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Sun Hung Kai properties

Thomas Kwok jailed for five years on corruption charges

December 23, 2014

One of the biggest property tycoons in Hong Kong has been sentenced to five years in prison after being found guilty of corruption.

One of the biggest property tycoons in Hong Kong has been sentenced to five years in prison after being found guilty of corruption.

Third-gen Thomas Kwok, former co-chairman of Sun Hung Kai Properties, was found guilty on 16 December by Hong Kong’s High Court of conspiring to pay HK$8.5 million (€891, 380) to former Chief Secretary Rafael Hui in exchange for information on land sales.

In the highly publicised graft case, Kwok, 63, was also fined HK$500,000 but cleared of two other charges. He is appealing his conviction.

Family Business Roundup: Thomas Kwok bribery, Korean Air, and News Corp UK

December 19, 2014

Thomas Kwok found guilty on bribery charges; Korean Air faces penalties following macadamia nut case; and News Corp UK suffers £3.5 million loss.

Thomas Kwok found guilty on bribery charges

Hong Kong billionaire Thomas Kwok, co-chairman of one of the district’s largest property developers, has been convicted of conspiring to bribe one of the city's former top officials. His brother, Raymond, was found not guilty on all charges.

HK property matriarch transfers shares to Kwok brothers despite impending trial

December 6, 2013

The controlling shareholder of one of the largest real estate companies in Hong Kong, Sun Hung Kai Properties, has handed a significant chunk of shares to two of her three sons, even though they are awaiting trial for bribery of an official.

Kwok brothers arrested on corruption charges

March 30, 2012

Billionaire brothers Raymond and Thomas Kwok, who control Sun Hung Kai Properties, one of Asia’s biggest property developers, have been arrested in Hong Kong on suspicion of corruption.

They were arrested on 29 March by the Independent Commission Against Corruption, the company said in a statement, adding that business operations will not be affected and the brothers will maintain their roles within the firm.

Family business roundup: Bouygues, Luxottica and Sun Hung Kai Properties post strong results

February 29, 2012

Family businesses Bouygues, Luxottica and Sun Hung Kai Properties each announced positive financial results yesterday, but French industrial conglomerate Bouygues warned that increased competition could hit its telecoms division in 2012.

In a statement released on 28 February, the Paris-based company, which is 29.6% controlled by the Bouygues family, said revenues increased by 5% in 2011 to €32.7 billion, from €31.2 billion in 2010.

Hong Kong's richest become poorer

January 6, 2012

Hong Kong’s three richest individuals are all family business owners but their fortunes declined last year as economic growth slowed in China, according to the city-state's latest rich list.

Forbes magazine said Li Ka-shing, the 83-year-old chairman of family-controlled conglomerates Hutchison Whampoa and Cheung Kong Holdings, is Hong Kong’s wealthiest individual with approximately $22 billion (€17.2 billion) in assets. This represents an 8% decline from last year’s $24 billion.

SHKP named world’s best developer

January 7, 2008

Liquid Real Estate magazine has named family-owned property firm Sun Hung Kai Properties (SHKP) as the Best Global Developer, making it the only Hong Kong developer in the world’s top 10.

Liquid Real Estate magazine has named family-owned property firm Sun Hung Kai Properties (SHKP) as the Best Global Developer, making it the only Hong Kong developer in the world’s top 10. It was also designated the best developer in Hong Kong and Asia for the third year running in the magazine poll.