio.
Wing Kwok Enterprises has maintained a low-profile approach, but their achievements have not gone unnoticed. In 2001, they successfully outbid competitors Yu Tai Hing and Sino Holdings in a government land sale, acquiring the site in Tsuen Wan for HK$41 million, which became the Fullytech Centre. Family members stated that they are a “small-scale developer” with over 30 years of experience in the real estate industry. Their first development was a residential property in Western District in the 1960s, followed by two buildings in Wan Chai. In 1996, they established Wing Kwok Centre at 182 Woosung Street in Jordan, which serves as the company’s headquarters.
In recent years, Wing Kwok Enterprises has focused on acquiring and redeveloping old buildings. Richway Residences in Sham Shui Po is one such example, situated near the Precious Blood Hospital (Caritas) on Castle Peak Road. The development comprises 123 residential units and a commercial podium, with a market value of HK$1 billion.