Table of Contents
On July 3, 2024, the collegial panel of the Macau Court of Final Appeal made a final ruling on the appeal case of Suncity Group founder Zhou Zhuohua (nicknamed "Ximihua"), upholding the original sentence of 18 years in prison and ordering him to pay civil compensation of up to HK$24.87 billion (the same below) to the Macau SAR government. This century-long case that affected the political and business circles of China, Hong Kong and Macau not only uncovered the dark side of the cross-border gambling empire, but also exposed shocking details such as the "love nest" worth nearly 100 million yuan between the parties involved and the "most powerful mistress" Mandy Lieu (Liu Bili) became a silver spoon dish. It has become the most dramatic political and business storm in Hong Kong and Macau in recent years.
1. The final verdict of the trial of the century: the collapse of a cross-border gambling empire
1.1 A complete analysis of the criminal network
According to the 289-page verdict published by the Macau Primary Court on January 18, 2023, Zhou Zhuohua was found guilty of 162 charges including establishing and directing a criminal group, illegal gambling, fraud, money laundering, etc. The case file shows that since 2013, Suncity has been operating a "betting bottom" business (i.e., using 105% of the table bet amount as the real bet) through overseas servers, and has set up more than 300 online gambling platforms in the Philippines, Cambodia and other places, attracting more than 80,000 gamblers from mainland China, with a cumulative betting amount of more than 800 billion yuan, equivalent to 1.5 times the total annual revenue of Macau casinos.
1.2 Exposure of political and business protection umbrellas
Judicial authorities revealed that Zhou Zhuohua formed a complete criminal chain by bribing former senior officials of the Macau government, buying off personnel from the Gaming Inspection and Coordination Bureau, and cooperating with mainland "underground banks" to launder money. Between 2015 and 2019 alone, more than 65 billion yuan of gambling funds were transferred through Hong Kong shell companies, and the relevant funds flowed into 12 financial institutions and 38 offshore accounts in Hong Kong.
1.3 Calculation Basis of Sky-High Compensation
The civil compensation of RMB 24.87 billion includes:
- 8.26 billion yuan: The actual profits of Suncity Group from illegal gambling operations in mainland China
- 15.32 billion yuan: 3 times the punitive damages calculated according to Macau’s “Prevention and Suppression of Money Laundering Crimes” regulations
- 1.29 billion yuan: Gaming taxes and fines owed to the Macau government
Legal experts analyzed that if Zhou Zhuohua fails to pay compensation, the Macau government can freeze his global assets in accordance with the "Criminal Judicial Assistance Law". It is reported that the authorities have obtained a list of overseas assets including British wineries and Australian ranches held by him through offshore companies.
2. A Record of the Collapse of a Business Empire: From Casino Tycoon to Silver Owner Storm
2.1 Suncity Group’s asset liquidation
The share price of LET Group (formerly known as Suncity Group), a listed company under Zhou Zhuohua, has plummeted by 98% since the news of his arrest in November 2021 was exposed, and its market value has evaporated by more than 20 billion yuan. Core assets were taken over one after another:
- Hoiana Integrated Resort in Vietnam: taken over by Standard Chartered Bank as a creditor in July 2023, the project valuation has shrunk to US$1.2 billion
- Westside City Casino in the Philippines: Bloomberry Resorts terminated the contract in January 2024, and the initial investment of NT$2.3 billion was completely lost
- Hong Kong listed companies: Summit Ascension Holdings (00102.HK) has entered the delisting process, and Sun Entertainment Group (08082.HK)'s market value has fallen below 100 million yuan
2.2 Hong Kong and Macau properties are dominated by banks
According to our investigation, at least 9 properties in Hong Kong and Macau owned by Zhou Zhuohua's family have been taken over by creditors:
| Property Location | Year of Purchase | Purchase Price (HKD) | Current Status |
| One Lakeside, Macau | 2016 | 230 million | Unsold in 2023 |
| Hong Kong Central | 2014 | HK$91.32 million | To be leased to mainland professionals in 2024 |
| Repulse Bay Road, Hong Kong | 2018 | 570 million | Price reduction in May 2024 20% for sale |
| Macau Coloane Villa | 2019 | 180 million | 2023 auction failed |
2.3 Mysterious creditor appears
It is worth noting that Melco Crown Entertainment (Macau) Limited, which took over the Central Junran unit, is actually a company under the family of gambling king Stanley Ho. Market rumors have it that in 2019, in order to compete for a Philippine gambling license, Zhou Zhuohua mortgaged a number of assets to Melco. Legal documents show that although the mansion is owned by a company under Mandy Lieu's name, the mortgage agreement contains a "cross-default clause" that allows Melco to take full control after Suncity Group defaults.
