Kwok mistress goes flat out

Finance | Gary Poon 24 Apr 2019

Ida Tong Kam-hing, the mistress of the late chairman of Sun Hung Kai Properties (0016) and Emperor Group, Walter Kwok Ping-sheung, has asked a court to order Kwok's solicitor to hand over 50 percent ownership of a flat in Hong Kong Parkview, the Headline Daily, the sister paper of The Standard, reports.

The 2,167-sq-ft Parkview apartment on the second floor of tower six is owned by Wah Sun Development. Fifty percent of this company is owned by BVI Fortune Aces and the remaining shares is owned through a trust managed by solicitor Chung Lim-tung.

The shareholder of BVI Fortune Aces was Kwok and Tong was its director.

Kwok's widow Wendy Lee Tin-wing asked Tong to hand over the ownership of the unit. A source said Kwok did not want his family to know that he bought the flat for Tong. But upon checking his assets, Lee found out Kwok had withdrawn HK$40 million to buy the flat before he passed away. According to HSBC's valuation, the flat is valued at HK$59.32 million.

Tong was introduced to Kwok by Lee in the 1980s and their relationship grew after Kwok was diagnosed with depression in 1997 and Tong took care of him.

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