China Watch Blog has learnt that Sun Hung Kai Properties Ltd plunged on March 30 – the most in 14 years and lost US$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 on Thursday. Rafael Hui, a former No. 2 official in the government, was also arrested on March 29, a source said.
The arrests mark one of the highest-level investigations in the ICAC’s 38-year history.
Sun Hung Kai plunged 13 percent, the most since January 1998, to close at HK$96.50 (US$12.43) in Hong Kong on Mar 30 after a suspension on Thursday. The stock has dropped 17 percent since the company said on March 19 that Executive Director Thomas Chan Kui-Yuen was arrested by the ICAC.
Citigroup Inc and Barclays Plc cut their ratings on the developer’s stock.If you think China Watch Blog's information is useful, click on cup of coffee on left hand side and make a small contribution via PayPal