3. Behind the emotional entanglement: The 2,182-foot love nest witnessed the feud between wealthy families
3.1 The Secret of Purchasing the Love Nest
In 2014, Mandy Lieu purchased a high-rise unit in the Central Garden Residences for HK$91.326 million in cash, just as she gave birth to Zhou Zhuohua's eldest daughter. According to a real estate insider, this unit is the "best of the best":
- Saleable area of 2,182 square feet, with 270-degree view of Victoria Harbour fireworks
- The developer only launched a "mysterious property sale plan" that year, and buyers had to verify their capital of 100 million yuan before they were eligible to view the property.
- The management fee is $7.2 per square foot, and the monthly expenses exceed $15,000.
3.2 Decoding luxury decoration
According to the interior designer, the renovation of the unit cost more than 20 million yuan:
- The master bedroom is equipped with a Swiss Läderach smart constant temperature wine cabinet, costing 3.8 million yuan
- The bathroom uses Italian Antonio Lupi crystal bathtub, limited to 10 sets worldwide
- The living room is hung with a butterfly specimen painting by British artist Damien Hirst, valued at 6 million yuan
3.3 Silver master plate attack and defense
After the takeover process started in 2023, there were reports in the market that multiple groups of buyers were negotiating:
- Mainland film and television tycoon offers 78 million yuan for "handing over all furniture"
- Singapore fund is willing to invest 82 million for asset allocation
- Representatives from the Middle Eastern royal family inspected the building three times
Ultimately, the buyer backed off because the judicial process in Zhou Zhuohua's case was unclear. Xie Zimin, the director of Midland Realty who was in charge of listing the property, said frankly: "For this type of property involving criminal cases, the price has to be 30% lower than the market price to be attractive."
4. Mandy Lieu’s new life in the UK: custody of 4 children and asset restructuring
4.1 Decoding the Breakup Agreement
According to court documents obtained by The Times, the main points of the breakup agreement signed by Zhou Zhuohua and Mandy Lieu in 2020 include:
- Zhou Zhuohua is responsible for the education and living expenses of his four children (now aged 9 to 3) in the UK at 8 million yuan per year
- Mandy wins permanent residency at £230 million estate in Surrey, England
- The two parties agreed not to disclose the details of their relationship to the media.
4.2 Asset Restructuring Techniques
Mandy Lieu has made a number of investments in recent years through the British company MCL Capital:
- Acquired a stake in the Corinthia Hotel London for £38 million in 2022
- Investing £12 million in Oxfordshire organic farm by 2023
- In 2024, it was reported that the company would buy 15% of shares in the Premier League team Southampton
Legal experts pointed out that these investments are mostly held in the form of trusts, which have asset protection functions. His collection of jewelry and famous paintings in Hong Kong was secretly shipped to London in 2022.
5. A new milestone in the judicial cooperation between Hong Kong and Macao: a test of the cross-border asset recovery mechanism
This case set many judicial records:
- The first multi-billion dollar case handled under the Arrangement between the Mainland and Macao on the Surrender of Fugitive Offenders
- Macau court adopts “triple punitive damages” calculation standard for the first time
- The Hong Kong Monetary Authority cooperated to freeze 38 related accounts, involving more than 9 billion yuan
Liang Yonghang, former investigation director of the Independent Commission Against Corruption, pointed out: "If the 24.8 billion yuan compensation is fully executed, it will be equivalent to 18% of the Macau government's annual tax revenue." According to the law, the rental income of the unit of Junran in Central must be used to offset civil compensation first.
6. Market Revelation: Investment Warnings under the Silver Owner Market Wave
According to the latest report from JLL, the stock of bank-owned properties in Hong Kong with a value of more than HK$10 million surged by 47% year-on-year in the first half of 2024, of which more than 30% involved economic crime cases. The Zhonghuan Ranran case gives investors three major warnings:
- Title due diligence: It is necessary to clarify whether the property involves a criminal freezing order
- Review of mortgage terms: Pay attention to special terms such as "cross default"
- Judicial risk pricing: The valuation of such properties should deduct potential legal costs
As the judicial process of the Zhou Zhuohua case comes to an end, this storm spanning the political, business and legal circles is sounding the alarm for asset allocation among the wealthy circles in Hong Kong and Macao. And every price adjustment of Zhonghuan Ranran’s unit becomes a thermometer to measure the sharpness of the sword of the rule of law.
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