Walter Kwok

Walter Kwok Ping-sheung JP (Chinese: 郭炳湘; Cantonese pronunciation: [kʷɔ̄ːk̚ pěŋ.sœ́ːŋ]; 1950 – 20 October 2018) was a Hong Kong real estate developer. He was the eldest son of Kwok Tak-seng, founder of Sun Hung Kai Properties, and his wife Kwong Siu-hing. Following their father's death in 1990, he and his brothers Thomas and Raymond inherited Sun Hung Kai Properties.[1]

This is a Chinese name; the family name is Kwok (Guo).
Walter Kwok Ping-sheung
郭炳湘
Born1950 (1950)
British Hong Kong
Died (aged 68)
Happy Valley, Hong Kong
EducationImperial College London
OccupationBusinessman
Known for
Net worthUS$6.9 billion (October 2018)[1]
Spouse(s)
Lydia Ku
​
(
m. 1982; div. 1983)

Wendy Lee
​
(
m. 1983;
until his death 
2018)
Children2 sons, 1 daughter
Parent(s)
Kwok Tak-seng(father)
Kwong Siu-hing(mother)
RelativesThomas, Raymond (brothers)
Walter Kwok Ping-sheung
Chinese郭炳湘
Cantonese YaleGwok Bíng-sēung
JyutpingGwok3 Bing2soeng1

Walter, formerly chairman and CEO of Sun Hung Kai Properties, negotiated his departure from the family firm in 2010. His mother remains the controlling shareholder of the company, whilst his brothers manage the firm. The Kwok family was ranked third in 2017 Asia's Richest Families, with an estimated net worth of US$40.4 billion as of November 2017.[2]

Early life and family

Kwok was born in 1950 in British Hong Kong, the eldest son of Kwok Tak-seng, founder of Sun Hung Kai Properties, and his wife Kwong Siu-hing. The Kwok family's ancestral home was located in Zhongshan, Guangdong, formerly known as Xiangshan.[3] Kwok was educated at Imperial College London in England, from which he earned a master's degree in civil engineering.[4]

Kwok and his younger brothers Thomas and Raymond are together referred to by media as the Kwok brothers.[5] Together they controlled the majority of Sun Hung Kai Properties (until ouster in 2008, see below section). As of March 2018, all three brothers were listed in the Forbes 2018 The World's Billionaires, with a net worth of US$16.5 billion (Thomas and Raymond)[6] and US$8 billion (Walter only) respectively.[7] In a separate listing, the Kwok family was listed as the third-richest in Forbes's 2017 Asia's Richest Families, with a net worth of US$40.4 billion as of November 2017.[2] The net worth by Forbes as of his death was US$6.9 billion.[1]

Abduction

Kwok was kidnapped by the notorious gangster "Big Spender" Cheung Tze-keung on 30 September 1997,[8] and was released seven days later without police intervention. Negotiations fronted by wife Wendy resulted in payment of a ransom rumoured to have been in nine figures. Following his arrest in Guangzhou in 1998, Cheung confessed that he had put Kwok in a wooden container blindfolded for four days, and fed him regular meals of roast pork with rice, until the ransom of some HK$600 million was paid. The ransom in 1,000-dollar notes was packed inside 20 large carrier bags and driven in two Mercedes saloon cars to a quiet lane in Central district.[9] After the kidnapping, the badly shaken Kwok handed over the executive duties of SHKP to his younger brothers while retaining the title of chairman and chief executive.[10] His abductor Cheung was captured in Guangzhou, China and executed in December 1998.[4]

Later chairmanship

As a result of his kidnapping ordeal, Kwok reportedly developed deep psychological problems, and while he retained the titles of chairman and chief executive, his two brothers Thomas and Raymond controlled day-to-day operations of the group.[11]

Under Kwok's later chairmanship, press reported that a former girlfriend, Ida Tong, had become increasingly influential in decision making. This influence has led to business decisions by Kwok that departed from its previous conservative model, and without the consensus of his brothers.[12]

Ouster

On 18 February 2008, Sun Hung Kai Properties issued a statement saying Kwok would take a temporary leave of absence for personal reasons with immediate effect.[13] Kwok later issued a statement stating he would take a personal holiday to travel to the United States, Beijing and other cities in the coming two to three months, adding he would resume his duties on his return.[14] However, Kwok was formally removed as the chairman on 27 May, with his mother Kwong Siu-hing taking over as chairperson.[15] Kwok remained as one of the non-executive directors[15] until his resignation in 2014.[16]

The Sing Tao Daily and sister publication The Standard reported that the family matriarch Kwong Siu-hing, wielding the holding of the Sun Hung Kai trust, intervened to oust Kwok from his chairman position to protect the family's interests. It was said that Tong's influence as Kwok's mistress of four years had caused friction with his brothers.[14]

Kwok founded Empire Group Holdings in 2010.[17] Empire Group Holdings was incorporated in Hong Kong,[18] and was notable for forming joint ventures with other real estate developers in the bidding of the leasehold of Government Land, such as the Hong Kong Ferry in August 2016[19] and Sino Land in October 2016.[18][20] The group also acquired the rights to re-develop and operate the former site of the Mariners' Club in Tsim Sha Tsui, despite not owning the re-developed properties.[21]

