Chairman and managing director of Sun Hung Kai Properties, Raymond Kwok Ping-luen, attends his brother Walter Kwok Ping-sheung’s funeral service. Photo: Sam Tsang

With a significant inheritance from his late father, Walter Kwok, Jonathan has become one of Asia’s youngest billionaires. We take a look at his controversial family and his noteworthy education and work experience.

He comes from the richest family in Hong Kong

Jonathan Kwok’s late father, Dr Walter Kwok Ping-sheung, at the Sun Hung Kai Properties annual general meeting in 2008. Photo: SCMP

Jonathan Kwok is the younger son of Walter Kwok. His late father was the eldest of three sons of Kwok Tak-seng who, in 1963, co-founded Sun Hung Kai Properties, which soon became Hong Kong’s biggest property developer. Walter was also the former chairman of SHKP. He established Empire Group Holdings in 2010.

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Henderson Land’s Lee Shau-kee (third from the left), the MTRC’s Jack So Chak-kwong, Walter Kwok Ping-sheung of Sun Hung Kai Properties and Tsang Kam-lan of the Bank of China Group discuss the Central station development in 1996. Photo: SCMP

In a 2017 Forbes list, the Kwok family’s cumulative wealth was estimated at US$40.4 billion, and they were ranked Asia’s third richest family. Following Walter’s passing, Jonathan and his brother Geoffrey inherited their father’s stake in SHKP and assumed director positions at EGH.

He is Hong Kong’s youngest billionaire

Jonathan Kwok (second from left) along with the other leaders of the Empire Group Holdings, including his sister Lesley Kwok. Photo: Empire Group Holdings
According to the latest Forbes billionaire list, the 30-year-old Jonathan Kwok currently ranks at the 1,397th spot and holds a net worth of up to US$2.2 billion. This also makes him the second youngest billionaire in Asia.
Kylie Jenner topped the Youngest Billionaires chart in 2020, alongside Hong Kong billionaire Jonathan Kwok, 29 at the time, in seventh place. Photo: @kyliejenner/Instagram
A Forbes report in 2020 put the young Kwok on the seventh spot in its World’s 10 Youngest Billionaires list, joining the likes of reality star Kylie Jenner, who took the top spot that year.

Prestigious background

Jonathan graduated from Cornell University with a bachelor’s degree in hotel administration. According to his LinkedIn, upon graduation, he worked at investment holding company CSI Properties and at financial services company CMB International Securities.

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Potential buyers visit the sales office of Alto Residences in Kwun Tong. Photo: Sam Tsang

When he joined the Empire Group, he led the company’s real estate investments, project developments and asset management operations. He also has significant know-how and experience in Hong Kong real estate investment, analysing global investments and hotel development.

Family controversies

Walter Kwok was kidnapped in 1997 and released with a ransom of US$78 million – the billionaire suffered trauma from the abduction and was subsequently revoked his role as chairman of Sun Hung Kai Properties. Photo: Lindsay Wilson

Becoming one of Asia’s wealthiest comes with a price. In 1997, Jonathan’s father Walter was kidnapped and held for ransom by a notorious gang leader nicknamed “Big Spender”. A Forbes report cited the family shelling out US$78 million in exchange for Walter’s release.

HK CPPCC members Henry Cheng Kar-shun and Walter Kwok Ping-sheung (right), in a CPPCC small group meeting in 2008. Photo: SCMP

Various reports following the incident cite that Walter faced psychological trauma from the abduction. As per Money Week, control of the company was eventually passed on to his younger brothers, Thomas and Raymond Kwok. In 2008, Walter was ousted from the board.

Sun Hung Kai Properties chairman and managing director Thomas Kwok Ping-kwong leaves ICAC headquarters. Photo: SCMP

In 2014, the BBC reported that Thomas and an ex-government official were found guilty in the “biggest-ever” corruption case in Hong Kong. Raymond, however, was acquitted.

Potential homebuyers line up at the sales office in International Commerce Centre for 108 units at Regency Bay by Sun Hung Kai Properties (SHKP) in 2020. Photo: SCMP

In August 2020, following the Covid-19 outbreak and the uncertainties of Hong Kong’s stability as a booming city, a Bloomberg report revealed that the Kwoks had suffered an US$8 billion loss in a single year.

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He works hard and keeps his head down

The Kwok family strive to uphold their family values. Photo: Empire Group Holdings

Still, while the new generation of Kwoks remain cushioned by billions of dollars, they are known to work hard to keep their family’s company going to honour their legacy.

Empire Group Holdings’ logo was created by Walter Kwok and his sons, Jonathan and Geoffrey. Photo: Business Explained/YouTube

In a YouTube channel called Business Explained, a video reveals the history behind EGH’s handwritten Empire logo. While the E was written by founder Walter himself, the rest of the letters were completed by Jonathan and Geoffrey – a symbolic testament to their dedication to “uphold their father’s values” in their work and company duties.