The Fok Ying Tung case is currently underway in Hong Kong, and several of the protagonists of the current case have agreed to a two-day adjournment, which is due to the desire of both sides for a better solution. Lu Qikang, the judge who heard the case, said before that this case is a tragedy, and as a child, he could not understand the meaning of his father. Lu Qikang believes that the continuation of this lawsuit will have a great impact on the reputation of the Fok Ying Tung family.
At the same time, Lu Qikang also said bluntly that neither side is for their own interests. Lu Qikang's words may not be understood by some people, if everyone is not for their own interests, then what is there to argue about?
In 2006, patriotic entrepreneur Huo Yingdong died of illness in Beijing. After Huo Yingdong's death, Dafang's three sons began to make trouble. In Fok Ying Tung's arrangement, Huo Zhenhuan, the second eldest of the big house, and Huo Zhenyu, the third oldest, were the executors of his inheritance. However, huo Zhenyu soon believed that the second brother Huo Zhenhuan had embezzled some of the family property, and the two brothers eventually went to court.
The case went to trial in 2011, and it was also a sensation at the time. In the end, Mr. Dong came forward to help the Huo family brothers mediate. After the reconciliation, the 16 members of the Fok Ying Tung family shared a total of 2.5 billion yuan in family property. However, in this settlement, Huo Zhenhuan said that his father had left a document that contained the content that the Fok Yingdong family's Yourong Company had the right to buy back part of the interests of the Nansha real estate project from the Fok Yingdong Fund.
It turned out that in the early 1990s, Fok Yingdong, through his own Fok Ying Tung Foundation, joined yourong company and established a joint venture with Panyu to establish the Nansha Development Company, at that time, Fok Yingdong accounted for 51% of the shares, and Fok Yingdong Fund and Yourong Company each accounted for one share. In 1996, the Nansha Development Company spent 300 million yuan to buy a total of 33,000 mu of land in Nansha Bay.
Subsequently, Huo Yingdong invested in many infrastructure projects in Nansha, in addition to Yingdong Middle School, Tianhou Temple, Passenger Terminal, Yacht Club, Nansha Grand Hotel and so on. Subsequently, Huo Yingdong invested billions of dollars and developed many projects, but this land is very large and there are still many empty land.
With the development of Nansha's economy, the land price in Nansha soared in 2012, and now the value of land prices is immeasurable. The Huo family said that the equity of this competition is worth 9 billion. But in fact, the total value of this land is at least between 100 billion and 150 billion, then a quarter of the equity is between 25 billion and 37.5 billion.
In 1997, Fok Yingdong transferred the rights and interests held by Yourong Company to Fok Yingdong Fund at a price of 1 yuan, and left a repurchase agreement, and before 2007, Yourong Company had the right to repurchase. However, Fok Yingdong died in 2006, and he never started this buyback before his death.
Before 2011, this agreement was known only to Huo Zhenhuan, and he did not start the buyback, he believed that his father's investment in Nansha was to support the national economic development, not for the family's private interests, so he believed that not buying back was his father's intention.
In the 2012 reconciliation, Huo Zhenhuan revealed this matter, which caused the dissatisfaction of Huo Zhenyu, the third elder of the big house, and two daughters Huo Liping and Huo Lina. They believe that Huo Zhenhuan's concealment of the terms has affected their rights and interests, and they suspect that Huo Zhenhuan wants to embezzle these rights and interests.
Huo Zhenhuan said that he was not obliged to disclose this agreement to the outside world, and at the same time he said that the rights and interests belonged to the Fok Ying Tung Foundation, not to any individual, and he would not embezzle these rights and interests.
So in 2012, Huo Zhenyu asked the court to reopen the trial, and in 2015, the court agreed to hold the trial, and then the case was heard this year, which caused an uproar. The eldest brother, Huo Zhenting, also expressed support for the decision of the second eldest Huo Zhenhuan, that the land should belong to the Fok Ying Tung Foundation for the development of charity, rather than to individuals.
Huo Zhenyu's side believes that his father never said that investing in Nansha is not to make money, they believe that charity and making money can also go hand in hand, and the two sides are not contradictory. In fact, even if Huo Zhenyu's side wins, Huo Zhenhuan and Huo Zhenting also have interests, because if they can be repurchased, the land rights and interests belong to the Fok Yingdong family company, not to Huo Zhenyu's side. Huo Zhenyu did not fight a lawsuit for himself.
This is also why the presiding judge said that the two sides were not fighting a lawsuit for their own interests, and the point of contention in this lawsuit was that the two sides had different understandings of Fok Yingdong's will, and the many information they provided were to prove how Fok Yingdong really wanted to deal with these lands.
In fact, now the wind reviews have all been biased towards Huo Zhenhuan's side, Huo Yingdong's character is obvious to everyone, he donated more than 6 billion yuan to the country before his death, if Huo Yingdong wants to make money, he will already be the richest man in China. However, Huo Yingdong did not do this, which proves his great personality.
If Huo Zhenyu's side wins, then it will be a huge damage to Huo Yingdong's reputation. Huo Zhenyu, Huo Lina, and Huo Liping really should think about it. Because the Huo family's lawsuit for property even affected the development of Nansha from another level. Since Fok Yingdong's death in 2006, the Huo family's investment in Nansha has slowed down a lot. In 2012, Nansha entered a new development situation, and the Huo family had almost no other projects in the past 10 years except for two real estate projects.
If Huo Yingdong was still there, he certainly wouldn't have thought about the current situation. Fok Yingdong once said in his autobiography that he did not want his children and grandchildren to succeed him, but hoped that they would study well, be a professional talent, and slowly live an ordinary life.
The fact that the two sides agreed to adjourn the court this time also shows that there is hope for reconciliation. In fact, since the trial, Huo Zhenhuan said that he hoped to sit down with his brother and talk and spend the New Year together. Hollina also said that she hoped to reconcile.
However, when the reporter asked Huo Zhenyu if he could reconcile, Huo Zhenyu did not say anything. However, at present, everyone has agreed to adjourn the court, which proves that the two sides still have the sincerity of the adjournment. The problem is that if the case continues to be fought, the impact will be very large, and no matter who wins or loses the lawsuit, the reputation of the Fok Ying Tung family will be greatly affected in the end.
Fok Yingdong himself has made great contributions to the country to accumulate such a good reputation, and now his descendants are caught in such a situation of infighting, which is really lamentable. In addition, Huo Qigang has now officially entered the development of political circles, and the direction of this lawsuit has a very great impact on Huo Qigang's future.
If Huo Zhenyu really wins, and the land rights and interests are classified as private to the Huo family, then how will the outside world view the Huo family, and Huo Qigang's future will also be overshadowed. I hope that in these two days of adjournment, the Huo family can have a good talk and find a solution.