It doesn’t matter who you are.
Celebrities, successful restaurant owners; Covid-19 doesn’t differentiate between its victims.
Previously, we wrote about how Chen Shucheng had to shut down his restaurant because of Covid-19:
And now, news about a mega-star-turn-director broke the internet headlines.
Stephen Chow Allegedly Hit So Badly by COVID-19 Financially, He Had to Mortgage His Mansion
Stephen Chow was a highly successful comedy-action star in the 90s.
After getting older, he made his way to the back of the camera and became a highly-acclaimed director.
However, just like any other people, Covid-19 has taken a huge toll on him. Or, at least, that’s what several media outlets in Hong Kong are speculating.
According to ST, he had mortgage his mansion, located at 12 Pollock”s Path in Hong Kong, to J.P. Morgan Chase Bank in Mar 2020.
His older sister, Kelly Chow, who is the Executive Director of investment holding company Bingo Group, had signed the mortgage.
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Global Film Industry Practically Circuit-Broken
With Covid-19, the global film industry has practically come to a standstill.
His previous film, The New King Of Comedy, did not perform well.
In China, the movie only earned S$123 million. In comparison, The Mermaid (2016) earned S$668 million in China.
So when he mortgaged his property for S$198 million on 13 Mar, people started wondering if he could be in financial trouble.
However, not everyone believes that.
They think that he might be mortgaging his property for an entirely different reason.
He’s Not Broke, He’s Just…
There are rumours, in both Hong Kong and China, that Chow might be mortgaging his property to fund his new movie.
Which is completely understandable since funding might have run dry due to the ongoing pandemic.
Chow had mortgaged his property once before back in 2011 and only managed to get it back in 2019.
The house he has is one of four bungalows that he had built at Pollack Street together with Ryoden Development.
He had bought the land back then for S$57.6 million and sold three of the four bungalows for S$261 million in 2009.
He had kept the last bungalow for himself and refused to let it go even though many buyers had reached out to him over the years.
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