Joyce Cheng, the 27-year-old daughter of Hong Kong actor Adam Cheng and late actress Lydia Shum was previously speculated to have received her mother’s inheritance of HK$60 million (approximately S$10 million) after her death in 2008.
However, recent Hong Kong media reports revealed that Joyce currently lives on a monthly allowance of around HK$20,000 (approximately S$3420) from the inheritance pool as Lydia was worried that her daughter, then still at a young age, may squander off the money as she was not yet adept in managing her finances. Joyce, who received an apartment as a last gift from her mother, will only be allowed to use her inheritance when she turns 35 years old.
Despite receiving a monthly allowance from her inheritance pool, it was revealed that the amount was not sufficient to sustain her living expenses due to Hong Kong’s high cost of living.
At the same time, Joyce’s habit of picking up the tab for her friends took a toll on her finances for the past few years and she was reportedly left cash-strapped by the end of the month. Joyce was even known to have sacked her chauffeur and helper to reduce her monthly expenses.
The actress-cum-singer also said that she was once left with only HK$26 (approximately S$4.50) in her bank account and had to be contented with eating leftovers. Despite that, Joyce maintained that she had never relied on her father for any help during her difficult times and had learned to overcome the feeling of loneliness, due to her father’s absence in her life, for the past six years.
Things finally picked up for Joyce when she had a more stable income upon joining Stephen Shiu Jr’s company, China 3D Digital Entertainment Limited, last April.
Now that she has learned how to manage her finances, Joyce would go Dutch with her friends when they are out for a meal, as well as compare the prices of items before purchasing them.