Billionaire Who Bought 'Blue Moon' Diamond Snaps up Richard Rogers Skyscraper

Hong Kong's fifth richest man spent nearly £50m on diamonds, which he named after his daughter Josephine

A flamboyant Hong Kong billionaire who bought the world's most expensive diamondis expected to buy a skyscraper in the City of London.

A company controlled by Joseph Lau, Hong Kong's fifth richest man, is set to buy 88 Wood Street, according to the Evening Standard.

Chinese Estates is buying the tower, designed by Richard Rogers, for £270m. His company also owns Goldman Sachs' London headquarters, and he previously owned a house in Belgravia with a gold-lined swimming pool.

In November, Mr Lau, who is worth £8bn, spent almost £50m on two diamonds in less than 24 hours, and named both after his daughter.



He bought a 16.08-carat vivid pink diamond auctioned by Christie's for £19m, which he renamed "Sweet Josephine" to honour his seven-year-old daughter.

The following day, he spent a record £32m on a flawless "Blue Moon" diamond and renamed it “Josephine”.

Chinese Estates refused to comment on the deal.

Among Mr Lau's art collection is a seven-foot high Chairman Mao portrait by Andy Warhol,which cost him £11.3m at a Christie’s auction in New York in 2006.

He also owns one of the world’s best collection of fine wines, numbering 10,000 bottles, and a fleet of jets. His order for a Boeing 787 Dreamliner – an aircraft that can seat more than 300 people when used in a commercial capacity – was cancelled however after production was delayed by Boeing.

The mother of his daughter Josephine is former aide Chan Hoi-wan, according to local media. He also has two children with long-time partner Yvonne Lui.

Mr Lau was handed a five-year jail term last year when he was found guilty with a business partner of corruption and money laundering over a land deal in Macau.

However, Mr Lau, who stood down as chairman of Chinese Estates Holdings after the case, will not have to serve the sentence unless he enters the former Portuguese colony.

Sourced- Telegraph