Macao’s Court of First Instance is set to auction 34 properties once owned by imprisoned junket boss Alvin Chau, following previous unsuccessful attempts to sell them. The auction, scheduled for 22 October, features a significantly reduced total asking value of approximately 300 million patacas (US$37.3 million), down from an initial 600 million patacas (US$74.6 million).
The court previously tried to auction off 36 of Chau’s properties in July 2023 and February 2024, managing to sell only two commercial premises. The initial auction included 31 parking spaces and 5 commercial properties in Taipa.
New Auction Details
The upcoming auction will feature one parking space priced at approximately 1.019 million patacas (US$127,000). The remaining 30 parking spaces are each listed at around 1.07 million patacas (US$130,000). Additionally, three commercial buildings are included in the auction, with asking prices set at about 49.97 million patacas (US$6.22 million) and 66.37 million patacas (US).
Legal and Financial Context
The sale aims to help cover nearly HK$25 billion in compensation Chau owes to the Macao government for crimes, including association with a criminal organization and unauthorized gambling operations. Chau, currently serving an 18-year sentence, had his appeal for sentence overturning rejected by the SAR’s Court of Final Appeal this month.
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