Sun Hung Kai Properties
Sun Hung Kai Properties is one of Hong Kong’s largest property groups, with revenue of HK$68.4 billion in the 2011-2012 financial year, and profit attributable to shareholders of HK$43.08 billion. The company has been shaken in recent years by disputes between family members, with chairman and chief executive Walter Kwok being forced to step down in a dispute with his brothers Thomas and Raymond. In March, the Independent Commission Against Corruption (ICAC) arrested senior officials as part of a corruption probe that also included former chief secretary Rafael Hui.
Door shuts for Arch buyers
Within one week of the Arch notching a record per-unit price for a $168 million penthouse, all available units in the Sun Hung Kai Properties development have been sold.
The developer says only reserve units remain on its books at the West Kowloon project. Eight hundred of the 1,052 units were sold within days of the pre-sale launch.
On Wednesday, the $168 million penthouse sale achieved a price of $31,500 per square foot - a record per-unit price in the city. SHKP says it is negotiating a higher price for another penthouse.
Other units have been sold at up to $24,500 per sq ft.