Sun Hung Kai Properties (SHKP), Hong Kong's largest developer by market capitalisation, announced that executive director Maureen Fung Sau-yim has resigned with immediate effect due to health issues. The company stated it is looking into recent news reports related to her and will follow up as appropriate.
According to a stock exchange filing, Maureen Fung Sau-yim resigned with immediate effect on Tuesday due to health issues. The filing stated: “Ms Fung has confirmed that she has no disagreement with the board of the company and that she is not aware of any matters in relation to her resignation that need to be brought to the attention of the holders of the securities of the company.”
Her resignation came a day after a Reuters report and local media cited sources saying she had been suspended by the developer since last week in connection with an alleged corruption case related to a shopping mall in Shanghai. A spokesman for SHKP said the board had accepted Fung’s resignation on health grounds and would follow up on the news reports. “Concerning the related matters referenced in recent news reports, the company is looking into such matters and will follow up as may be appropriate,” the spokesman said. “The company has appointed suitable personnel to assume her duties, and daily operations continue as normal.”
Fung joined SHKP in 1991 and rose through the ranks before being appointed executive director in August 2022. She was responsible for the strategic planning, development and management of key shopping malls in Hong Kong, Shanghai, Nanjing, Beijing and Hangzhou.
The company emphasised that Fung's resignation would not disrupt operations but did not directly address details of the corruption allegations. This incident highlights ongoing regulatory scrutiny in Hong Kong's property sector.
