Chinese Estates Holdings Ltd. (00127.HK) said on Tuesday that its acting chief executive Lau Ming-wai has been formally appointed as the chief executive, with immediate effect.
Lau, 33, has been the chairman of the company since March and is also a director at several group subsidiaries. He holds a Doctor degree of Philosophy in Law from King’s College London, according to a regulatory filing.
Lau is the son of tycoon Joseph Lau Luen-hung, who had resigned as chief executive in March this year after being convicted of bribery and money laundering by a Macau court. The Hong Kong businessman has never set foot in Macau since the conviction, according to a People’s Daily report.
The junior Lau is a rising star in Hong Kong’s political community from Beijing’s perspective, according to some media reports.
As the vice-chairman of the Hong Kong Bauhinia Foundation Research Centre, Lau said in February that the business sector should take a comprehensive approach in poverty-alleviation work, rather than just offering money.
He said the business sector should participate in the management of manpower training and production to help people lift out of poverty.
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