The arrest of the Kwok Brothers has led to the biggest one-day sell-off of Sun Hung Kai Properties’ shares.
The arrests of co-chairman Raymond and Thomas Kwok in connection with a corruption investigation saw the stock close down 13% at HK$96.50 (£7.76), cutting the value of Asia’s largest property developer by US$4.9bn (£3.06bn) in 24 hours. They were released on bail early on Friday morning. The pair’s older brother, Walter Kwok, said through a spokesman that they hoped people would stop “making meaningless speculation in the absence of any evidence”.
31/03/12 Financial Times 13, 24
