Sun Hung Kai Loses $4.9 Billion on Billionaire Kwoks’ Arrest
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Sun Hung Kai Properties Ltd. plunged the most in 14 years and lost $4.9 billion of market value after anti-graft investigators arrested the billionaire brothers who run Hong Kong’s biggest developer.
Co-chairmen Thomas and Raymond Kwok were detained by the Independent Commission Against Corruption, Sun Hung Kai said late yesterday. Rafael Hui, a former No. 2 official in the government, was also arrested, according to a person with knowledge of the matter who asked not to be identified because of the ongoing probe.