Walter Kwok

{{family name hatnote|Kwok|Walter Kwok|Kwok Ping-sheung|lang=Hong Kong}}

{{Infobox person

| name = Walter Kwok Ping-sheung

| native_name = {{nobold|{{lang|zh|郭炳湘}}}}

| image = Walter Kwok.jpg

| caption =

| birth_date = {{birth year|1950}}

| birth_place = British Hong Kong

| death_date = {{death date and given age|2018|10|20|68|df=yes}}

| death_place = Happy Valley, Hong Kong

| education = Imperial College London

| occupation = Businessman

| known_for = {{ubl|Former chairman and CEO, Sun Hung Kai Properties|Founder, Empire Group Holdings}}

| spouse = {{plainlist|

{{marriage|Lydia Ku|1982|1983|end=div}}
{{marriage|Wendy Lee|1983|2018|end=until his death}}

}}

| parents = {{aligned table|Kwok Tak-seng|(father)|Kwong Siu-hing|(mother)}}

| relations = Thomas, Raymond (brothers)

| children = 3

| website = }}

{{Infobox Chinese

|title=Walter Kwok Ping-sheung

|c=郭炳湘

|j=Gwok3 Bing2soeng1

|y=Gwok Bíng-sēung

|showflag=yj

|ci={{IPAc-yue|gw|ok|3|-|b|ing|2|.|s|oeng|1}}

|p=Guō Bǐngxiāng

|gr=Guo Biingshiang

|mi={{IPAc-cmn|g|wo|1|-|b|ing|3|.|x|yang|1}}

}}

Walter Kwok Ping-sheung JP ({{zh|郭炳湘}}; Cantonese pronunciation: {{IPAc-yue|gw|ok|3|-|b|ing|2|.|s|oeng|1}}; 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.

Kwok, 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.

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.{{cite book|url=https://books.google.com/books?id=GNJhAAAAIAAJ|script-title=zh:香港華資財團, 1841–1997|date=1997|publisher=Joint Publishing (Hong Kong)|language=zh-hant|author=Feng Bangyan|isbn=9789620414183}} Kwok was educated at Imperial College London in England, from which he earned a master's degree in civil engineering.

Kwok and his younger brothers Thomas and Raymond are together referred to by media as the Kwok brothers.{{cite news|last1=Kroll|first1=Luisa|title=Hong Kong Billionaire Thomas Kwok Found Guilty; Brother Raymond Not Guilty|url=https://www.forbes.com/sites/luisakroll/2014/12/19/hong-kong-billionaire-thomas-kwok-found-guilty-brother-raymond-not-guilty/|accessdate=29 August 2015|work=Forbes|date=19 December 2014}} 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){{cite web|url=https://www.forbes.com/profile/thomas-raymond-kwok|title=Thomas & Raymond Kwok|year=2018|accessdate=20 October 2018|work=Forbes}} and US$8 billion (Walter only) respectively.{{cite web|title=Walter Kwok|url=https://www.forbes.com/profile/walter-kwok/|work=Forbes|accessdate=21 October 2018|year=2018}} 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.{{cite web|url=https://www.forbes.com/profile/kwok/|title=Kwok family|year=2018|accessdate=20 October 2018|work=Forbes}} The net worth by Forbes as of his death was US$6.9 billion.{{cite web|title=Walter Kwok|url=https://www.forbes.com/profile/walter-kwok/|work=Forbes|accessdate=20 October 2018|year=2018|archiveurl=https://web.archive.org/web/20181020170043/https://www.forbes.com/profile/walter-kwok/|archivedate=20 October 2018}}

