Wealth-X Reports: Hong Kong Tycoons Lose $1 Million Per Minute After Arrest
SUN HUNG KAI'S CO-CHAIRMEN'S NET WORTH DOWN 13%
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."
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