SUN Hung Kai Properties Ltd yesterday plunged the most in 14 years and lost US$4.9 billion of market value after anti-graft investigators arrested the billionaire brothers who run Hong Kong's biggest developer.

Co-chairmen Thomas and Raymond Kwok were detained by the Independent Commission Against Corruption, Sun Hung Kai said on Thursday. Rafael Hui, a former No. 2 official in the government, was also arrested, a source said.

The arrests mark one of the highest-level investigations in the ICAC's 38-year history.

Sun Hung Kai plunged 13 percent, the most since January 1998, to close at HK$96.50 (US$12.43) in Hong Kong yesterday after a suspension on Thursday. The stock has dropped 17 percent since the company said on March 19 that Executive Director Thomas Chan Kui-Yuen was arrested by the ICAC.

Citigroup Inc and Barclays Plc cut their ratings on the developer's stock.

Source:shanghaidaily.com