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Old April 5th, 2007, 01:12 PM   #1
trueapprentice
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Nina Wang - asia's richest woman dies

Wang's billions split three ways



Wendy LeungandRaymond Wang
Thursday, April 05, 2007


Nina Wang Kung Yu-sum's business empire will be left in the hands of a triumvirate including her younger sister, sources said Wednesday.
The sister, Kung Yan-sum, will team with two other unnamed employees to manage Chinachem Group, one of the SAR's biggest privately held property companies with as many as 200 different assets.

Wang, Asia's wealthiest woman who died Tuesday, aged 69, had set up a trust fund for the group to sustain its future operations, the sources said.

Her personal assistant, Ringo Wong, said Wang's death will not have a major impact on operations.

"Chinachem is a big company. We have many colleagues in charge of different departments," he said.

Wang, whose personal fortune was estimated by Forbes magazine at US$4.2 billion (HK$32.8 billion), had divided her wealth into three, with her family and a charity fund of Chinachem among the beneficiaries, according to the sources.

"The largest portion will be given to China for economic development," a source said.

Just weeks before the Chinachem chairwoman's death, she acquired US$15 million worth of shares in the initial public offering of CITIC 1616 Holdings (1883), which had its trading debut Tuesday.

Wang's US$15 million purchase meant she bought some 45.35 million shares at the IPO price of HK$2.58 per share.

Based on Wednesday's closing stock price of HK$4.39, Wang's stake made a paper profit of about HK$82 million.

Meanwhile, ENM Holdings (0128), of which Wang was the largest singl
e shareholder with a 34.6 percent stake, plunged 14.3 percent to close at HK$0.54 Wednesday following news of her death.

Officials at ENM - an investment holding firm with businesses ranging from premium fashion retailing, to resort and recreational clubs and telecommunications - did not comment on Wang's death.

Tycoon Cheng Yu-tung, chairman of New World Development (0017), and Raymond Kwok Ping-luen, vice chairman of Sun Hung Kai Properties (0016), both expressed their personal sorrow and condolences to Wang's family.

At a government land auction last month, Chinachem won a residential site on Plover Cove Road in Tai Po, paying a higher-than-expected HK$570 million.

In the early 1960s, before the start of Hong Kong's long property boom, Wang's late husband, Teddy Wang, established the Chinachem Group as a pharmaceutical company,

He then started to build a business empire that consisted to a great extent of low-value housing.

After Nina Wang - nicknamed "Little Sweetie" for her resemblance to a Japanese cartoon character - stepped in as Chinachem chairwoman in the early 1990s, the firm developed a vast real estate portfolio that includes luxury apartment blocks, offices, shopping centers, cinemas and industrial sites.

In 1997 - almost on the eve of the Asian financial meltdown and the start of a painful slide in the property market - Chinachem paid HK$5.5 billion for a beachfront luxury site at Repulse Bay.

The group's landmark Lily Hotel in now located at the site.

Although the cause of Wang's death has not been released, the Hong Kong media had widely reported in December that she had ovarian cancer or breast cancer.

Chinachem said in a statement Wednesday that funeral arrangements will be announced shortly.

Sources close to Wang told Singtao Daily, the sister newspaper of The Standard, that Wang's wishes were for her to be cremated.
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Old April 5th, 2007, 06:44 PM   #2
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龔如心生前希望如心廣場能成為香港最高的建築物,可惜未能如願。 資料圖片
如心廣場為綜合寫字樓、零售及酒店大型項目,佔地二十一萬平方呎。
龔如心持有上市公司股價
華懋旗下發售中住宅樓盤



如心廣場為綜合寫字樓、零售及酒店大型項目,佔地二十一萬平方呎。



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Old April 7th, 2007, 03:00 AM   #3
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How nice of her to donate so much to China for economic development, a patriot indeed. Lets hope it doesnt end up in the hands of corrupt officials.
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Old April 7th, 2007, 06:35 AM   #4
kai
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Quote:
Originally Posted by zergcerebrates View Post
How nice of her to donate so much to China for economic development, a patriot indeed. Lets hope it doesnt end up in the hands of corrupt officials.
Well said.
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Old April 7th, 2007, 09:14 PM   #5
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Wang knew of terminal illness in December

Friday, April 06, 2007

Asia's richest women Nina Wang Kung Yu-sum knew in December last year she only had only about three months to live, close friend and Macau casino magnate Stanley Ho Hung-sun said Thursday.
She even got this confirmed by flying to the United States for a second opinion, he added. It was for this reason she had decided on a triumvirate that included her younger sister to take over the business on her death, as exclusively revealed by The Standard Thursday.


In addition, she had confided to a close friend she wanted her body to be cremated since her husband Teddy Wang Teh-huei was still missing, though officially declared dead, and that she did not want "to lie there all alone."

Nina Wang, better known as "Little Sweetie," or Siu Tim Tim in Cantonese, died Tuesday at the Hong Kong Sanatorium and Hospital. She was 69.

Ho, who had been admitted to the same hospital last week for a rectal complaint, was released Thursday night. He said Wang found out last December she was in the final stages of ovarian cancer and had only a few months in which to live.

