Chingmy Yau and Husband Shum Ka Wai at Risk of Losing Their Wealth?
Chingmy Yau (邱淑貞), and her husband Shum Ka Wai (沈嘉偉) may be in financial trouble after Shum’s fashion retail chain I.T. saw a sharp drop in stock prices.
Since her marriage to Shum in 1999, Chingmy has been living a luxurious lifestyle backed by her husband’s multi-million business. She happily retired from her acting career, and spent her days caring for her three daughters. Although the couple did not produce a son, Chingmy has declared that three are enough. Mr. Shum also loves his girls deeply, and is often seen accompanying them during outings.
A sharp businessman, Mr. Shum successfully took his company public in 2005. With celebrity endorsement and lavish marketing, I.T. grew into a fashion empire that rapidly expanded into China and Taiwan markets. Blessed with a padded wallet, Shum began pursuing other business ventures. Recently, he brought France’s upscale department store Galeries Lafayette into Beijing, attracted by mainland Chinese’s increasing spending power.
Although he was living every rich man’s dream, Shum unfortunately became victim to a volatile stock market and changing consumer tastes. According to a recent source, I.T.’s stock price dropped nearly seventy percent, translating into a loss of $550,000,000 HKD.
Knowing that his savings is no longer infinite, Shum and his family have recently moved into a modest 2,100-square-feet residence. A drastic change from their previous two-story duplex, Chingmy is reportedly very upset at her husband and is praying everyday for a change of luck.
This article is written by Katrine for JayneStars.com.