A key figure in Singapore’s massive money-laundering investigation, Su Binghai, established a substantial, debt-free property portfolio in Hong Kong valued at approximately HK$1.2 billion through a sophisticated acquisition strategy well before his alleged criminal activities came to light overseas. According to an investigation by the local news outlet HK01, which synthesized property and corporate records, the fugitive’s unencumbered real estate holdings spanned luxury residential units and prime commercial buildings across Central, Kowloon Bay, and Ho Man Tin, highlighting a significant and often overlooked asset base amid global efforts to seize his wealth.
The investigation reveals that Mr. Su utilized corporate entities and sequentially changed his travel documents to facilitate these purchases, beginning shortly after establishing New Future International Limited, a private equity vehicle, in May 2017. His purchases included an entire commercial block in Central, two office floors in Kowloon Bay, and two multi-million-dollar luxury apartments.
Central Building Anchors Portfolio
The most prominent asset is a full commercial building located on Des Voeux Road Central. On April 30, 2021, Mr. Su acquired the former Jim’s Commercial Building via a share transfer deal from the estate of the late retail magnate Tang Shing-bor. The 11-story structure, subsequently refurbished in 2023 and rebranded as The Voeux, is estimated to be worth around HK$500 million. This Central property—along with his other key Hong Kong holdings—is currently held without mortgage.
Prior to the Central acquisition, Mr. Su assembled his Kowloon Bay stake. In 2019, he spent HK$430 million to secure the entire 20th floors of Blocks A and B at Capital Tower, 38 Wai Yip Street, along with associated parking spaces. Company filings indicate that by this time, his registered travel document had shifted to one issued by Vanuatu.
Residential Acquisitions Under the Radar
Mr. Su’s earliest Hong Kong acquisitions were residential, commencing shortly after he switched from a PRC passport to a Saint Kitts and Nevis passport. Between 2017 and 2019, he spent close to HK$200 million purchasing two units—a duplex and a single-story apartment—in the exclusive Ultima development in Ho Man Tin.
HK01’s review confirms that all three primary holdings—The Voeux, the Capital Tower office floors, and the Ultima apartments—remain unencumbered. Furthermore, corporate filings show that Supreme Leader Limited, the company holding The Voeux, lists Mr. Su as the sole shareholder and a director. Notably, regulatory documents indicate that he moved to reactivate his original corporate vehicle, New Future International, via a letter to authorities in July of this year.
Parallels with Global Scrutiny
These substantial Hong Kong acquisitions occurred while Mr. Su was already linked to alleged financial misconduct overseas. Born in Fujian, China, he was previously associated with a 2015 Mainland fraud case involving transactions reportedly exceeding RMB90 million. The international spotlight intensified in August 2023 when Singaporean police launched a crackdown on a S$3 billion money-laundering network.
While nine other suspects were arrested and subsequently jailed, Mr. Su reportedly fled initially to Malaysia before reaching the United Kingdom. His massive global spending spree has since triggered significant enforcement actions. In October 2024, Mr. Su reached a settlement with Singaporean authorities to forfeit S$316.6 million in assets. More recently, in November, the U.K. National Crime Agency announced a settlement to confiscate approximately £20 million of his U.K. assets, including nine London properties and three dinosaur fossil skeletons.
Despite these aggressive overseas asset freezes and forfeitures, the HK01 investigation emphasizes that Mr. Su’s Hong Kong assets remain in place, yielding rental income, and his local corporate structures were recently revived. This detailed blueprint of his Hong Kong properties underscores the enduring challenge for international law enforcement bodies attempting to trace and recover the proceeds of global financial crime across multiple jurisdictions.