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Billionaire CEO Lau resigns after court verdict: Chinese Estates

Pedestrians walk past The One shopping mall, operated by Chinese Estates Holdings Ltd., in the Tsim Sha Tsui district of Hong Kong, China.
Lam Yik Fei | Bloomberg | Getty Images
Pedestrians walk past The One shopping mall, operated by Chinese Estates Holdings Ltd., in the Tsim Sha Tsui district of Hong Kong, China.

Real estate developer Chinese Estates Holdings said on Sunday its Chairman and Chief Executive Joseph Lau has resigned after he was found guilty of bribery and money laundering charges in Macau.

Ming-wai Lau, the 33-year-old son of Joseph Lau, was appointed chairman and acting CEO effective March 14, the company said in a securities filing. The younger Lau was the vice chairman of Chinese Estates and previously worked at Goldman Sachs and hedge fund firm Longview Partners before joining his father's company in 2006.

Joseph Lau was found guilty of corruption in a land deal in Asia's gambling capital of Macau on Friday and sentenced to five years in jail.

He has filed an application to appeal against the verdict, Chinese Estates said.

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  • Diana Olick

    Diana Olick serves as CNBC's real estate correspondent as well as the editor of the Realty Check section on CNBC.com.

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