{"id":29762,"date":"2022-05-11T07:24:12","date_gmt":"2022-05-11T10:24:12","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=29762"},"modified":"2026-04-23T08:49:19","modified_gmt":"2026-04-23T11:49:19","slug":"suncity-group-to-sell-two-groups-of-wholly-owned-subsidiaries","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/suncity-group-to-sell-two-groups-of-wholly-owned-subsidiaries","title":{"rendered":"Suncity Group to sell two groups of wholly-owned subsidiaries"},"content":{"rendered":"\n

The units will be bought by Great Promise Developments Ltd, a company located in the British Virgin Islands and controlled by a businessman named Zhong Jianhua.<\/p>\n\n\n\n\n\n\n\n

Macau.-\u00a0Suncity Group Holdings<\/strong>\u00a0has revealed that it had reached an agreement to sell two wholly-owned subsidiaries for an aggregate consideration of HKD1.00 (US$0.13). The investment companies will be sold to Great Promise Developments Ltd, a company located in the British Virgin Islands and controlled by a businessman named Zhong Jianhua.<\/p>\n\n\n\n

The company deemed the operation as an “opportunity for the group to meet its obligations to repay loans and interest associated with these companies”.\u00a0The deal will allow it to recognise capital gains of approximately HK$127.8m (US$16m) upon closing. <\/p>\n\n\n\n

In April, Suncity Group<\/strong> decided to terminate its travel business. The unit, which accounted for 12.6 per cent of the group\u2019s total revenue in 2021, had been suspended since the winding up of locally-licensed junket operator Suncity Gaming Promotions Limited<\/a> (SCGPCL) on December 1, 2021.<\/p>\n\n\n\n

The company filed for dissolution following the arrest of its founder, Alvin Chau Cheok Wa<\/a>, over cross-border gambling and money laundering accusations.<\/p>\n\n\n\n

Suncity reported an HKD258.3m (US$33m) loss in 2021. Revenue from continuing operations, however, increased by\u00a087 per cent<\/strong>\u00a0from HKD181.8m to approximately HKD340.4m.<\/p>\n","protected":false},"excerpt":{"rendered":"

The units will be bought by Great Promise Developments Ltd, a company located in the British Virgin Islands and controlled by a businessman named Zhong Jianhua.<\/p>\n","protected":false},"author":176,"featured_media":25494,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Suncity Group Holdings is divesting two wholly-owned subsidiaries for a nominal HKD1.00 to Great Promise Developments Ltd, controlled by Zhong Jianhua, to meet loan obligations and realize HK$127.8m in capital gains. This strategic move follows the termination of its travel business and the 2021 winding up of junket operator Suncity Gaming Promotions Limited due to founder Alvin Chau's arrest for cross-border gambling and money laundering, against a backdrop of significant financial losses.","focusai_entities":"Suncity Group Holdings, Great Promise Developments Ltd, Zhong Jianhua, Suncity Gaming Promotions Limited (SCGPCL), Alvin Chau Cheok Wa","focusai_location":"British Virgin Islands, Macau","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), compliance_legal (0.9), operator_casino (0.7), payments_fraud_aml (0.9), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Suncity Debt Impact","query":"How will the HKD1.00 subsidiary sale and HK$127.8m capital gain impact Suncity Group Holdings' overall debt restructuring efforts and liquidity position, particularly given its 2021 loss?"},{"label":"Regulatory Fallout","query":"What are the broader implications for Macau's junket sector and B2B licensing frameworks following the winding up of SCGPCL and the arrest of Alvin Chau Cheok Wa for cross-border gambling and money laundering?"}],"footnotes":""},"categories":[157,16338],"tags":[23702],"class_list":["post-29762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-suncity-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29762","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=29762"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29762\/revisions"}],"predecessor-version":[{"id":29772,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29762\/revisions\/29772"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/25494"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=29762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=29762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=29762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}