Walter Kwok
Encyclopedia
Kwok Ping-sheung, Walter JP
(born 1950 in Hong Kong, with family roots in Zhongshan
, Guangdong) is the eldest son of Kwok Tak Seng
and Kwong Siu-hing. Together with brothers Thomas
and Raymond
, they inherited Sun Hung Kai Properties, Hong Kong's largest real estate developer, in 1990 following their father's death.
Walter, formerly chairman and CEO of that organization, 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 brothers are the third wealthiest people in Hong Kong and Greater China Region, just after Li Ka Shing
and Lee Shau Kee
. Their wealth is estimated to be 17 billion US dollars in Forbes' 2010 list of billionaires.
His parents introduced him to Lydia Ku, whom he married, but the marriage broke up six months afterwards. Later, he married his present wife, Wendy Lee.
The younger Kwoks controlled day-to-day operations of the group. Under Walter's chairmanship, press reported that a former girlfriend, Ida Tong, had become increasingly influential. This influence has led to business decisions by Kwok which departed from its previous conservative model, and without the consensus of his brothers.
On 18 February 2008, Sun Hung Kai Properties issued a statement saying Walter would take a temporary leave of absence
for personal reasons with immediate effect. Walter later issued a statement stating he would take a personal holiday to travel to the United States, Beijing and other big cities in the coming two to three months. He said he would resume his duties on his return.
Sing Tao Daily
and sister publication The Standard
reported that matriarch Mrs. Kwok Kwong Siu-hing, wielding the holding of the Sun Hung Kai trust, intervened to oust Walter from his chairman position to protect the family's interests. It was revealed that Ida's influence, through being Walter's mistress of four years, has been causing friction with his brothers. On 29 February, tycoon and fellow board member Lee Shau Kee
confirmed that, during the last board meeting, Mrs Kwok had forced the leave of absence on Walter. Lee further painted a picture of a lonely Walter, as only Ida would listen to him. In mid May 2008, Walter brought a lawsuit against his brothers, and persuaded a judge to enjoin a board meeting, saying that Raymond and Thomas had him diagnosed as bipolar disorder in order to sideline him and silence his criticism of certain business decisions.
Justice of the Peace
A justice of the peace is a puisne judicial officer elected or appointed by means of a commission to keep the peace. Depending on the jurisdiction, they might dispense summary justice or merely deal with local administrative applications in common law jurisdictions...
(born 1950 in Hong Kong, with family roots in Zhongshan
Zhongshan
Zhongshan , also spelled Chungshan and historically known as Xiangshan or Siangshan, is a prefecture-level city in the south of the Pearl River Delta in Guangdong province in southern China. Zhongshan, one of the few cities in China with an eponymous name, is named after Dr. Sun Yat-sen who was...
, Guangdong) is the eldest son of Kwok Tak Seng
Kwok Tak Seng
Kwok Tak-Seng was a Chinese entrepreneur and the founder of Sun Hung Kai Properties, the largest property developer in Hong Kong.-Life:...
and Kwong Siu-hing. Together with brothers Thomas
Thomas Kwok
Thomas Kwok Ping-kwong , SBS, JP is the joint-chairmen of Sun Hung Kai Properties, the largest property developer in Hong Kong, with his brother Raymond Kwok....
and Raymond
Raymond Kwok
Raymond Kwok Ping Luen , JP is the vice-chairman and managing director of Sun Hung Kai Properties, the largest property developer in Hong Kong. He is the chairman of SUNeVision Holdings Ltd. and SmarTone Telecommunications Holdings Limited...
, they inherited Sun Hung Kai Properties, Hong Kong's largest real estate developer, in 1990 following their father's death.
Walter, formerly chairman and CEO of that organization, 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 brothers are the third wealthiest people in Hong Kong and Greater China Region, just after Li Ka Shing
Li Ka Shing
Sir Ka-shing Li, GBM, KBE, JP is a Chinese business magnate based in Hong Kong. He is the richest person of East Asian descent in the world and the eleventh richest person in the world with an estimated wealth of US$26.0 billion on 10 March 2011...
and Lee Shau Kee
Lee Shau Kee
Lee Shau-kee GBM is a property developer and majority owner of Henderson Land Development , a property conglomerate with interests in properties, hotels, restaurants and internet services...
. Their wealth is estimated to be 17 billion US dollars in Forbes' 2010 list of billionaires.
Biography
According to the Standard, Kwok fell in love with an ambitious lawyer Ida Tong Kam-hing (唐錦馨), but his father did not allow him to marry her.His parents introduced him to Lydia Ku, whom he married, but the marriage broke up six months afterwards. Later, he married his present wife, Wendy Lee.
1997 abduction
Kwok was kidnapped by the notorious gangster "Big Spender" Cheung Tze-keung on September 30, 1997, 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. After the kidnap, the badly shaken Walter handed over the executive duties of SHKP to his younger brothers while retaining the title of Chairman and Chief Executive. His abductor was executed in the People's Republic of China in December 1998.The younger Kwoks controlled day-to-day operations of the group. Under Walter's chairmanship, press reported that a former girlfriend, Ida Tong, had become increasingly influential. This influence has led to business decisions by Kwok which departed from its previous conservative model, and without the consensus of his brothers.
On 18 February 2008, Sun Hung Kai Properties issued a statement saying Walter would take a temporary leave of absence
Leave of absence
Leave of absence is a term used to describe a period of time that one is to be away from his/her primary job, while maintaining the status of employee...
for personal reasons with immediate effect. Walter later issued a statement stating he would take a personal holiday to travel to the United States, Beijing and other big cities in the coming two to three months. He said he would resume his duties on his return.
Sing Tao Daily
Sing Tao Daily
The Sing Tao Daily is Hong Kong's second largest Chinese language newspaper. It is owned by Sing Tao News Corporation Limited, of which Charles Ho Tsu Kwok is the chairman. Its English language sister paper is The Standard...
and sister publication The Standard
The Standard
The Standard is an English free newspaper of Hong Kong with a daily circulation of 231,018. It was called the Hong Kong Standard and changed to HKiMail during the Internet boom, but it changed back to The Standard in 2001....
reported that matriarch Mrs. Kwok Kwong Siu-hing, wielding the holding of the Sun Hung Kai trust, intervened to oust Walter from his chairman position to protect the family's interests. It was revealed that Ida's influence, through being Walter's mistress of four years, has been causing friction with his brothers. On 29 February, tycoon and fellow board member Lee Shau Kee
Lee Shau Kee
Lee Shau-kee GBM is a property developer and majority owner of Henderson Land Development , a property conglomerate with interests in properties, hotels, restaurants and internet services...
confirmed that, during the last board meeting, Mrs Kwok had forced the leave of absence on Walter. Lee further painted a picture of a lonely Walter, as only Ida would listen to him. In mid May 2008, Walter brought a lawsuit against his brothers, and persuaded a judge to enjoin a board meeting, saying that Raymond and Thomas had him diagnosed as bipolar disorder in order to sideline him and silence his criticism of certain business decisions.