Hong Kong billionaire Peter Woo, chairman of property developers Wheelock & Co. and Wharf (Holdings) Ltd., has a 1.84 percent stake worth HK$5.4 billion ($700 million) in rival developer Sun Hung Kai Properties Ltd., a public filing shows.
Woo’s family owns 48.26 million shares in Sun Hung Kai, the largest real estate developer in Hong Kong, through a broker named Corrington Securities & Investment Ltd., according to a page detailing Sun Hung Kai’s major shareholders posted on the website of Hong Kong’s stock exchange.
Corrington is owned by Woo’s family, according to Agnes Hui, a Hong Kong-based spokeswoman for Wharf and Wheelock. “Wheelock is not privy to the business of Corrington,” Hui said in an email today, declining to make further comments.
Sun Hung Kai shares lost as much as 29 percent this year as its billionaire co-chairmen Thomas and Raymond Kwok are facing bribery-related offenses. The stock gained 0.5 percent to HK112.50 as of 2:30 p.m in Hong Kong trading, giving Woo’s holding a value of $HK5.4 billion.