23 December 2014 Last updated at 00:35 ET
Thomas Kwok, one of the chairmen of development giant Sun Hung Kai Properties
Hong Kong billionaire Thomas Kwok is sentenced to five years jail in the high profile graft case
A Hong Kong property tycoon, Thomas Kwok, has been sentenced to five years in jail for corruption.
The former co-chairman of Sun Kung Kai Properties, was fined HK$500,000 ($64,440, £41,327) in a highly publicised graft case.
He was found guilty of one count of conspiracy to commit misconduct in public office, while his younger brother Raymond was cleared of charges.
The firm had said on Friday that Kwok would appeal against the conviction.
Kwok, 63, resigned as chairman and managing director of the city’s largest property developer after the verdicts were delivered last week.
Government ties
He was convicted of giving bribes totalling $1.1m to former government official Rafael Hui in exchange for information on land sales between 2005 and 2007.
Hui, 66, is also facing a jail sentence after being found guilty on five of the eight charges against him.
The seven-month trial shocked the city and saw the valuable developer’s shares tumble, erasing billions in market value since the brothers were arrested over two years ago.
The Kwok brothers are estimated to be worth more than $14bn, ranking them among Asia’s richest people.
