Behind every billionaire there is a story!

Sun Hung Kai Chairman Walter Kwok replaced by his mother ! :-)

 Sun Hung Kai Properties Ltd., Hong Kong’s biggest developer, replaced Chairman Walter Kwok with his mother, seeking to end a feud that has gripped the city and split its second-richest family.“Walter has ceased to be the chairman and chief executive,” the company said in a filing to Hong Kong’s stock exchange today. Kwong Siu-hing, 79, was appointed chairman.

Sun Hung Kai rose in Hong Kong trading after the decision, extending a rebound from a slump that erased more than $4 billion of market value. Walter, who became chairman in 1990 after his father’s death, lost a court battle with younger brothers Thomas and Raymond yesterday to block a vote on whether to oust him.

read the rest published by Bloomberg here:

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=akVF7XJ5J8r4