Sun Hung Kai Properties chief financial officer Chan to resign

HONG KONG (BLOOMBERG) - Patrick Chan, chief financial officer at Sun Hung Kai Properties Ltd, will give up his position with effect from Jan 1, the company said in a statement to the Hong Kong stock exchange.

Mr Chan, 59, will also not seek re-election as executive director when the company votes on the composition of its board at the annual general meeting on Nov 12, as he plans to pursue other opportunities, according to the statement.

He has confirmed he has no disagreement with the board, and is not aware of  "any matters relating to his retirement that need to be brought to the attention of the holders of the Securities of the Company", according to the statement.

Mr Chan was appointed chief financial officer in July 2009.

Sun Hung Kai, Hong Kong's largest developer by market value, is led by billionaire Raymond Kwok, whose brother Thomas Kwok was disqualified from serving on the board for five years after he was sentenced to jail and fined HK$500,000 (S$91,770) for conspiring to corrupt Hong Kong's second-ranking public official.

Mr Raymond Kwok was cleared of all charges in the same case.