Joseph Lau Net Worth, Age, Family & Biography $13.10 B Real Time Net Worth #398 in the world today

Avan Parvadiya — Fri, 14 Jul 2023 10:52:44 +0000

About Joseph Lau

Hong Kong’s Joseph Lau Luen-hung is a billionaire. Former Chinese Estates chairman Lau is a real estate developer. He is a passionate wine and art collector. He owns 75% of the publicly traded business that develops housing, office space, and shopping centres in the city’s major business districts. In 2021, it recorded earnings of HK$1.3 billion ($167 million).

Joseph Lau’s Chinese Estates ownership transferred to wife

Joseph Lau Family

On July 19, 1951, Joseph Lau was born in Hong Kong. He has two younger sisters, Thomas, as well as a younger brother. Prior to returning to work for his family’s manufacturing of electric fans in 1974. Lau studied at the University of Windsor in Canada.

Joseph Lau Career

Joseph Lau changed the company’s name to Evergo Industrial Enterprise in 1978. The business conducted an initial public offering in Hong Kong in 1982. Evergo’s business focus was shifted by Lau to holding investments and providing property management services in 1985.

When Lau purchased a 43% stake in Chinese Estates Holdings through Evergo in 1986, he became the company’s largest shareholder. He has now made a number of acquisitions to grow his real estate assets. He bought a 67% interest in Chi Cheung Investment in 2000. The ONE, Hong Kong’s tallest shopping centre, was built by Chinese Estates Holdings and debuted in 2010. Lau gave his wife Kimbie Chan Hoi-wan and their kids the property in 2017.

Lau resigned from his roles as Chinese Estates’ chairman and CEO in March 2014 after being found guilty of bribery and money laundering by a Macau court. His son Lau Ming-wai accepted the position of company chairman. Sue Chan, Kimbie Lau’s older sister, took over as CEO of the business Lau started.

Joseph Lau Facts

Lau is a devoted art buyer. According to ARTnews, he is one of the “Top 200 Collectors.” The overall worth of his art collection was estimated by Forbes to be around $1 billion in 2017. In London’s Sotheby’s contemporary art sale in February 2020, Lau offered his David Hockney artwork The Splash (1966). The artwork brought in $29.9 million at auction, which is the third-highest price ever for a Hockney piece.

Hong Kong billionaire Joseph Lau Luen-hung (L) and his son attend ‘Windsor Board Game Party’ event on July 3, 2023 in Hong Kong, China.