Chinese Estates Holdings Limited announced that Executive Director, Chairman and Chief Executive Officer Joseph Lau has resigned from the positions, effective March 14, 2014, after being convicted of bribery and money laundering charges. The company appointed his 33-year old son Ming-wai Lau as executive director chairman and acting CEO, effective March 14, 2014, to replace him. Meanwhile, the younger Lau joined his father's company in 2006 and has been serving as the vice chairman of Chinese Estates.