MGM China Executive Director and co-Chairperson Pansy Ho has claimed the title of Hong Kong’s richest woman, according to Bloomberg’s Billionaire’s Index, with a personal fortune of US$6.01 billion.
The daughter of Macau gaming godfather Stanley Ho, the 55-year-old has claimed the mantle from another Macau casino investor, Pollyanna Chu, whose company Kingston Financial Group Ltd has seen almost half its value wiped out in 2017.
Kingston Financial owns satellite casinos Casa Real and Grandview which, ironically, operate under the license of Stanley Ho’s SJM Holdings.
Pansy Ho now ranks 286th on the global list of billionaires, slightly ahead of Hong Kong real estate developer Viven Chen in 299th spot.
Chu has slipped to 392nd on the global list with a personal wealth of US$4.86 billion, a decline of US$3.56 billion.
According to Bloomberg, her fall comes after Hong Kong’s Securities and Futures Commission warned investors in January that ownership of shares in the company was overly concentrated, with just 20 people holding 91% of the stock.
Kingston Financial fell another 8.7% on Monday after FTSE Russell removed the company’s stock from its benchmarks. It is the worst performer on MSCI Inc’s Asian gauge this year, Bloomberg said.
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