Thursday, March 29, 2012

Sun Hung shares fall 15% in Hong Kong after arrests

Sun Hung Kai's headquarters in Hong Kong

Shares in Sun Hung Kai Properties have fallen sharply in Hong Kong after the arrest of its joint chairmen on suspicion of bribery.

The stock fell 15% at the open on the Hong Kong Stock Exchange on Friday.

By afternoon there was a mild recovery, and the stock was down 12% at 98.05 Hong Kong dollars.

Brothers Thomas Kwok and Raymond Kwok were arrested by the Independent Commission Against Corruption (ICAC) on Thursday.

Sun Hung Kai is Hong Kong's biggest property developer by market value.

The company has made the Kwok family one of the richest in the city.



Source & Image : BBC

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