Ho said the doctor was surprised Wang had not suffered from any discomfort before she was admitted to hospital. Wang had reportedly said she thought she was suffering from sort of "women's disease" and did not seek medical help.

On being told of her fate, Wang went to Stanford University Medical Center for a second opinion and doctors there confirmed the diagnosis, Ho said.

Wang was smart and fluent in English, Ho said, and used this to her advantage during negotiations with the Public Works Department during the colonial era. He also said he admired both Wangs for living simple and frugal lifestyles, despite their wealth.

Meanwhile, Wang's personal assistant, Ringo Wong, said Thursday Wang's family will decide over the next next few days whether or not to honor her wishes to be cremated.

Wong said the funeral arrangements were a matter for the family to decide and not Chinachem, of which she was chairwoman at the time of her death.

Wang's wish to be cremated was revealed by a source close to the family.

"Nina had repeatedly stated she wished to be cremated since Teddy has not been found," the source told The Standard. Quoting Nina Wang, the source said: "If we cannot be buried together, I don't want to sleep down there all alone."

Teddy Wang was kidnapped for the second time in April 1990 and though Nina Wang paid a ransom of HK$260 million - half the demanded ransom - he was never seen again.

In 1999, in an application filed by his father but resisted by Wang, a court declared Teddy Wang legally dead.

Following protracted court hearings and several setbacks along the way, Nina Wang finally inherited Teddy Wang's Chinachem empire, making her the richest woman in Asia at the time.

In confirming The Standard's report about a triumvirate that included Wang's sister Kung Yan-sum, Wong said her brother Dr Kung Yan-sum will remain in charge until the board of a trust fund to be set up to run the business officially puts the sister in charge.

The Standard also reported that Wang, whose personal fortune was estimated by Forbes magazine at US$4.2 billion (HK$32.8 billion), had divided her wealth into three, with her family and a charity fund of Chinachem among the beneficiaries
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Old April 21st, 2007, 08:04 PM   #6
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Seems like its not going to Charity afterall .....
The plot thickens, with it going to a sole person ~ the feng shui friend ...




An intimate picture of a mysterious couple

Carrie Chan
Saturday, April 21, 2007

A seemingly intimate couple - that is the impression from a photograph provided by legal firm Haldanes to lend authenticity to a 2006 will purportedly written by Asia's wealthiest woman Nina Wang Kung Yu-sum bequeathing her multibillion-dollar fortune to her entrusted fung shui master, Tony Chan Chun-chuen.
The photo - believed to have been taken in the early 1990s - depicts Wang in a casual pose with the 48-year- old medical practitioner-turned-fortune teller, and offers an insight into the personal life of one of Hong Kong's most colorful and mysterious tycoons.

Wang is pictured wearing no earrings, necklaces or rings, sitting elegantly and dressed in a white long- sleeved silk blouse in contrast to her usual blue jeans.

The late Chinachem chairwoman, with her hair tied back at the top of her head, smiles gently with her arms crossed on a chair and her legs stretched and parted.

Chan, believed to have been in his early thirties when the picture was taken, is smiling, dressed in a smart, casual light-colored checked suit, dark trousers and a light blue shirt. He has his left hand in his trouser pocket and his right hand touching Wang's elbow on top of her chair.

Revealing the somewhat special relationship between Wang and his client at a press conference Friday, Haldanes partner Jonathan Midgley said: "Chan is honored by the trust and affection which Wang has shown in passing her estate into his care."

Haldanes also prepared discs and color printouts of the photograph of Chan and Wang for the dozens of journalists jamming the function room of the Grand Hyatt Hotel in Wan Chai.

Midgley added: "The photograph that was used at Mrs Wang's funeral was provided by Mr Chan to the Kung family and was one of a series taken in the early 1990s. The photo we'll provide shows Mrs Wang and Mr Chan together. We thought that, in the circumstances, this was appropriate."

However, a long-time friend of Wang who is also an old acquaintance of Chan, who requested anonymity, told The Standard he was shocked and furious at seeing a private photo of Wang and Chan together being exposed and distributed to the media.

"How can he [Chan] expose their private relationship for the sake of proving the authenticity of the will just two days after her funeral? He should have protected her name and be grateful for what she had done for him," the 40-year-long friend of Wang said.

"The photo might be an effective tool for proving a special friendship between him and Nina, but it hurts her and the feelings of those who respected and loved her."

Midgley also denied reports alleging the Kung family is hostile toward his client.

"Articles have appeared in the press alleging the Kung family has been hostile to my client. We understand this does not reflect the views of the Kung family," said Midgley, who instead conveyed Chan's goodwill and regards to the Kung family.

"He [Chan] understands this is the wish of Mrs Wang's family, who are naturally saddened by their loss and whose feelings he wished to respect.

"He has expressed his condolences to the family personally, and would like to take this opportunity to express them again," Midgley said.
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Old April 22nd, 2007, 07:02 PM   #7
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Old April 23rd, 2007, 04:02 AM   #8
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That guy looks so different from the two pictures.
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