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Kwok Says He’d Leave Sun Hung Kai for Right Price, SCMP Reports

Oct. 28 (Bloomberg) -- 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.

The HK$20 billion they’d offered to remove him as a beneficiary of of a key trust controlling the family’s assets, including a 42.4 percent stake in Sun Hung Kai Properties, “is not a fair valuation,” Kwok said, as cited by the Hong Kong-based English-language newspaper.

Kwok said he’s willing to go back into company managment if his two younger brothers want him to, and if not he’s willing to negotiate the buyout price, the Post said. He also wants clarification as to whether his children are still trust beneficiaries, the newspaper said.

Sun Hung Kai Properties declined to comment on Kwok’s remarks and said the contents of an Oct. 4 press release are still valid, the Post said.

Story link: {NSN LAYVQ56JIJV1<GO>}

To contact the editor responsible for this story: Joshua Fellman at jfellman@bloomberg.net

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