Reuters: Financial Services and Real Estate: UPDATE 1-Chinese Estates mulls appeal if Macau seizes site

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UPDATE 1-Chinese Estates mulls appeal if Macau seizes site Jun 7th 2012, 04:12 Thu Jun 7, 2012 12:12am EDT (Updates with share price movement, background) By Alex Frew McMillan HONG KONG, June 7 (Reuters) - Hong Kong-based developer Chinese Estates, whose chairman Joseph Lau faces bribery and money laundering charges in Macau, said it could appeal against any move to seize a site in the gambling enclave where it is building a multi-tower development. The Macau government warned this week it could declare the sale of five plots of land to Chinese Estates invalid, after a court ruled the transfer of the land next to the Macau International Airport involved illegal activity. Chinese Estates said in a filing to the Hong Kong stock exchange late on Wednesday that it would have 30 days to appeal against any such decision. The company said it has pre-sold 304 apartments at the Macau development, known as La Scala, generating sales of HK$3.8 billion ($490 million) and deposits of HK$384 million. Shares in the developer resumed trade on Thursday, falling up to 3.3 percent in morning trade. The stock has fallen a third from a peak of HK$13.26 in February. It hit a three-year low of HK$8.30 on May 28. A prosecutor has alleged that a former Macau official, Ao Man-long, received a HK$20 million bribe to speed the approval of the La Scala site. Lau, who owns 75 percent of Chinese Estates, is awaiting trial in Macau, along with Steven Lo, chairman of BMA Investment, on charges of bribery and money laundering. Lau has denied any wrongdoing. Lo has testified he did not pay a bribe to Ao. Ao is serving 29 years in jail for accepting millions of dollars in kickbacks to speed the approval of projects. He has until Monday to appeal against his latest conviction on nine fresh charges. ($1 = 7.7593 Hong Kong dollars) (Reporting by Alex Frew McMillan; Editing by Richard Pullin and Paul Tait) Link this Share this Digg this Email Reprints

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