Kwok family Profile

World Billionaire Kwok family Profile

Kwok family
Kwok family
Name : Kwok family
2015 Rank : NA      2014 Rank : 86      2013 Rank : 26
2012 Rank : 27      2011 Rank : 23

Net Worth: $12.6 B

Fortune : Inherited

Source : Real estate

Country Of Citizenship : Hong Kong

Residence : Hong Kong

Education : NA

Date of Birth : NA

Profession : NA

Family : NA

More About Kwok family

Introduction

The Kwok family is one of the most prominent business families of Hong Kong. The business of the Kwok Family mostly deals with real estate firms and the name of the company is Sun Hung Kai Properties.

The Forbes List of World Top Billionaires ranks them 28th with their net worth of $17.0 billion. The Kwok family is the third wealthiest family in Hong Kong after Li Ka Shing and Lee Shau Kee.

The Rise of the Kwok Family

After the death of Kwok Tak Seng in 1990 who set up the business‚ the three sons of Kwok Tak Seng took over the business. Kwok Ping-sheung‚ commonly known as Walter Kwok inherited Sun Hung Kai Properties along with his brothers‚ Thomas and Raymond. Walter Kwok had been the CEO of the company while the brothers took care of the operations of the Kwok venture. He has stepped down from the chairmanship in 2008 however after disputes regarding family and business with his younger brothers. He is now a nonexecutive director of Sun Hung Kai Properties. The mother of the trio‚ Kwong Siu-hing‚ 80‚ is the chairman of the firm now.

Kwok family also holds significant share in SmarTone-Vodafone and city bus operator KMB.

The Kwok brothers had made a Noah’s Ark replica in Hong Kong in May 2009. This is a major tourist attraction now. They are also working on the construction of Hong Kong’s tallest building‚ the International Commerce Center‚ which is undertaken by the firm.

Suspension of Walter as the chairman

Sun Hung Kai Properties demanded a temporary leave of absence from Walter Kwok on 18th February‚ 2008 because of some specific personal reasons. It was reported that the influence of an ambitious lawyer‚ Ida Tong Kam-hing‚ who was reportedly Walter’s mistress of 4 years was causing friction between the brothers and problems in the business. So‚ to protect the family’s interests Walter Kwok was forced to resign from his post of CEO of the company.

By mid may‚ Walter filed a lawsuit against his siblings‚ Thomas and Raymond with allegations that his brothers diagnosed him wrongly as a person suffering from mental illness (bipolar disorder) so that they can dictate their way through the business. Readmore...

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