A Hong Kong wife has just become the city’s newest billionaire thanks to her divorce. Florence Tsang Chiu-wing received more than $154 million dollars -- which translates to more than one Billion Hong Kong dollars --as part of her divorce settlement after splitting with her real estate tycoon ex husband.

CNN says the case seals Hong Kong’s reputation as Asia’s divorce capital.

“Florence Tsang Chiu-wing newly divorced but not exactly hurting. Tsang’s marriage ended badly but not that badly … to a city often called the divorce capital of Asia, this suggests that the way local courts rule, if your loved one is loaded, you can expect to live large and leave large.”

Genevalunch reports the divorce settlement is possibly the highest in Asia’s history: It dwarfs other high-profile divorces in recent years.

In comparison, former Beatle Paul McCartney was ordered to pay ex Heather Mills $48 million. Tiger Woods coughed up $100 million when his marriage ended.

Tsang’s former husband, Li Kin-Kan, whose father’s Prudential Enterprise owns property around the world, is head of landmark Prudential Hotel in Jordan. The divorce payout represents 20 percent of his assets.

During the hearings, the court heard Li owned a Boeing jet, two yachts, 28 cars and millions of dollars worth of wine.

The judge said the couple lived a lifestyle “which was best described as just below that of a US-dollar billionaire”. A law professor from Hong Kong University told The Standard it’s the “sharing principle” that guaranteed the wife’s settlement.

“ … the Court of Final Appeal in November last year made a landmark ruling that Hong Kong is to follow England with ‘equal sharing’ in divorce settlement cases … Given that ruling, it is not surprising the award is substantial.”

According to South China Morning Post, the couple’s divorce was rooted in the wife’s pregnancy.

“The couple's marriage turned sour after the wife turned down his ultimatum for an abortion. This was followed by the discovery of his affair with another woman, leading to the end of their eight-year marriage in 2008 … Li told the court he had been "tricked" by his wife because she did not tell him it was a "risky time" to have sex.”

South China Morning Post also says the case gave the public “a rare glimpse into the extravagant lifestyle of the seriously rich”.




 

Business News

Hong Kong Wife Paid $154 Million Divorce Settlement

December 4, 2011
(2:14)
Hong Kong High Court has ordered a billionaire property tycoon to pay his ex-wife $154 in the city’s biggest divorce payout.
   
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