Wealth-X Reports: Hong Kong Tycoons Lose $1 Million Per Minute After Arrest SUN HUNG KAI'S CO-CHAIRMEN'S NET WORTH DOWN 13% PR Newswire HONG KONG, April 4, 2012 HONG KONG, April 4,2012 /PRNewswire/ -- Hong Kong tycoons Thomas and Raymond Kwok, Co-Chairmen of Hong Kong's largest property development company, lost together US $1.2 million of their combined net worth per minute on 29 March 2012, the day of their arrest. When trading in their Sun Hung Kai Properties resumed the next day the Co-Chairmen lost a combined $2 billion, down 14% since the incident. However, at the close of the Hong Kong market on 3 April 2012, the Kwok brothers' combined net worth regained close to $250 million, putting their net loss at 12%. The Kwok brothers are two of Asia's richest property developers. Excluding common family assets, their combined net worth stood at $15.6 billion a year ago, $13.9 billion just before their arrest and $12.1 billion at the close of trading on 3 April 2012, according to the latest Wealth-X estimates. Their arrest came 10 days after Sun Hung Kai's Executive Director, Thomas Chan, was arrested in connection with the ongoing investigation by the Independent Commission Against Corruption. "This is an unprecedented wealth destruction event, putting Raymond Kwok's motto 'Tough times never last; tough people do' to the test," Mykolas D. Rambus, CEO of Wealth-X, said. "Never has it been more important for ultra-wealthy individuals, even billionaires, to carefully hedge concentrated stock positions and account for extremely varied contingencies." For more information, visit www.wealthx.com ABOUT WEALTH-X Wealth-X provides its members with qualified prospects and intelligence on ultra high net worth (UHNW) individuals, along with the privately held-companies they control. We work with 8 of the top 10 global private banks, leading educational institutions, not-for-profits and luxury brands. Our firm's online business development solution profiles individuals who represent US$ 10.7 trillion of the world's net wealth. Wealth-X offers exclusive details on ultra wealthy individuals, including their wealth, income, passions, philanthropic interests, affiliations, politics, advisors, families and biographies. Wealth-X is the global leader on UHNW individuals and the worldwide standard for professionals working with the ultra affluent. Headquartered in Singapore, Wealth-X has offices in London, Lugano, New York, Hong Kong, Guangzhou, Mumbai, Sydney, and Beirut. SOURCE Wealth-X
Wealth-X Reports: Hong Kong Tycoons Lose $1 Million Per Minute After Arrest
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