Singapore tycoon Oei Hong Leong says Canada property lawsuit had nothing to do with Li Ka-shing
- Vancouver-based developer Concord Pacific, which was once controlled by the Hong Kong billionaire, lost its suit against Oei last week
- Oei said questions he had fielded about the developer compelled him to clarify there was ‘no fight’ between him and Li
Oei, who at 71 is worth an estimated US$1.5 billion according to this year’s Forbes billionaires list, said he had fielded questions about the ownership of Concord Pacific Acquisitions, part of Concord Pacific Group, that sued him at the Supreme Court of British Columbia.
Li once controlled the company and during that period, sold Oei the Plaza of Nations site on Vancouver’s waterfront for C$40 million (US$33 million) in 1989. Li sold his stake in Concord Pacific in the 1990s to the family of the company’s current CEO and president Terry Hui.
“People keep asking me if Concord is owned by Li Ka-shing … yes, I bought the land from Mr Li,” Oei told This Week in Asia, adding with a chuckle that the deal was concluded in “five minutes”.
“But we are good friends, there is no fight between us. Every time I come to Hong Kong, we have lunch together.”
