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MACAU BUSINESS


eventually denying exemption from the tax on profits – precisely because of the funds allocated to family members. MOP 3.5 million to the 8 heirs


The latest report and accounts indicate that FSH owes the founder MOP 4.5 million as a result of a loan “to strengthen the financial situation of the Foundation”. Despite having a very significant pool of assets, which at this point is around MOP 100 million, FSH has been experiencing some difficulties, either as a result of the bankruptcy of a hospital that occupied two valuable buildings (a situation that has since been resolved) or of the difficulty of selling land near Lisbon. FSH’s liabilities also include the amount of MOP 3.5 million, which is the accumulated amount of income to be paid to the eight heirs – who are no longer minor and are entitled to receive a little more than MOP 400,000 each. The value is low and reflects some financial difficulties that the Foundation has had in these 20 years. During the years when operating results were negative, heirs were not entitled to their percentage. The values attributed annually as subsidies can also be considered as not that significant. In 2018, MOP 115,000 were distributed to 17 entities (MOP 1 million in 2001). Unless it is dissolved in the meantime, the


Foundation will continue beyond Ho’s death, and this will ensure that some of the assets he delivers will remain indivisible. Stanley Ho has remained the president from the


outset, with his friend and former Secretary of Economy Carlos Monjardino (President of the Orient Foundation) as Vice President. The other members also have a connection with Macau or with the Orient Foundation.


Several wines Among this heritage, that the founder would like


to keep indivisible, are the farms where he produces wine.


Wine and cork are FSH’s main sources of fixed income,


In 2001, when Stanley Ho made the two donations and a commitment to pay 25 per cent of annual income, there were eight minor heirs. These heirs have since turned 18: Florinda Ho Chiu Wan Sabrina Ho Chiu Yeng Orlando Ho Yau Kai Laurinda Hoo Chiu Lin Francisco Ho Yau Bong Arnaldo Ho Yau Heng Mário Ho Yau Kwan Alice Ho Chiu Yan


22 DECEMBER 2019


with a preponderance for wine, since cork is a seasonal product and cannot be removed every year. Last year, for instance, FSH earned MOP 1.8 million in income from farming – that is, from the sale of grapes to other producers and bottled wine under its own brands. 40 per cent of this is obtained in China and Macau, where the Foundation sells a significant portion of its wines (for example, in restaurants in the SJM / STDM universe). The Foundation produces at least six


it S


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eferences, all bearing the same name: Stanley Rosé, Stanley Tinto (red wine), Stanley Chardonnay Branco (white), Stanley Pinot Noir Tinto (red), Stanley Reserva Tinto (red) and the latest, a sparkling wine made from the Pinot Noir variety.


to 10 (MOP 89).


Consumer prices in Portugal range from 4 €





The wines come mainly from two origins: FSH has two vineyards in the Colares protected area and the Herdade de Vale Cebolas in the Pegões region.


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