Exclusive:Son of foreign fugitive billionaire buys one of Scotland's largest land estates

Near 30,000 acre landholding in Scotland is ultimately owned by Hong Kong firm

One of Scotland’s largest estates, spanning nearly 30,000 acres of wilderness across swathes of the southern Highlands, has been bought over by the son of a fugitive billionaire.

Auch and Invermearan estate, home to some of Scotland’s most dramatic and picturesque terrain, is now under the ownership of a company controlled by Ming Wai Lau, the eldest son of Joseph Lau, a Hong Kong property tycoon who is one of the world’s richest men.

In what is one of the largest property sales in Scottish history, and the latest example of the nation’s prime estates coming under foreign ownership, corporate records show the vast landholding is now ultimately owned by Profound Limited, a private firm based in the special administrative region of China.

However, management for the estate told The Scotsman the new ownership was “well known” to the community and all relevant stakeholders, adding that development was well underway on plans to create “substantial tourist accommodation” which have received enthusiastic support.

The estate, which is almost two thirds the size of Glasgow, stretches across Perthshire and Argyll. Such is its scope, it includes seven Munros and six Corbetts, as well as two-and-a-half miles of salmon fishing river, and two beats for red deer stalking. Knight Frank, the agents who marketed its sale, described it as “a significant property of true wilderness”, noting it was the largest Scottish estate to come on the open market in nearly a decade.

Ming Wai, 43, is the chairman of Chinese Estates Holdings, the vast property development firm previously presided over by his father. The 72-year-old held the same position until 2014, when he resigned after a Macau court found him guilty of bribery and money laundering in connection with a land deal in the gambling hot-spot..

Mr Lau, who denied the allegations, was sentenced in absentia to five years and three months in prison, but he has not served a single day of jail time because there is no extradition treaty between Hong Kong and Macau. His wife, and Ming Wai’s stepmother, Chan Hoi-wan, is the company’s CEO.

Auch and Invermearan estate is home to some of Scotland’s most dramatic and picturesque terrain. Picture: Jeff J Mitchell/Getty Images

In 2019, Mr Lau filed a legal challenge against the Hong Kong government's controversial proposed extradition Bill, legislation that triggered angry protests and the city's worst political crisis in decades. His lawsuit was later withdrawn, as was the Bill.

The magnate is renowned for his lavish lifestyle and extravagant spending. In 2015, he set a new world auction record for diamonds after paying $48.4 million (£37.9m) for a 12.03 carat blue diamond in Geneva. Mr Lau said afterwards he had purchased it for his then seven-year-old daughter.

According to Forbes, he has a fortune of around $13.3 billion (£10.4bn), and has a Boeing 787 Dreamliner among his fleet of private jets. He also has an extensive art collection worth hundreds of millions of pounds, including works by Andy Warhol and Paul Gauguin. In 2020, he sold David Hockney’s The Splash to media mogul David Geffen for £23m. In February 2023, Mr Lau sold a collection of 77 luxury handbags by designers such as Hermès Chanel via an online auction hosted by Sotheby’s. They sold for $3.2m (£2.5m).

In 2017, Mr Lau transferred his 74.99 per cent multi-billion pound shareholding in Chinese Estates Holdings between his wife, Chan, and Ming Wai. The restructuring gave the latter a near quarter share of the property behemoth’s stock. Reports by Bloomberg and the South China Morning Post in 2020 indicated Ming Wai went on to transfer his shareholding, worth around $300m (£234m), to an entity set up for Chan’s three children.

Energy network provider SSEN has applied to the Scottish Government Energy Consents Unit for permission to erect a new double circuit 132kV transmission line, which will stretch 68 miles from the Isle of Skye to Fort Augustus -- the application will be decided by ministers. Picture: Getty Images

Since then, Ming Wai, who studied at King's College London and the London School of Economics, has turned his attention west to one of Scotland’s most striking estates. It is not clear what he paid in total for Auch and Invermearan, which was sold in various lots during the pandemic. However, it is understood the overall price tag was in the region of £12m, making it one of the most expensive estates ever sold.

Records maintained by Registers of Scotland show that one of the lots, covering Invermearan – a sprawling expanse of land north of Tyndrum – fetched £4.18m. The purchaser was Profound UK Holdings Ltd, a London-registered subsidiary of the Hong Kong firm Profound Ltd. The same firm is the owner of the Auch estate, according to Registers of Scotland’s records.

Ming Wai, who has held a number of roles at prominent government bodies and think-tanks, including a spell as chairman of Hong Kong’s Commission on Youth, is registered at Companies House as a “person with significant control” over the subsidiary entity. In turn, Profound UK Holdings is listed as having significant control over Inverco Limited, the parent company of Auch Estate Limited. Ming Wai is a director of both firms, which were dissolved this month via voluntary strike-offs.

Since concluding the deal, the estate has drawn up ambitious blueprints to create what it has described as an “agri-tourism operation” that will showcase the area on the “world stage”. The plans, which have been approved by Argyll & Bute Council, propose “world-class” accommodation that will allow guests to connect with the landscape via the likes of yoga and meditation.

An aerial view of the Auch estate, where the body of charity cyclist Tony Parsons was moved after he died in a collision on the A82 near Bridge of Orchy. Picture: Crown Office/PA Wire

A design and access statement, submitted by the estate as part of the works, states: “There is a unique opportunity to create so much more and with our vision, we will ensure the estate not only reaches its full potential, but also that it sets new benchmarks of hospitality and experience in Argyll and be an exemplar for Scotland.”

In a statement issued to The Scotsman, the estate’s management did not address a question about Ming Wai’s links to his father. It said: “Plans for development at the estate, including the creation of substantial tourist accommodation, were submitted and well publicised in 2022. They received enthusiastic support from the community and planning permission was granted by Argyll & Bute Council in August 2022. These plans represent a major investment by the estate and development work is well under way. There is a long-term commitment to make the estate an excellent destination for visitors and nature enthusiasts.

“The estate was acquired in March 2020 and new ownership has been well known to the community and all relevant stakeholders since then. As a result of the acquisition, the new owners inherited a company structure, which was recently restructured to better reflect our operations. The estate is owned by Profound UK Holdings Ltd, a UK-registered company which is listed along with current directors at Companies House. The estate is managed locally by a team led by an experienced estate manager. All activities are undertaken with the aim of balancing agriculture, conservation and tourism.”

As part of the deal to buy Auch and Invermearan, it is understood Ming Wai’s firm also took control of several hydro firms tied to the estate, including Allt Coralan Hydro Limited, the entity behind a run of river hydroelectric facility that produces around 1,650 MWh of energy a year, which is exported to a nearby distribution network. The 478kW scheme, operational since 2011, is a lucrative asset. It is fixed into the feed-in-tariff until 2031, and generates an average annual income of around £280,000.

Planning consent exists to construct a further three hydro schemes on the estate at Allt Lairig nan Lunn, Allt Meurain, and Glen Tulich. Cumulatively, they have some 1.8MW of potential capacity, with a grid connection contract at Lubreoch agreed with Scottish Hydro Electric Power Distribution for some 2.2MW.