Hong Kong’s richest family loses US$8b in single year

With trophy assets, plenty of cash and more than 129 million square feet of land between Hong Kong and mainland China - an area about one-fifth the size of Manhattan - the Kwoks can weather a property-market slump, said Joseph Fan, a finance professor at Chinese University of Hong Kong. "The family and the group are financially sound, enabling them to endure a long and cold winter, ” he said. "Having deep pockets helps.”

HONG KONG: If ever there was a bad time to own the biggest developer in the world’s most expensive real estate market, this would be it.

Just ask the Kwoks. The family behind Hong Kong’s largest property empire has seen its fortune shrink by almost $8 billion in the past 12 months, the steepest drop among Asian clans on Bloomberg’s ranking of the world’s wealthiest dynasties.