Kings College London medical statistician, Dr Kun Liu, died aged 31 in 2015, leaving everything to his bride of just three weeks, Xuan Wu.
However, the doctor’s death sparked a bitter legal row between his widow and his Chinese parents, who claim they had ‘ploughed much of their retirement savings into getting him on the property ladder’
The parents of an academic who died from cancer have contested his widow's inheritance because he “promised” they could move in with him.
Dr Kun Liu, a medical statistician at Kings College London, died aged 31 in 2015, leaving everything to his bride, Xuan Wu, having married her in hospital less than a month before his passing.
He signed a will by “marking a cross on a document prepared by a solicitor”, leaving his new wife their £430,000 home in south Croydon, the Central London county court heard.
However, she is now embroiled in a bitter legal dispute with Kun’s Chinese parents, who claim they lent him large amounts of money to purchase the property that would give him “the best opportunity to succeed in life”.
Weidong Liu and Yali Kang claim to have given their son over £325,000 since 2012, but thought he would repay them.
They have travelled across the world to put their case against their daughter-in-law who wedded their son in November 2015.
Kun, who had achieved a PhD at Manchester University, even “invited them to retire to the UK and live with him”, claimed Mr Nickless, the parents barrister.
“This money came from their life savings and money borrowed from their family, ” he explained.
“Alternatively, they say they are entitled to repayment of the sum they lent to Kun.”
But Ms Wu, 34, is fighting the legal claim, disputing that the money was ever intended as a loan.
Her barrister, Max Thorowgood, said the young couple became engaged in 2012 “with the consent of their parents”.
“She says the larger payments were gifts made by his parents on account of her engagement to Kun Liu, and that her parents made similar payments,” he argued.
Kun and his future bride met when he was studying in Manchester in 2005 and she alleges they began to live together from that date, eventually becoming engaged in 2012.
However, Kun's parents claim that until 2014 they were unaware of the depth of feeling between their son and his girlfriend.
But Ms Wu, 34, is fighting the legal claim, disputing that the money was ever intended as a loan.
Her barrister, Max Thorowgood, said the young couple became engaged in 2012 “with the consent of their parents”.
“She says the larger payments were gifts made by his parents on account of her engagement to Kun Liu, and that her parents made similar payments,” he argued.
Kun and his future bride met when he was studying in Manchester in 2005 and she alleges they began to live together from that date, eventually becoming engaged in 2012.
However, Kun's parents claim that until 2014 they were unaware of the depth of feeling between their son and his girlfriend.
His father told the court that he and his son had an “understanding” that Kun should not take up with with a serious girlfriend while studying.
Mr Liu added that him and his wife had spent a lot of money on their son’s academic career, describing him as an “excellent student”.
But in April 2015, the family received the devastating news of his cancer diagnosis, although his parents say they only learnt about his terminal illness the day after the hospital wedding ceremony.
Just over a week later, they flew to the UK to see their son for the last time.
The hearing continues.
The widow had told the judge Dr Liu’s parents ‘exaggerated the amount of money provided by them’, and that her own parents also contributed about half the cash.
The judge accepted that Dr Liu, as a ‘dutiful son’, might well have thought that his parents would eventually retire to England.
But such retirement plans were separate from the house-buying project, he found, and there was no fixed intention that he should repay the cash from his parents and they ‘were ultimately excluded’ in his will, the judge ruled.
‘This is harsh for them, but of itself suggests that at least by but of itself suggests that at least by the time of the property’s purchase and thereafter, Dr Liu did not regard himself as under any financial obligation to his parents,’ he said.
But Judge Nicholas Parfitt has now handed the wife victory, saying that the academic considered his ‘moral obligation’ was to his young widow, not to his elderly parents.
Central London County Court heard the young couple had swapped marriage vows in hospital on November 27 2015, just three weeks before he died.
Shortly before his death, the frail doctor had made his last will ‘by marking a cross on a document prepared by a solicitor,’ naming his 34-year-old widow as his sole heir.
However his parents, Weidong Liu and Kali Kang, later challenged their dead son’s move and claimed the house the widow had inherited belonged to them in reality.
But Judge Nicholas Parfitt has now handed the wife victory, saying that the academic considered his ‘moral obligation’ was to his young widow, not to his elderly parents.
link : https://metro.co.uk/2019/03/07/young-widow-wins-court-battle-laws-stay-marital-home-8857151/
The hearing continues.
They handed over part of their retirement pot because 'it was for the good of their family to enhance his prospects as much as possible', they claimed.
And they hoped that one day they might move to the UK after retiring and live with their son in his home.
But Xuan Wu said she doubted whether his parents would ever have come to the UK - or even obtained a visa.
Dr Liu’s parents jetted to the UK to give evidence in support of their case – but their claim was rejected by Judge Parfitt after a five-day hearing
But such retirement plans were separate from the house-buying project, he found, and there was no fixed intention that he should repay the cash from his parents and they ‘were ultimately excluded’ in his will, the judge ruled.
