Tse Yiu Sing (39), director and shareholder of Heng Fung Properties Limited, and his mother, Sin Yuk Ling (68), were convicted on Wednesday (29th) of one count of conspiracy to defraud by the Independent Commission Against Corruption.
The court heard that the investment partners of Sin Yuling and Tse Yiu-sheng acquired the Tsui Tao Court shopping mall in Tsuen Wan for $1 million through a company under their names, and the two parties shared $68.168 million to Midland Realty as an agency commission, i.e. 1% of the transaction price, but it turned out that Hengfeng had reached another agreement with Midland through Sin Yuling, under which Midland would only receive 75% of the agency commission and Hengfeng would receive the remaining <>%, but the investment partner was unaware that the two intended to share the benefits of the $<>,<> commission to be paid by the investment partner through Hengfeng.
The Independent Commission Against Corruption (ICAC) charged Tse Yiu-sing, director and shareholder of Hang Fung Properties, with his mother, Sin Yuk-ling, a conspiracy to defraud. (File photo)
The joint venture purchased Tsuen Wan shopping mall for 1 million yuan and paid 68.168 million real estate agency commissions
The court heard that in June 2019, Tse invited an investment partner to acquire the Tsui To Court shopping mall in Tsuen Wan and agreed to acquire the shopping mall by purchasing Si Shing Limited. Sin Yuling and the investment partner hold 6% and 55% of the shares of Sicheng respectively, and the expenses and profits of the acquisition of the mall will be distributed according to the relevant proportions.
In July 2019, Sicheng entered into a provisional agreement for sale and purchase with the vendor through Midland Realty for $7 million. Sicheng must pay 1% of the transaction price, i.e. 68.1 million yuan, to Midland as an agency commission. Pursuant to the agreement, the investment partner was required to pay about $168,75.
Mother and son concealed from the investment partner and privately agreed with Midland that 80% of the commission would go to the estate agent under his name
Upon receiving a corruption complaint, the ICAC investigation revealed that Hengfeng had entered into another agreement with Midland through Sin Yuk Ling to jointly facilitate the transaction. Under the agreement, Midland and Hengfeng will jointly facilitate the transaction, with Midland receiving only 75% of the agency commission, while Hengfeng, owned by Tse, will receive the remaining <>% of the agency commission. However, Xie Yaosheng and Sin Yuling did not disclose the agreement to the investment partner, and intended to share the benefits of the $<>,<> commission to be paid by the investment partner through Hengfeng. The proposed acquisition of the mall ultimately fell through, and Sicheng did not complete the transaction.
Deputy Judge Chan Ping-chou adjourned the case to December 12 for sentence, pending the medical reports of the two defendants and remanded them in the custody of the Correctional Services Department. The prosecution was today represented by prosecuting counsel Leung Hung-ku, assisted by ICAC officer Chan Nga-yu.
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