Two Hong Kong men held in connection with HK$3 million agarwood heist

Police believe they have smashed a Hong Kong burglary gang following the arrest of two men over the theft of rare agarwood items worth HK$3 million from a Yau Ma Tei shop four months ago.

Officers are searching for an accomplice in connection with the case. The Chinese man is thought to be aged between 40 and 50.

But police have not recovered the stolen goods. “We are investigating whether the consignment has been smuggled into the mainland,” a police source said.

Agarwood trees are highly prized for their aromatic resin, which is used to make incense, perfume, medicine and sculptures. The wood’s rarity has made it one of the most expensive raw materials in the world.

Initial police investigations showed the two suspects aged 52 and 57 had travelled to Shenzhen on a number of occasions over the past three months, the source said.

He said officers were also investigating whether the “hole-in-the-wall” gang was linked to other break-ins across the city.

At about 6am on Tuesday, detectives raided a public housing flat in Lei Yue Mun and arrested the 57-year-old man. The younger man was picked up at his home in Tsz Wan Shan four hours later.