Wong Chung-yam In The Spotlight

Chinese investors swarmed to Jin Tai following an announcement on July 9th by the company that the elder Wong had agreed to fold his lucrative real estate properties into the company in exchange for 7 billion new Jin Tai shares, greatly expanding its existing share capital base. The elder Wong owns 80% of Towercrest Group, his Beijing-based flagship holding company, which has a combined 22.8% stake in Shandong Jin Tai through a subsidiary prior to the pending share issue. He bought into loss-making Jin Tai back in 2001, and Towercrest is its largest shareholder.