Hong Kong court awards $154M in divorce

Dec. 2, 2011 at 12:32 PM

HONG KONG, Dec. 2 (UPI) -- A Hong Kong property tycoon was ordered to pay $154.5 million to his ex-wife in what is believed to be the highest award decided in court, observers said.

High Court Justice John Saunders ruled Thursday Samathur Li Kin-kan, son of billionaire Samuel Tak Lee, must pay his ex-wife, Florence Tsang Chiu-wing, the sum, which represents 20 percent of the couple's assets under the "sharing principle," The Standard reported Friday.

Li and Tsang, a 38-year-old lawyer, were married in 2000 and separated in 2008. In his ruling, Saunders said the couple lived "a lifestyle which was best described as just below that of a [U.S.] billionaire."

The court ordered $26 million be paid immediately and the balance due in 90 days, with interest to accrue after that.

"The contributions of the husband and wife to the marriage partnership were equal," Saunders said.

CNN said court documents indicated an award to Tsang that includes homes in Hong Kong and London, and an allowance to buy two vehicles.

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