Chui Sai On denies involvement in failed Jiangmen project

The Office of the Chief Executive has denied any involvement in an investment project in Jiangmen that allegedly used his name to give credibility to the project.

According to Hong Kong newspaper Apple Daily, real estate project Guangbohui had claimed in advertisements that Chui Sai On had personally invested millions in the project. Those advertisements have been reportedly removed.

The development is owned by Jiangmen TEDA Real Estate Development Company Ltd., a subsidiary of Macau TEDA Construction Engineering Company Ltd. headed by Chen Hak Gim. It was supposed to house a trade exhibition center, residential apartment buildings, commercial spaces, as well as a large shopping mall and other entertainment facilities.

In addition to being a businessman, Chan is a vice president of the Macau Jiangmen Communal Society and the Macao Real Estate Chamber of Commerce, according to Apple Daily.

Despite campaigning for investment as early as 2012, when investors were asked to contribute RMB250,000 (MOP291,000) in return for a guaranteed return of 5 percent, the land plot has not been developed for its stated purposes and is due to be repossessed by local authorities next year.

According to the Apple Daily report, Macau’s Chief Executive attended an opening ceremony for the real estate project in 2012 and inspected the site on a separate visit three years later.

The Macau government denies that the city’s top official has any involvement in the project.

Categories Macau