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Macau Court makes another attempt to sell Alvin Chau’s real estate properties

February 19, 2024 Macau Crime & Legal

The Macau Court is attempting a second time to sell 36 real estate holdings owned by Alvin Chau, the former chairman of Suncity Group after the last auction was unsuccessful in finding a buyer.

It was reported in July of last year that an auction would be held for these assets, which comprised five business buildings and thirty parking spaces, by the seeking executor, U Lai Wan.

With the same properties offered at last year’s pricing, the new auction has a total estimated value of MOP$600 million (US$74.5 million) on Tuesday, February 20, the residences in the Caesar Fortune building in Taipa’s Estrada Coronel Nicolau de Mesquita and Beco da Perola will go up for sale.

The Macau SAR government has also filed a hefty damage claim against Chau and his co-defendants, after Chau was sentenced to eighteen years in prison in January 2023. Chau is still incarcerated at Coloane Prison while the case is on appeal.

With sales and prices of real estate reaching all-time lows, the Macau property market is in decline. There were just 105 recorded property transactions in January, which is a significant decrease from the same month in 2019.

In addition, the government of Macau recently attempted to sell off two land tracts at auction, but only one of them received an offer, and the other one did not sell.

Original story by: IAG

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