Yu Pengnian’s Ten Billion Billion Estates Donated to Charity
The late film star Bruce Lee’s former homeowner and real estate wealthy businessman Yu Pengnian made his will in his lifetime and donated 100 billion Hong Kong dollars worth of donations to charitable purposes. He appointed the grandson Peng Zhibing as the executor; but after his death in 2015, some family members questioned the will. Ineffective, Peng Zhibing entered the High Court and asked the court to certify. The case was heard in the High Court yesterday. As the parties had reached an agreement earlier and no longer disputed the authenticity of the will, they also supported the wish of Yu Pengnian to do good. The judge ordered that all the funds be transferred to the Yu Pengnian Charity Fund.
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The plaintiff Peng Zhibing and the defendants included Yu Pengnian’s second son Peng Yafan, Peng Yafan’s son Peng Xinyu, the plaintiff’s three sisters Peng Xinying, Peng Xinjie, Peng Xinlin, and the Secretary of Justice who is the guardian of charity affairs. When the case was referred to the High Court last year, they represented members of the family. The lawyers all stated that they will no longer dispute the authenticity of the will. The Department of Justice has also confirmed that it has established a management heritage team. The High Court formally ordered the will to be valid yesterday.
Judge Lu Qikang said in court that sentiments and lawsuits often reflect human nature. Many of them involve family disputes and brothers’ opposition. Fortunately in this case, all family members supported Yu Pengnian’s wish to do good deeds. The better side of human nature. When Peng Zhibing responded to media enquiries yesterday, he emphasized that his family respects his grandfather’s wishes and is happy to see that his estate is used for charitable purposes.
Originally named Peng Pengshan, Yu Pengnian was born in Hunan in 1922. In 1958, he worked as a cleansing and construction site worker in Hong Kong since 1958. He later operated a small business and began to enter the real estate and stocks industry. Since the 1970s, he has purchased a number of sites in Kowloon Tong, including The No. 7 “Ideal Hotel” among the neighbourhoods of No. 3, No. 5 and No. 7 Gemdale Road near MTR Kowloon Tong Station is the most familiar. After Bruce Lee’s death in 1973, Yu Pengnian spent 850,000 yuan to buy the former residence of No. 41 Jimbaren Road, converted into a clock hotel, and sold the tender in 2008. Bruce Lee asked the government to buy and set up the Bruce Lee museum. I was willing to donate the property unconditionally. The decision was put on hold in 2011 because the reconstruction plan exceeded the limits of the TPB.