Chinese Estates approves Moon Ocean sale

The Hong Kong-listed company Chinese Estates Holdings Limited has approved the sale of its subsidiary business Moon Ocean to Hong Kong tycoon Joseph Lau, who is still a major shareholder within the company. The Moon Ocean sales and purchase agreement reaches approximately HKD4.83 billion. A Chinese Estates announcement with the Hong Kong stock exchange revealed that the board has approved the Moon Ocean Special Dividend. Moon Ocean was previously granted the right to use the land opposite Macau International Airport, where it was planning to build the residential project La Scala. The Macau government would later revoke the land grant, as the Court of First Instance found Joseph Lau guilty of bribing former Secretary Ao Man Long – a decision that Joseph Lau has appealed.