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.
SHKP sells two luxury homes for Deep Water Bay HK$493m
Sun Hung Kai Properties yesterday sold two luxury houses at Shouson Peak in Deep Water Bay for almost HK$500 million even after a discount of up to 8 per cent and a 50 per cent subsidy on stamp duty. A 3,603 square foot house with a 750 sq ft terrace and a 1,143 sq ft garden changed hands for HK$262.8 million, 5 per cent lower than the listed price of HK$276.67 million.
A 3,227 sq ft house, with 717 sq ft terrace and 585 sq ft garden, sold for HK$229.89 million, also 8 per cent lower than the listed price, translating into HK$71,242 per square foot by saleable area.