Madam Kwong expected to remain as chairman of SHKP

Kwong Siu-hing, the 80-year-old matriarch of the Kwok family, will continue to chair Sun Hung Kai Properties. Her eldest son, Walter Kwok Ping-sheung, was ousted by the board in May.

Speaking on the issue for the first time since the family feud emerged in March, vice-chairman and managing director Raymond Kwok Ping-luen said: 'I have not heard that Madam Kwong Siu-hing will step down after December.'

In an announcement on May 27, SHKP said Madam Kwong, the company's largest shareholder, was voted in as chairman until the annual general meeting in December.

SHKP has hired KPMG as a consultant to review its corporate governance and internal management controls which Mr Kwok said was a regular exercise and not because of criticism by the former chairman. 'The study was not requested by Walter Kwok. The [company's] executive committee is satisfied with the status of our corporate governance.'

SHKP executive director Michael Wong Yick-kam said the report had not been completed and no timeframe was available for the results.

Asked if the two younger brothers would consider taking turns to chair the company, Raymond Kwok said: 'It is not determined by Thomas [Kwok Ping-kwong] or me but by the board. The position is voted on by the board and other non-executive directors.'

Adrian Ngan, an executive director of research at CCB International Securities, said the impact of the family feud on SHKP was slowly fading.