Chan in-laws to sell 'hot property'

Top News | Kelly Ip 25 Jul 2013

The beleaguered company with links to the development chief and which owns farmland that is set to become part of a new town development has decided to sell the property by open bidding.

Statement Industries - owned by the family of Frieda Hui Po-ming, wife of Paul Chan Mo-po - said it feels "disturbed" at public criticisms that its Kwu Tung North land will be part of the northeastern New Territories development, which Chan is bound to head.

The announcement came after the family circle dragged into the controversy got bigger when it was learned that Chan and Hui's son, Chan Tian-hsing, has a 10 percent stake in the company Orient Express. Hui owns 90 percent.

It was through Orient Express that Hui held the 37.5 stake in Statement Industries that she sold to her brother Hui Kar-lun in October, a month after Chan learned of the new town plans.

"We have appointed an independent surveyor to estimate costs for the farmland and will sell it at market price by open bidding in order to cut ties to any benefits," Statement Industries said.

It said the farmland has been under the care of Frieda Hui's brother-in-law.

Hui also issued a statement last night, saying she sold her stake to her brother at market price - following claims the asset transfer was a form of trust.

"Since Paul Chan took office, he and I no longer invest in Hong Kong properties and have sold those we used to own," she added.

Earlier, Chan said the company that owns the Kwu Tung North land - Statement Industries - was jointly owned by his wife and "her family members."

He failed to mention that his son also has a stake in Statement Industries through Orient Express.

Orient Express was registered in the British Virgin Islands on April 12, 1995.

Documents obtained by the media also show that Chan Tian-hsing was appointed as director of Strategic Assets Holdings.

That company used to own the firm that owned the subdivided flats at the center of an earlier controversy involving the development chief.

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