Once seen as being unprepared for command of Hong Kong's largest property developer, the third generation of the Kwok family has finally been entrusted with the task of controlling Sun Hung Kai Properties.
Sun Hung Kai Properties last night announced that it had appointed the two sons of the billionaire co-chairmen - Thomas Kwok Ping-kwong and Raymond Kwok Ping-luen - as alternate directors.
As part of the reorganisation, Mike Wong Chik-wing and Victor Lui Ting, who have each served the group for more than 30 years, have also been promoted to deputy managing directors.
'These changes will further strengthen our corporate governance structure and will ensure that the company continues to develop steadily,' Thomas Kwok said last night.
The boardroom reorganisation came on the same day the two co-chairmen were charged with bribery and misconduct by the Independent Commission Against Corruption, the anti-graft agency. Their eldest brother, Walter Kwok Ping-sheung, was arrested early in May by the ICAC but was not charged yesterday and was released on bail.
The charges have raised concerns about succession planning at SHKP, where members of a new generation - the three brothers have 10 children - are now poised to take over, albeit gradually.
Adam Kwok Kai-fai, 29, and Edward Kwok Ho-lai, 31, were appointed as alternate directors to Thomas Kwok and Raymond Kwok respectively.