The International Finance Centre, left, and the International Commerce Centre, Hong Kong’s tallest building, are developed by Sun Hung Kai, a firm controlled by the billionaire Kwok family.
Photographer: Justin Chin/BloombergHong Kong’s Richest Family Loses $8 Billion in a Single Year
The Kwoks’ shrinking fortune underscores growing doubts about Hong Kong’s future.
If ever there was a bad time to own the biggest developer in the world’s most expensive real estate market, this would be it.
Just ask the Kwoks. The family behind Hong Kong’s largest property empire has seen its fortune shrink by almost $8 billion in the past 12 months, the steepest drop among Asian clans on Bloomberg’s ranking of the world’s wealthiest dynasties.