Family company of Shawn Yue’s girlfriend on the brink of bankruptcy

The court has ordered an auction for the company to clear its debt

shawn

Hong Kong actor Shawn Yue’s rumoured girlfriend, Sarah Wang (also known as Sha La or Wang Tang Yun), was revealed to be the daughter of a millionaire, who was a leading entrepreneur in the leather belt industry. However, what shocked many was the revelation of news that the family’s company is on the verge of bankruptcy and had even chalked up a huge amount of debt. Some of its employees still have not received their salaries since the end of last year.

Sarah’s father Mr Wang, who is the president of the group concerning the Asian-American audience, had been ordered by the court to put up some of the properties previously invested in by the company for auction in an attempt to reduce their debt, one of them being prime waterfront residence “The Cullinan”.

The auction has already commenced, with other properties under the “Elite New York Star” property group currently up for a second round of bidding. The lowest starting price was NTD33.72 million (approximately S$1.51 million), however, despite the low prices, the auction was unsuccessful due to the lack of bidders.

A separate auction for “The Cullinan” was initially scheduled to take place on September 13, but due to the negative outcome of the previous session, the auction has since been called off. At the same time, Mr Wang, who was the initial legal representative for this project, has given the position of the trustee to his wife.

Photos: PBE Media

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