The Cheng family controlling Wing Tai Holdings has seen an increase in their stake in the property group via a combination of an open market purchase and an off-market deal.

On July 14, via Empire Gate Holdings, the Chengs acquired nearly 39 million shares for $71.3 million or an average of $1.83. The bulk of the shares or 38.4 million were bought via a married deal from an undisclosed seller and the remaining 509,993 shares were bought off the market. Following the purchase, Empire Gate’s total interest in Wing Tai increased to just over 90.8 million shares or 11.8%, up from 6.73% previously.

With the transaction, Cheng Wai Keung, Wing Tai’s chairman and managing director, saw his total interest climb to 463 million shares or 60.18%, from 55.03% previously. Edmund, Wai Keung’s younger brother, is also managing the company as its deputy chairman and deputy managing director.

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