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.
Record deals definitely boost sentiment
News of record-breaking property deals definitely boost sentiment among investors and home seekers, according to property agents.
They cited the sale of flats at Sun Hung Kai Properties' the Arch as an example. More than 90 per cent of the 1,054 units in the luxury development were snapped up in about a week during pre-sale in April 2005 - just five days after it sold a 5,353 square feet penthouse for a record HK$168 million. However, agents said the buyer - said to be a mainlander - eventually walked away from the deal when the building was completed last year.
Property consultants said the Hong Kong government would not do anything in default cases, deeming them a commercial matter.