{"id":25671,"date":"2021-12-17T07:54:34","date_gmt":"2021-12-17T10:54:34","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=25671"},"modified":"2026-04-23T12:50:50","modified_gmt":"2026-04-23T15:50:50","slug":"alvin-chau-cheok-wa-may-lose-suncity-group-due-to-unpaid-debts","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/alvin-chau-cheok-wa-may-lose-suncity-group-due-to-unpaid-debts","title":{"rendered":"Alvin Chau Cheok Wa may lose Suncity Group due to unpaid debts"},"content":{"rendered":"\n

Alvin Chau Cheok Wa could lose his controlling stake in Suncity Group after his company failed to pay over HK$313.6m (US$40.2m) to a group of lenders.<\/p>\n\n\n\n\n\n\n\n

Macau.-\u00a0Star Soul Investments Ltd<\/a>, a company led by\u00a0Alvin Chau Cheok Wa<\/a>, has failed to repay a debt of HK$313.6m (US$40.2m) to a group of lenders. Suncity Group Holdings said it had been informed that Cheok Wa’s private holding company had received a letter from the lenders’ legal counsel and Wooco Secretarial Services, the lender\u2019s agent and guarantee agent.\u00a0<\/p>\n\n\n\n

According to the statement, the terms of the loan give Wooco Secretarial Services the power to sell, transfer or otherwise dispose of all or any part of the stake previously owned by Alvin Chau Cheok Wa. However, Suncity Group Holdings noted that the company didn’t have details of how Wooco would enforce the securities pledged by Cheok Wa as a guarantee for the loan.<\/p>\n\n\n\n

The shares at stake represent approximately 74.85 per cent of the total issued share capital of Suncity. They’re controlled by an entity called Fame Select Ltd, which is 50 per cent owned by Alvin Chau Cheok Wa and 50 per cent by Zheng Tingkang.\u00a0<\/p>\n\n\n\n

Last week, shares of Suncity Group Holdings and its Summit Ascent division\u00a0were suspended from trading<\/a> after having plunged by 48 per cent to HK$0.13<\/strong>\u00a0after the arrest of Cheok Wa. Summit Ascent was trading at US$0.15, a drop of nearly 70 per cent.\u00a0<\/p>\n\n\n\n

Suncity to sell business jet to boost liquidity<\/h2>\n\n\n\n

Suncity Group Holdings Co<\/a>\u00a0has recently announced that it will sell a business jet that it bought under two years ago.\u00a0It will sell the US$10m plane to British-registered Jetcraft Global (UK) Ltd.<\/p>\n\n\n\n

Suncity Group said the deal involved a pre-tax loss of approximately HK$1.2m (US$152,800). The company expects to obtain HK$73.3m (US$9.4m) from the sale. The junket operator said the sale would generate \u201cimmediate cash\u201d, thereby \u201cenhancing the company\u2019s liquidity position.\u201d The transaction is expected to be completed on December 27.<\/p>\n","protected":false},"excerpt":{"rendered":"

Alvin Chau Cheok Wa could lose his controlling stake in Suncity Group after his company failed to pay over HK$313.6m (US$40.2m) to a group of lenders.<\/p>\n","protected":false},"author":176,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Alvin Chau Cheok Wa's Star Soul Investments Ltd defaulted on a HK$313.6m debt, potentially leading to the loss of his 74.85% controlling stake in Suncity Group Holdings. This follows the suspension and significant plunge of Suncity and Summit Ascent shares after Chau's arrest. Suncity Group Holdings is selling a business jet for US$10m to enhance liquidity amidst these financial pressures.","focusai_entities":"Alvin Chau Cheok Wa, Star Soul Investments Ltd, Suncity Group Holdings, Wooco Secretarial Services, Fame Select Ltd, Zheng Tingkang, Summit Ascent, Jetcraft Global (UK) Ltd","focusai_location":"Macau, United Kingdom","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.9), operator_casino (0.85), investor_analyst (0.98), supplier_vendor (0.75), journalist_researcher (0.95)","focusai_suggestions":[{"label":"Suncity Control Implications","query":"What are the immediate and long-term implications for Suncity Group's operational strategy and market positioning following the potential loss of Alvin Chau's controlling stake?"},{"label":"Liquidity & Debt Restructuring","query":"How will the business jet sale impact Suncity's overall liquidity position, and what further debt restructuring or asset divestment strategies might be pursued to address its financial obligations?"}],"footnotes":""},"categories":[157,16338],"tags":[23702],"class_list":["post-25671","post","type-post","status-publish","format-standard","hentry","category-business-news","category-east-asia-news","tag-suncity-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/25671","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=25671"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/25671\/revisions"}],"predecessor-version":[{"id":25681,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/25671\/revisions\/25681"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=25671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=25671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=25671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}