Shares in Hong Kong’s largest property developer by revenue were affected yesterday by the arrest of one of its longest-serving executive directors in connection with a bribery investigation.

Thomas Chan, a 66-year-old manager at Sun Hung Kai Properties, joined the Hong Kong blue-chip company in 1973 when it was run by founder Kwok Tak-seng, father of the current co-chairmen. Mr Chan was appointed to the board in 1987 and is in charge of land acquisitions and project planning matters, according to the company.

Hong Kong’s Independent Commission Against Corruption, which made the arrest, said it would not comment on continuing investigations. Mr Chan has not been charged. Sun Hung Kai said in a statement that Mr Chan was arrested on Monday and that normal operations were unaffected.