Kwoks buy back $1.2b shares

Sun Hung Kai Properties's (0016) major shareholder the Kwok family increased their stake in the company by purchasing 1.61 million shares for HK$1.28 billion on Monday, the day when the developer's share price witnessed a 9.5-percent fall.

The shares were bought at an average price of HK$79.6 per share.

The Kwok family boosted their holdings through a family trust in this case with former SHKP chairman Kwong Siu-hing's ownership stake increasing from 27.47 percent to 27.53 percent, approximately 797.66 million shares.

Kwong Siu-hing, also known as Kwok Kwong Siu-hing, is the matriarch of the Kwok family.

On the same day, SHKP's executive director Adam Kwok Kai-fai also increased his holdings by purchasing 600,000 shares at an average price of HK$79.5 per share through his fund Thriving Talent.

The share price of SHKP edged up by 0.38 percent to HK$80.25 yesterday.