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. 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.
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.