Bio of Kwok Family
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30 September 2010
The famous Kwok family has long been one of the richest families in the world. Although their fortune took a hit a few years ago, the Kwok's are back up to over 17 billion (USD) in worth, even with inner turmoil, lawsuits and other problems with their real estate business. Still going strong, the Kwok's continue to make big waves in today's real estate market.
The Kwok family now consists of Walter, Thomas, Raymond and their mother Kwong Siu-hing. The children inherited the family fortune with their father, Kwok Tak-Seng, died of a heart attack in 1990 at the age of 79.
Kwok was an entrepreneur in China and the mind behind developing Sun Hun Kai Properties (SHKP). This corporation eventually became the biggest property developer in Hong Kong, and to date is the among the largest real estate developers in all of Asia.
After the Second World War, Kwok immigrated to Hong Kong and partnered up with Fung King Hey and Lee Shau Kee in 1958 to develop SHKP. By 1972, the company went public on the Stock Exchange and their revenue and reach exponentially increased.
After Kwok's heart attack, Walter immediately took over as chairman and CEO of SHKP. Although his brothers controlled shares of the company, Walter called the shots and increased the company's influence around the globe.
However, due to Walter's fame and fortune in Hong Kong, he caught the attention of some very unsavory characters. Walter was kidnapped by crime boss Cheung Chi Keung (AKA Big Spender) in 1997 and held for over four days in a small wooden box. At the time of his kidnapping, not even the police knew what was going on.
Big Spender contacted Walter's wife and demanded a ransom of 9 figures. After his wife and a few of Walter's colleagues gathered up $600 million (HK) in over 20 carrier bags, they drove to the Central district and negotiated his release.
Walter was in shock after the ordeal, not to mention millions of dollars lighter. This caused him to step down from SHKP on a decision-making basis, but he did keep his title of chairman and CEO.
During the months following his kidnapping, Walter's hard work started to come undone due to rash decisions he was making. His brothers and mother knew Walter was taking the company in the wrong direction.
Mrs. Kwok, along her other two sons Thomas and Raymond, intervened and suspended Walter before he could drag the company down further. Walter's mother took over as CEO and his two brothers worked to keep him away from the company.
Currently, Walter has a lawsuit pending, hoping to retain control of the company. He's suing his brothers and citing that they misdiagnosed him as mentally ill to get control of SHKP.
Remarkably, the company continues to do very well in Asia despite the inner turmoil.
The Kwok family now consists of Walter, Thomas, Raymond and their mother Kwong Siu-hing. The children inherited the family fortune with their father, Kwok Tak-Seng, died of a heart attack in 1990 at the age of 79.
Kwok was an entrepreneur in China and the mind behind developing Sun Hun Kai Properties (SHKP). This corporation eventually became the biggest property developer in Hong Kong, and to date is the among the largest real estate developers in all of Asia.
After the Second World War, Kwok immigrated to Hong Kong and partnered up with Fung King Hey and Lee Shau Kee in 1958 to develop SHKP. By 1972, the company went public on the Stock Exchange and their revenue and reach exponentially increased.
After Kwok's heart attack, Walter immediately took over as chairman and CEO of SHKP. Although his brothers controlled shares of the company, Walter called the shots and increased the company's influence around the globe.
However, due to Walter's fame and fortune in Hong Kong, he caught the attention of some very unsavory characters. Walter was kidnapped by crime boss Cheung Chi Keung (AKA Big Spender) in 1997 and held for over four days in a small wooden box. At the time of his kidnapping, not even the police knew what was going on.
Big Spender contacted Walter's wife and demanded a ransom of 9 figures. After his wife and a few of Walter's colleagues gathered up $600 million (HK) in over 20 carrier bags, they drove to the Central district and negotiated his release.
Walter was in shock after the ordeal, not to mention millions of dollars lighter. This caused him to step down from SHKP on a decision-making basis, but he did keep his title of chairman and CEO.
During the months following his kidnapping, Walter's hard work started to come undone due to rash decisions he was making. His brothers and mother knew Walter was taking the company in the wrong direction.
Mrs. Kwok, along her other two sons Thomas and Raymond, intervened and suspended Walter before he could drag the company down further. Walter's mother took over as CEO and his two brothers worked to keep him away from the company.
Currently, Walter has a lawsuit pending, hoping to retain control of the company. He's suing his brothers and citing that they misdiagnosed him as mentally ill to get control of SHKP.
Remarkably, the company continues to do very well in Asia despite the inner turmoil.
Tags: hong kong, kwok, kwok family, walter kwok, thomas kwok, raymond kwok, shkp, sun hun kai properties,
Posted In: Biographies, China, Famous People,
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