March 20, 2012 / 2:33 AM / 7 years ago

HK's Sun Hung Kai Properties says executive arrested over suspected bribery

(Reuters) - An executive of Sun Hung Kai Properties Ltd (0016.HK) has been arrested by Hong Kong’s anti-graft body over suspected bribery, the developer announced in a statement late on Monday.

The company, Asia’s largest property developer by market value, said Thomas Chan had informed it that he had been arrested by Hong Kong’s Independent Commission Against Corruption (ICAC) in relation to allegations of bribery.

The arrest “has not affected and will not affect” the normal business and operations of the company, the developer said.

The statement did not list the amount of money involved in the probe, but said it has set up a special committee to handle the investigation being undertaken by the ICAC.

Chan was responsible for project planning and China operations, which develop property in Hong Kong and mainland China and holds a portfolio of office space including Hong Kong’s tallest building, the International Commerce Centre.

Sun Hung Kai Properties reported February an underlying profit of HK$11.8 billion ($1.52 billion) for the fiscal first half ended December 31, up 13 percent from a year earlier, slightly exceeding expectations.

The number of property deals in Hong Kong fell 33.1 percent in 2011 from the previous year as the government imposed a series of measures to stamp out property speculation and cool the city’s housing market.

Reporting By Sisi Tang; Editing by Michael Perry

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