‘This is harsh for them, but of itself suggests that at least by but of itself suggests that at least by the time of the property’s purchase and thereafter, Dr Liu did not regard himself as under any financial obligation to his parents,’ he said.
But Judge Nicholas Parfitt has now handed the wife victory, saying that the academic considered his ‘moral obligation’ was to his young widow, not to his elderly parents.
Central London County Court heard the young couple had swapped marriage vows in hospital on November 27 2015, just three weeks before he died.
Shortly before his death, the frail doctor had made his last will ‘by marking a cross on a document prepared by a solicitor,’ naming his 34-year-old widow as his sole heir.
However his parents, Weidong Liu and Kali Kang, later challenged their dead son’s move and claimed the house the widow had inherited belonged to them in reality.
But Judge Nicholas Parfitt has now handed the wife victory, saying that the academic considered his ‘moral obligation’ was to his young widow, not to his elderly parents.
link : https://metro.co.uk/2019/03/07/young-widow-wins-court-battle-laws-stay-marital-home-8857151/
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Flushing developer throws mini-empire into bankruptcy
Foreclosure auction for Jeffrey Wu’s office and condo properties also postponed
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A real estate portfolio that stretches across Flushing, Manhattan and Long Island has been pulled from the auction block as its owner filed for bankruptcy.
Flushing developer and supermarket owner Jeffrey Wu threw three LLCs holding mezzanine debt on his properties into bankruptcy Wednesday. The loans, which total $15.3 million, had been put up for sale in an auction scheduled to close at 10 a.m. Wednesday. The auction was postponed.
Wu, who also goes by the name Myint J. Kyaw, also filed for personal bankruptcy in New York’s Eastern District court.
Wu did not immediately respond to a request for comment.
The properties covered by his mezzanine loans include 41-60 Main Street in Downtown Flushing — a 100,00-square-foot office and retail building — and 50 units remaining in the 99-unit condo development at 133-38 Sanford Avenue.
The pledge interests also include a 28,000-square-foot commercial condo in Chinatown at 80 Elizabeth Street that’s leased to Hong Kong Supermarket — a chain of groceries Wu helped found. The final piece of the portfolio is a 184,000-square-foot industrial complex in Deer Park at 377 Carlls Path.
Wu’s personal bankruptcy filing lists assets under $50,000 and liabilities from $50 million to $100 million.
It’s not clear what caused the loans to fall into distress, and the problems predated the coronavirus. Wu’s lenders filed their notice of their creditors’ interests in his properties in January 2018.
That was when Wu received a $109 million financing package — a $94 million first mortgage and a $15 million mezzanine loan — for 41-60 Main Street from Eli Tabak’s Bluestone Group. Wu’s personal bankruptcy filing lists Bluestone as a creditor with a $7 million claim.
New York / July 08, 2020 03:54 PM
By Rich Bockmann | Research By Jerome Dineen
彭博 [Bloomberg] :中資房地產商多個倫敦工程恐「爛尾」 工人無糧出停工
由羅筠言
·17/02/2022
外媒彭博報道,英國倫敦多個由中資房地產商開發的樓盤出現停工、空置的情況,其中廣州富力地產(Guangzhou R&F Properties Co)的開發案已經暫時停工,有在工地工作的工人指,富力地產未有向承建商發放資金,未收到薪水的員工經已離開崗位。
除了廣州富力地產在倫敦西南區九榆樹(Nine Elms)的旗艦開發開發案出現停工外,近日傳出困境的世茂集團(Shimao Group Holdings Ltd.)亦準備出售倫敦主禱文廣場(Paternoster Square)附近一座寫字樓套現資金。
彭博高級分析師 Patrick Wong 指出,中國私人開發商負債累累,出現流動資金危機,打擊置業人士及債券持有人信心,進而引發金融危機的蔓延。彭博又指,中國房地產市場本不樂觀,而中、英關係緊張、引入資金管制,加上英國脫歐的後遺症,使中國流向倫敦的資金愈來愈少。
2013 年,時任英國首相卡梅倫(David Cameron)及時任倫敦市長約翰遜(Boris Johnson)宣布與中資開發商合作發展東倫敦皇家阿爾伯特碼頭(Royal Albert Docks,RAD),欲塑造成英國首都的第三大金融區。不過經過 7 年多的時間,該區的建築物仍舊空蕩。自 2019 年 4 月 RAD 重建項目一期完工後,中資房地產商一直沒有對建案進行施工,倫敦當局已向房地產商發出「最後終止通知」(final termination notice)。
中資的綠地控股 (Greenland Holdings)在 2014 收購旺茲沃思(Wandsworth)的前啤酒廠用地後,在完成第一期 338 套公寓及 70,000 平方尺的寫字樓後,就將二期和三期的建設權出售予英資房地產伯克利集團(The Berkeley Group Holdings),然後全面退出項目。
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