In 2012, Kwok's younger brothers Thomas and Raymond, as well as Rafael Hui, previously the second-highest ranking government official in Hong Kong, were arrested by the city's anti-corruption agency on suspicion of bribery. Thomas Kwok and Rafael Hui were sentenced to prison terms while Raymond Kwok was acquitted. It has been suggested that Walter Kwok, who was not arrested, was the one who passed information to the authorities, supposedly in revenge for his ouster from Sun Hung Kai Properties a few years earlier.[22]

Kwok also sued his brothers to revoke the agreement on the distribution of the family fortune. According to his testimony in the court proceedings, he received some real estate in the United States, but of lesser value than what his brothers received.[23]

Personal life

Kwok's parents introduced him to Lydia Ku Chee-yung, the daughter of a wealthy businessman from Shanghai, whom he married on 15 September 1982, but the marriage broke up six months later.[24]

Kwok married Wendy Lee Ting-wing in 1983.[4] They had two sons, Geoffrey and Jonathan, and a daughter.[25][26]

Kwok died at Hong Kong Adventist Hospital – Stubbs Road on 20 October 2018, two months after suffering a stroke. He was 68.[4]

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References
  1. "Walter Kwok". Forbes. 2018. Archived from the original on 20 October 2018. Retrieved 20 October 2018.
  2. "Kwok family". Forbes. 2018. Retrieved 20 October 2018.
  3. Feng Bangyan (1997). 香港華資財團, 1841–1997 (in Chinese). Joint Publishing (Hong Kong).
  4. Zhang, Karen; Swift, Ryan (20 October 2018). "Property magnate Walter Kwok dies, aged 68". South China Morning Post. Retrieved 21 October 2018.
  5. Kroll, Luisa (19 December 2014). "Hong Kong Billionaire Thomas Kwok Found Guilty; Brother Raymond Not Guilty". Forbes. Retrieved 29 August 2015.
  6. "Thomas & Raymond Kwok". Forbes. 2018. Retrieved 20 October 2018.
  7. "Walter Kwok". Forbes. 2018. Retrieved 21 October 2018.
  8. Two suspects Hong Kong door of the family were extortion was sentenced to 10 years. Chinesecivilization.org, 1 March 2011. Retrieved 3 April 2011
  9. Erick Ko and AFP, "Tough guy, likeable rogue" Archived 8 February 2009 at the Wayback Machine, The Standard, 13 November 1998
  10. Mary Ma, "Kwoks captive of own success" Archived 11 December 2008 at the Wayback Machine, The Standard, 26 February 2008
  11. Juliana Liu. "Who are the Kwok brothers?". BBC News.
  12. Staff reporter, "My ex-wife fell for a Kwok" Archived 11 December 2008 at the Wayback Machine, The Standard, 20 February 2008
  13. Press Release:Leave of absence of Chairman and Chief Executive Archived 22 February 2008 at the Wayback Machine Sun Hung Kai Properties, 18 February 2008
  14. Staff reporter, "Lover feud splits Kwok brothers" Archived 11 December 2008 at the Wayback Machine, The Standard, 19 February 2008
  15. "Changes to the board" (PDF) (Press release). Hong Kong: Sun Hung Kai Properties. 27 May 2008. Retrieved 20 October 2018 – via Hong Kong Exchanges and Clearing website.
  16. "Sun Hung Kai Properties' Family Reaches Deal on Interests". Bloomberg. 28 January 2014. Retrieved 21 October 2018.
  17. 郭炳湘逝世：帝國集團活躍地產金融　項目投資逾百億. Oriental Daily News (in Chinese). Oriental Press Group. 20 October 2018. Retrieved 21 October 2018.
  18. "DISCLOSEABLE TRANSACTON [sic] FORMATION OF JOINT VENTURE FOR DEVELOPMENT OF LAND IN HONG KONG" (PDF) (Press release). Hong Kong: Tsim Sha Tsui Properties. 24 October 2016. Retrieved 21 October 2018 – via Hong Kong Exchanges and Clearing website.
  19. "Walter Kwok building property holdings in Hong Kong". South China Morning Post. Hong Kong: South China Morning Post Publishers (Alibaba Group). 11 October 2016. Retrieved 21 October 2018.
  20. Chen, Carrie (13 October 2016). "Sino, Kwok JV grab key Aberdeen site". The Standard. Hong Kong: Sing Tao News Corporation. Retrieved 22 October 2018.
  21. Lam Ka-sing (27 February 2018). "Empire Group to invest US$769m converting famous Mariners' Club site into combined hotel and home from home for seafarers". South China Morning Post. Hong Kong: South China Morning Post Publishers (Alibaba Group). Retrieved 21 October 2018.
  22. "Who are the Kwok brothers?". BBC News. 18 April 2012.
  23. 徐曉伊 (8 May 2018). 420億分產棄上訴 郭炳湘願大和解. Sing Tao Daily (Canada) (in Chinese). Hong Kong. Retrieved 20 October 2018.
  24. "最新消息 家變絕密內幕 3段情緣揭秘 郭炳湘獲200億脫離新地". Eastweek (in Chinese). Retrieved 21 October 2018.
  25. "Third generation 'not ready' to run family firm". South China Morning Post. 5 May 2012. Retrieved 20 October 2018.
  26. "Breaking with the old ways". South China Morning Post. 14 July 2012. Retrieved 21 October 2018.
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