Chen Zhencong Released from Prison | Chinachem Charitable Foundation Gets the Best of Gong Ruxin's Legacy Like the Half Marathon Club Unfulfilled His Last Will

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Written by: Zhang Jiamin

2021-07-03 08:00

Last update date: 2021-07-03 08:00

Businessman Chen Zhencong lost the case against the late Chinachem Group Chairman Gong Ruxin's estate. He was convicted of forging a will in July 2013 and was imprisoned for 12 years. He will be released on July 3, 2021 (today).

It has been 14 years since the death of Gong Ruxin. The property dispute case lasted for many years and there was a final trial. Her last wish to make a donation to the "Chinachem Charity Fund" in 2001 has been valid, making the fund like a half-horse club and must be used for charity use.

The Attorney General, who is accused of being a supervisor, disclosed last year that Chinachem Group’s net asset value had skyrocketed by 59 billion yuan or 70% in the eight years since 2012, reaching 141 billion yuan in September last year.

However, in the two years since 2018, Chinachem Group has only used about 0.02% of it for charity purposes; Gong Ruxin's wish to set up the "China Nobel Prize" has not yet been launched.

Chinachem Tower owns a large number of properties. In recent years, it has also developed residential projects with the MTR and the URA. This year, it has bid for a commercial project on Caroline Hill Road in Causeway Bay with nearly 19.8 billion yuan.

Reports on Chen Zhencong’s release from prison:

Chen Zhencong Released from Prison | Received Gong Ruxin’s 3 billion yuan to sell two-story building 01 Directly hit his wife and strive for a semi-ownership unit

Chen Zhencong released from prison | Feng Shui master changed Gong Ru mood, man forged will and failed to fight for billions of inheritance

In 2001, he made a will and donated all his assets to the "Chinachem Fund" for good deeds

The late Gong Ruxin, chairman of Chinachem Group, was the richest woman in Asia and the richest woman in the world.

She made a huge announcement at the “Nina Nina” album signing meeting held at the Hong Kong Comics Festival on July 28, 2001, saying that she had made a will. Except for the care of the elderly at home, the rest of the assets were donated to “Hua”. The "Mao Fund" was used for charitable purposes, and a dispute between Weng and daughter-in-law occurred.

Gong Ruxin’s husband, Wang Dehui, was abducted in 1990 and has not been recovered. Wang Tingxin’s father, Wang Tingxin, applied to the court in 1999 that Wang Dehui was legally dead.

In November 2002, Weng’s daughter-in-law went to court to fight for Wang Dehui’s estate. In a hearing spanning 14 months, the court was satisfied that Wang Dehui’s will made in 1968. Wang Tingxin could obtain most of the estate. Gong Ruxin claimed that Wang Dehui was in court. In 1990, the will to transfer all the inheritance to her was invalidated, and she was also arrested on suspicion of forging documents and attempting to obstruct justice.

Afterwards, Gong Ruxin appealed against the judgment. In September 2005, the Court of Final Appeal ruled that her appeal was straightforward and overturned the previous judgment. Gong Ruxin's suspected forgery of documents was also removed, and Chinachem's assets were taken over.

However, until her death on April 3, 2007 due to the spread of ovarian cancer, she did not declare to the public that the donation of assets made in 2001 to Chinachem Charity Fund was invalid.

Chinachem is only the "trustee" of the estate and needs to be used for charity according to Gong Ruxin's last wish

About two weeks after Gong Ruxin's death, when the aftermath was completed, the 47-year-old Feng Shui master Chen Zhencong jumped out and claimed to be Gong's lover. He even claimed to hold a new will made before Gong's death, saying that he was the only beneficiary of Gong Ruxin's inheritance. people.

In the century dispute lawsuit, it was Chen Zhencong's turn to Chinachem Charity Foundation. The details of the interaction between the two were exposed during the hearing. In the end, Chen Zhencong lost the lawsuit and was convicted of forging the signature of the 2006 will and was sentenced to 12 years in prison.

The Chinachem Charity Fund, which won the lawsuit, has all her inheritance, and Chen Zhencong, the Gong family, and the Wang family have no right to be infected.

