Two billionaire brothers who played a role in shaping Vancouver’s Coal Harbour and Richmond’s post-Olympic legacy have been arrested in Hong Kong on suspicion of corruption.
Raymond and Thomas Kwok, who are among owners of Sun Hung Kai Properties, have been arrested by Hong Kong’s Independent Commission Against Corruption in the agency’s biggest investigation since it was set up in 1974 to root out what was seen as widespread corruption in the government and police.
Sun Hung Kai Properties, Asia’s largest real estate developer, saw its market value plummet by $5 billion on the news.
In Metro Vancouver, the Kwoks’ subsidiary Aspac Developments Ltd., currently is developing River Green, a luxury riverfront community on lands adjacent to the Richmond Olympic speedskating oval, for which the firm paid $141 million to purchase in 2008.
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