Cecil Chao paves way for Gigi to take over Cheuk Nang despite lesbian wedding row

Tycoon Cecil Chao Sze-tsung has launched a succession plan that will allow his daughter, Gigi Chao, to take the helm of the family property company Cheuk Nang.

Cecil Chao, the 78-year-old chairman of Cheuk Nang, said yesterday that he would propose promoting his daughter to vice-chairwoman of the board next month. He is also planning to set up a trust fund and use part of the money for charity.

The family came under the spotlight in 2012 after Cecil Chao offered HK$500 million to any man who succeeded in marrying Gigi Chao after learning she had wed her girlfriend, Sean Eav.

"I hoped my dad would not step down so early. He enjoys work. The company is his largest achievement. It also gives him the greatest pleasure," Gigi Chao, an executive director of the company, said.