Macau Starts Reviewing Sale of Land in China Estates Projects
Stock Chart for Chinese Estates Holdings Ltd (127)
Macau is reviewing land concessions linked to Ao Man-long, the former secretary of transportation and public works convicted of corruption, on which Chinese Estates Holdings Ltd. (127) is building a project.
The government doesn’t rule out nullifying the orders granting the transfer of five land plots involved in an unlawful act, it said in a statement.
Chinese Estates Holdings, controlled by billionaire Joseph Lau, said on June 7 it can appeal any decision by Macau authorities to invalidate a land transfer. Lau was named in April in the corruption trial of Ao in relation to land being developed by Chinese Estates.
Calls to Chinese Estates seeking comment weren’t answered outside normal office hours. Lau has denied allegations that emerged in Macau court proceedings that he or his company may have given bribes to Ao, according to an April 17 statement by Chinese Estates.
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