BVI company in the large investment deal in Macau
The film distributor Riche Multi-Media Holdings will pay HK$684 million to purchase a 50% stake in a piece of prime land in Macau, from Tiffany Chen Ming-yin, an executive director of the firm and the wife of Mr Heung. The land grant from the Macau government allows for a developable gross floor area of 637,000 square feet of residential space.
In a stock exchange filing Riche announced that the 75% stake of the land was acquired by Ms Chen in the past two months for HK$1.026 billion, via BVI-registered Modern Vision. Now Ms Chen retains a 25% interest in the 50,000-square-foot site, with the remaining 25% stake held by the third party which is not named.
After Riche Multi-Media said it would acquire a site in Macau, its shares soared 12.68% in brief trading during one day.
Because of the high level of piracy in China mainland, in recent months Riche Multi-Media has pulled back from its traditional film distribution business and seeks new investment opportunities in Macau.