HK film mogul says daughter-in-law will manage his S$8.1 billion fortune, says sons are bad with money & prone to being cheated

Veteran Hong Kong actor and film mogul Charles Heung, 77, has decided to have his estimated S$8.1 billion fortune managed by his elder daughter-in-law, Taiwanese actress-model Bea Hayden, instead of his two sons.

In a video, Heung explained that Hayden is more financially savvy and can better safeguard the family inheritance.

In comparison, his sons lack business acumen and are prone to being deceived, Heung said.

Daughter-in-law better with money

According to The Standard, Heung and his wife, filmmaker Tiffany Chen, will establish a family fund, which Hayden will manage.

This arrangement, Chen expressed, was borne out of trust in her daughter-in-law, Lianhe Zaobao wrote.

The elder couple apparently said in a video about their two sons, "If I leave the property to them, it will soon be cheated away."

Instead, the two sons will receive a monthly allowance.

The elder son, Jacky, 42, is also in show business.

The younger son, Jonathan, was described as a businessman and was fined for assaulting a cab driver in 2013, South China Morning Post reported.

Conditions

There are conditions attached to the arrangement, according to Zaobao.

The monthly allowance will be stopped if the sons are deemed to have chosen to "lie flat" rather than work hard.

"Lying flat" refers to a trend in China where individuals reject societal expectations of hard work and achievement.

Grandchildren in the family are also not allowed to immigrate to the United States or study there, or they will lose their rights to the inheritance.

Younger son cries foul

According to Chen, the couple's younger son has complained about the arrangement, calling it unfair.

She has blocked him on WeChat and refused to meet with him.

They now communicate via a secretary, The Standard wrote.

Heung emphasises that the Will can be changed anytime, and it will be amended to encourage his sons if they demonstrate improved character in the next 10 years.

According to Phoenix New Media, Chen blames herself for how her younger son turned out, expressing regret at mollycoddling him while he was growing up.

"A kind mother spoils her children," Chen remarked, describing the younger son as her "pain".

Heung founded Win's Entertainment in 1987, known for producing popular Hong Kong films such as the "God of Gamblers" franchise starring Chow Yun-Fat and Andy Lau.

Top image via United Daily News, Bea Hayden / Instagram