Sofia’s new satellite city to be built by a convicted briber

You have to admire the chutzpah of Hong Kong billionnaire Steven Lo Kit-Sing.

He has just been sentenced to 5 years in jail in Macau for bribery and money-laundering. According to the verdict, which he is appealing, Lo was involved in securing land opposite Macau International Airport.

But while Lo was on trial for bribing a government official in a real-estate deal, he was seemingly busy negotiating with other government officials to set up another real-estate deal. This time in Bulgaria, where he is investing in a €50 million project to build a satellite city near Sofia, with luxury hotels, apartments, and an “indoor sea”.

Incidentally it’s unlikely that Lo will ever serve his 5 years in the slammer, regardless of whether his conviction is upheld. Macau has no extradition treaty with Lo’s native Hong Kong, despite occasional mutterings about the possibility. And if Hong Kong does arrange an extradition deal, I’m sure Lo would be able to move to Bulgaria.