Alvin Chau’s property prices slashed in half ahead of court auction

Only two of imprisoned former junket boss Alvin Chau’s original 36 properties have been sold so far, with the remaining 34 going up for auction later this month at prices roughly half of what they were initially listed for.

The first public auction, held in September 2023, aimed to sell 31 parking spaces and five commercial units owned by Chau in Taipa for a combined opening bid of nearly MOP600 million.

However, only two commercial units were sold at that time. The upcoming auction scheduled for Oct. 22 will see one parking space listed at MOP1.019 million and 30 others at around MOP1.07 million each. Meanwhile, three remaining commercial buildings will be auctioned with asking prices of approximately MOP49.97 million, MOP66.37 million and MOP159 million.

Court records show the slashed prices are a result of the previous auctions failing to attract interested buyers.

The auction’s purpose is to help offset the almost 25 billion Hong Kong dollar compensation Chau owes the Macau government. This was ordered after he was convicted in 2021 on charges including illegal gambling operations and association with a criminal group, as the former boss of junket operator Suncity Group.

Chau, 50, is currently serving an 18-year prison sentence handed down by the Court of Final Appeal earlier this month after he unsuccessfully appealed his conviction and sentence. He maintains his innocence and penned an open letter to Chinese President Xi Jinping last year declaring he did not break the law.

The sale of Chau’s diminished real estate portfolio is one way authorities are seeking to recoup funds. However, with values now half the originals, it remains doubtful how much the upcoming auction will generate towards his substantial debts and obligations. Victoria Chan