Abduction

Kwok was kidnapped by the notorious gangster "Big Spender" Cheung Tze-keung on 30 September 1997,[https://web.archive.org/web/20220120093725/http://www.chinesecivilization.org/fact-of-china/two-suspects-hong-kong-door-of-the-family-were-extortion-was-sentenced-to-10-years.html Two suspects Hong Kong door of the family were extortion was sentenced to 10 years]. Chinesecivilization.org, 1 March 2011. Retrieved 3 April 2011 and was released seven days later without police intervention. Negotiations fronted by wife Wendy resulted in payment of a ransom rumoured to have been 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.Erick Ko and AFP, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=&art_id=48983&sid=&con_type=1&d_str=19981113&sear_year=1998 "Tough guy, likeable rogue"] {{webarchive|url=https://web.archive.org/web/20090208204036/http://www.thestandard.com.hk/news_detail.asp?pp_cat=&art_id=48983&sid=&con_type=1&d_str=19981113&sear_year=1998 |date=8 February 2009 }}, The Standard, 13 November 1998 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.Mary Ma, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=&art_id=58473&sid=&con_type=1&d_str=19971030&sear_year=1997 "Kwoks captive of own success"] {{Webarchive|url=https://web.archive.org/web/20081211015415/http://www.thestandard.com.hk/news_detail.asp?pp_cat=&art_id=58473&sid=&con_type=1&d_str=19971030&sear_year=1997 |date=11 December 2008 }}, The Standard, 26 February 2008 His abductor, Cheung, was captured in Guangzhou, China, and executed in December 1998.{{Cite news|url=https://www.scmp.com/news/hong-kong/society/article/2169483/hong-kong-property-magnate-walter-kwok-dies-aged-68|title=Property magnate Walter Kwok dies, aged 68|last1=Zhang|first1=Karen|first2=Ryan|last2=Swift|date=20 October 2018|work=South China Morning Post|access-date=21 October 2018}}

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.{{cite news| url=https://www.bbc.com/news/business-17752115 | title=Who are the Kwok brothers?|work=BBC News|author=Juliana Liu}}

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.Staff reporter, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=12&art_id=61833&sid=17678425&con_type=1&d_str=20080220&sear_year=2008 "My ex-wife fell for a Kwok"] {{Webarchive|url=https://web.archive.org/web/20081211015443/http://www.thestandard.com.hk/news_detail.asp?pp_cat=12&art_id=61833&sid=17678425&con_type=1&d_str=20080220&sear_year=2008 |date=11 December 2008 }}, The Standard, 20 February 2008

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.[http://www.shkp.com/en/scripts/news/news_press_archive.php# Press Release:Leave of absence of Chairman and Chief Executive] {{webarchive|url=https://web.archive.org/web/20080222055427/http://www.shkp.com/en/scripts/news/news_press_archive.php |date=22 February 2008 }}

Sun Hung Kai Properties, 18 February 2008 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.Staff reporter, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=12&art_id=61757&sid=17662506&con_type=3&d_str=20080219&sear_year=2008 "Lover feud splits Kwok brothers"] {{webarchive|url=https://web.archive.org/web/20081211015420/http://www.thestandard.com.hk/news_detail.asp?pp_cat=12&art_id=61757&sid=17662506&con_type=3&d_str=20080219&sear_year=2008 |date=11 December 2008 }}, The Standard, 19 February 2008

However, Kwok was formally removed as the chairman on 27 May, with his mother Kwong Siu-hing taking over as chairperson.{{cite press release|url=http://www.hkexnews.hk/listedco/listconews/sehk/2008/0527/LTN20080527057.pdf|title=Changes to the board|date=27 May 2008|accessdate=20 October 2018|location=Hong Kong|publisher=Sun Hung Kai Properties|via=Hong Kong Exchanges and Clearing website|language=en}} Kwok remained as one of the non-executive directors until his resignation in 2014.{{cite news|url=https://www.bloomberg.com/news/articles/2014-01-28/sun-hung-kai-property-s-kwok-family-reaches-deal-on-interests|title=Sun Hung Kai Properties' Family Reaches Deal on Interests|date=28 January 2014|accessdate=21 October 2018|publisher=Bloomberg|url-access=limited}}

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.

