Patrick Tang

Hong Kong tycoon Carson Yeung said Monday he has offered 57.13 million pounds (94.7 million US) to buy English Premier League team Birmingham City, promising money to buy new players. Yeung, whose Hong Kong-listed Grandtop International has a 29.9 percent stake in the club, said the firm would raise 785 million Hong Kong dollars (100.6 million US) through an open offer of shares for the acquisition. The businessman's latest attempt to seize control of the newly promoted side came after his first bid in 2007 failed to materialise. But he said he was only waiting for the right moment for the takeover. "The club ... Read Full Story

A court Tuesday rejected applications by Hong Kong tycoon Richard Li to overturn a court decision blocking his controversial 2.1 billion US dollar buyout bid for telecoms giant PCCW. PCCW chairman Li moved to appeal in May after a judge ruled against the plan in April, saying a shareholder vote on privatisation had been manipulated. The Court of Appeal Tuesday said it would explain its decision in a written judgement at a later date. The long-running saga has gripped the financial hub, as it pitted one of the city's richest families -- Li's father is Hong Kong's richest man Li Ka-shing -- against minority ... Read Full Story

Hong Kong tycoon Richard Li Tuesday lodged an appeal against a court decision that blocked his controversial 2.1 billion US dollar buyout bid for telecoms giant PCCW, a spokesman said. The PCCW chairman, through his investment vehicle Pacific Century Regional Developments (PCRD), gave notice that it will challenge the Court of Appeal's decision to halt the privatisation, a PCRD spokeswoman told AFP. Li's move came a day after a written judgement concluded that a February shareholder vote to take the city's largest fixed-line operator private had been unfairly manipulated. The judgement, which fleshed out an earlier decision, had been keenly awaited by market-watchers to ... Read Full Story

A Hong Kong tycoon abandoned his controversial $2 billion plan to take over the city's biggest telecom company Thursday after a court blocked the deal, handing regulators and minority shareholders a high-profile victory. Richard Li, chairman of fixed-line operator PCCW, said in a statement he and his buyout team would let the proposal lapse rather than extend its date for completion following Wednesday's unanimous decision by a three-judge appeals panel rejecting the effort. Li said he was "disappointed" by the ruling. Shares in PCCW, suspended during days of court hearings, plunged 11.7 percent to HK$3.64. The court's ruling marked the end of a corporate ... Read Full Story

A man who says late Hong Kong tycoon Nina Wang was his lover has been accused of basing his claim to her fortune on a will which was only to be used as part of a feng shui ritual, a court heard. Tony Chan, a feng shui master, told Wang to draw up a will to be burnt later to give her long life as part of the ancient Chinese practice, according to an expert report submitted by Wang's family to the city's high court. Instead Chan kept the document and used it to claim her estate, the court was told. "Mrs Wang merely ... Read Full Story