Sun Hung Kai Properties witnessed the largest one-day sell-off of its shares by volume since 1998 after Thursday’s arrests of its co-chairmen, Raymond and Thomas Kwok, in connection with a corruption investigation.
The stock faced added pressure after the market close when Moody’s and Standard & Poor’s warned that the group’s credit rating could be downgraded.
Asia’s largest property developer by market capitalisation opened 15 per cent lower at HK$94 per share, compared with the last closing price of HK$111.1.
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