Kwok founded {{ill|Empire Group Holdings|zh|帝國集團}} in 2010.{{cite news|url=http://hk.on.cc/hk/bkn/cnt/news/20181020/bkn-20181020184701818-1020_00822_001.html|script-title=zh:郭炳湘逝世：帝國集團活躍地產金融項目投資逾百億|date=20 October 2018|accessdate=21 October 2018|website=Oriental Daily News |language=zh|publisher= Oriental Press Group}} Empire Group Holdings was incorporated in Hong Kong, 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{{cite news|url=https://www.scmp.com/property/hong-kong-china/article/2027082/walter-kwok-building-property-holdings-hong-kong|title=Walter Kwok building property holdings in Hong Kong|date=11 October 2016|accessdate=21 October 2018|newspaper=South China Morning Post|location=Hong Kong|publisher=South China Morning Post Publishers (Alibaba Group)}} and Sino Land in October 2016.{{cite press release|url=http://www.hkexnews.hk/listedco/listconews/sehk/2016/1024/LTN20161024257.pdf|title=Disclosable Transacton [sic] – Formation of Joint Venture for Development of Land in Hong Kong|date=24 October 2016|accessdate=21 October 2018|publisher=Tsim Sha Tsui Properties|location=Hong Kong|via=Hong Kong Exchanges and Clearing website}}{{cite news|url=http://www.thestandard.com.hk/section-news.php?id=175109|title=Sino, Kwok JV grab key Aberdeen site|date=13 October 2016|accessdate=22 October 2018|first=Carrie|last=Chen|newspaper=The Standard|publisher=Sing Tao News Corporation|location=Hong Kong}} 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.{{cite news|url=https://www.scmp.com/property/hong-kong-china/article/2134782/empire-group-invest-us128b-converting-famous-mariners-club|title=Empire Group to invest US$769m converting famous Mariners' Club site into combined hotel and home from home for seafarers|date=27 February 2018|accessdate=21 October 2018|newspaper=South China Morning Post|location=Hong Kong|publisher=South China Morning Post Publishers (Alibaba Group)|author=Lam Ka-sing}}

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, while Raymond Kwok was acquitted. It is suggested that Walter Kwok, who was not arrested, provided information to the authorities in retaliation for his ousting from Sun Hung Kai Properties.{{cite news| url=https://www.bbc.co.uk/news/business-17752115 | work=BBC News | title=Who are the Kwok brothers? | date=18 April 2012}}

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.{{cite news|url=http://www.singtao.ca/toronto/2560812/2018-05-08/post-420%E5%84%84%E5%88%86%E7%94%A2%E6%A3%84%E4%B8%8A%E8%A8%B4%E2%80%82%E9%83%AD%E7%82%B3%E6%B9%98%E9%A1%98%E5%A4%A7%E5%92%8C%E8%A7%A3/?variant=zh-hk|script-title=zh:420億分產棄上訴郭炳湘願大和解|date=8 May 2018|accessdate=20 October 2018|newspaper=Sing Tao Daily (Canada)|language=zh-hant|location=Hong Kong|author=徐曉伊|archive-date=20 October 2018|archive-url=https://web.archive.org/web/20181020094919/http://www.singtao.ca/toronto/2560812/2018-05-08/post-420%E5%84%84%E5%88%86%E7%94%A2%E6%A3%84%E4%B8%8A%E8%A8%B4%E2%80%82%E9%83%AD%E7%82%B3%E6%B9%98%E9%A1%98%E5%A4%A7%E5%92%8C%E8%A7%A3/?variant=zh-hk|url-status=dead}}

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.{{Cite web|url=https://eastweek.my-magazine.me/main/8794|title=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|website=Eastweek|language=zh-tw|access-date=21 October 2018}}

Kwok married Wendy Lee Ting-wing in 1983. They had two sons, Geoffrey and Jonathan, and a daughter.{{cite news |title=Third generation 'not ready' to run family firm |url=https://www.scmp.com/article/1000134/third-generation-not-ready-run-family-firm |accessdate=20 October 2018 |work=South China Morning Post |date=5 May 2012}}{{Cite news|url=https://www.scmp.com/article/1006728/breaking-old-ways|title=Breaking with the old ways|date=14 July 2012|work=South China Morning Post|access-date=21 October 2018}}

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