In 2015, the Court of Final Appeal also ruled that Chinachem Charity Fund is the "trustee" of the estate, not the "heir". It needs to work with the Department of Justice to formulate a management plan, including the establishment of a regulatory body, to ensure that the estate is used for charitable purposes in accordance with Gong Ruxin's last wish. Chinachem Charity Foundation has become a charity organization under the supervision of the government like a half-horse club.

The "China Nobel Prize" has not yet been implemented

After the property contention case ended, Gong Ruxin's large estate still has no real purpose.

Gong Ruxin’s brother Gong Renxin said in 2017 that he would invite the founding dean of the Hong Kong Academy of Sciences and the former president of the University of Hong Kong, Xu Lizhi, to cooperate with him to prepare for the world "China Nobel Prize", aiming to commend various scientific fields around the world. The outstanding contributions of the representatives mean that the two have already had preliminary contacts.

At that time, Gong Renxin proposed two plans, namely, to set aside a special fund based on the Nobel Prize, and the bonus would be paid by the profits of the foundation's operation.

Another plan is to regularly allocate funds from the foundation.

However, the "China Nobel Prize" has not yet been implemented.

Net assets reached 141 billion yuan

The core assets of the legacy include the assets of companies within the Chinachem Group. In fact, the net asset value of the Chinachem Group has increased over the years.

The Department of Justice disclosed that according to the relevant unaudited aggregate management statement, as of September 30 last year, the net asset value of Chinachem Group was approximately HK$141 billion.

The group's asset value in 2012 exceeded approximately HK$82 billion, and as of August 2018, it was 137 billion yuan, which means that it has gained approximately 59 billion yuan in eight years.

Only 26.6 million yuan for charity from 2018 to 2020

However, from 2018 to 2020, Chinachem Group donated a total of 26.6 million yuan for charitable purposes, which accounted for less than 0.02% of the group's net asset value.

Many low-density residences in luxury estates

According to the information, Chinachem Group holds many residential and commercial projects. Among them, there are at least 17 residential projects, including 10 sales properties and 7 leased residential projects. The latest is the new development area on Anderson Road, Kwun Tong. For the project "Mount Anderson", Chinachem Group bought land for more than RMB 3.1 billion in 2018, when the land price per square foot was RMB 12,000.

"An Feng" began to sell at the beginning of this year, and the average price per square foot of the first batch of units was about 20,000 yuan.

In addition, many of Chinachem Group's projects are located in luxury residential areas, including a number of low-density residential projects such as Tai Tam "Red Mountain Peninsula", Pokfulam "Bi Lixuan", Clear Water Bay "Silver View Peak" and "Yuelu".

In recent years, it has developed residential buildings with the MTR and URA

In addition, Chinachem Group has also been actively cooperating with other organizations in recent years. Among them, there are three cooperative development projects with MTR, namely Tsuen Wan West Station "Quan ‧ City Place" and Long Ping Station "Long City Place", and in 2018 The second phase property development project of Ho Man Tin Station was bid for.

Last year, it cooperated with the URA for the first time in the development of residential buildings, and won the Tokyo Street/Fu Wing Street residential project in Sham Shui Po for more than 900 million yuan.

Won a commercial project in Causeway Bay with nearly 20 billion yuan last month

Chinachem Group also holds more than 30 commercial properties, of which 4 are more industrial buildings, including 2 industrial buildings in the southern district of Hong Kong Island.

Last month, Chinachem also partnered with Hysan Development to bid for a commercial project on Caroline Hill Road in Causeway Bay for a total of 19.78 billion yuan.

Chen Zhencong released from prison | Feng Shui master changed Gong Ru mood, man forged will and failed to fight for billions of inheritance

Chen Zhencong Released from Prison | Received Gong Ruxin’s 3 billion yuan to sell two-story building 01 Directly hit his wife and strive for a semi-ownership unit

Gong Ruxin's estate case | Chen Zhencong said he was wronged in prison: He was released on July 3

[Gong Ruxin’s Legacy] Chinachem Group has filed a petition for Gong Renxin and other 4 people to return the property in Mount Star Ridge

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