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Hong Kong property tycoon Thomas Kwok, left, is embraced by his son Adam after being granted bail by the Court of Final Appeal in Hong Kong on July 12.   © AFP-JIJI
Business

Family capitalism casts a shadow over top Hong Kong developer

JENNIFER LO, Nikkei staff writer | Hong Kong, Macau

HONG KONG -- When Thomas Kwok Ping-kwong walked free on bail of 10 million Hong Kong dollars ($1.3 million) on July 12, emotions ran high. The disgraced property tycoon was greeted by his son Adam Kwok Kai-fai with open arms, and the two spent the next few minutes hugging in front of a sea of cameras and jostling journalists.

"When you have lost something in life like freedom, you know how precious it is," said Thomas, 64, former co-chairman of Hong Kong's flagship developer Sun Hung Kai Properties, who is making a final appeal against his conviction in the territory's highest-profile corruption scandal. The hearing is scheduled for next year.

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