Sun Hung Kai Properties Ltd. said former Chairman Walter Kwok resigned as a non-executive director after the family reached an agreement on its interests in Hong Kong’s second-largest developer by market value.
Sun Hung Kai Properties Ltd. Chairwoman Kwong Siu-hing reorganized the family trust that controls the world’s biggest developer by market value to remove elder son Walter Kwok as a beneficiary following a two-year feud, according to a person with knowledge of the matter.
Sun Hung Kai Properties Ltd., Hong Kong’s biggest developer, said former chairman Walter Kwok was arrested by the anti-corruption commission, widening a probe that includes his brothers and a former government official.
Sun Hung Kai Properties Ltd.’s biggest shareholder, Kwong Siu-hing, transferred part of her holdings in the Hong Kong developer to sons and co-chairmen Thomas and Raymond Kwok, according to the family trust.
Walter Kwok said he may agree to leave Sun Hung Kai Properties Ltd . if his brothers offer him a “reasonable price,” more than HK$20 billion, the South China Morning Post reported, citing an interview with Kwok.
Sun Hung Kai Properties Ltd., Hong Kong’s biggest developer by market value, was suspended from trading as Cable TV reported this afternoon that billionaire co- chairmen Thomas and Raymond Kwok were asked to assist in an investigation by the city’s anti-graft body.