The former boss of Hong Kong’s largest property developer has been arrested in a high-profile anti-corruption investigation that has already targeted his billionaire brothers and a top official.

Walter Kwok, former chief executive of Sun Hung Kai Properties, was arrested by anti-corruption police on Thursday as part of an investigation into alleged bribery. Kwok, who is still a director of Sun Hung Kai, was later released on bail.

His brothers, Thomas and Raymond Kwok, who are joint chairmen of Sun Hung Kai, were arrested in March by the Independent Commission Against Corruption along with a former chief secretary – the No 2 job in the government.

No one has been charged. Thomas Kwok, 60, and Raymond, 58, have denied any wrongdoing. They are estranged from their brother after ousting him as Sung Hung Kai’s chairman and CEO in 2008 amid a bitter feud over control of the company.

In an interview with the South China Morning Post newspaper earlier this week, Walter Kwok, 61, tried to distance himself from the scandal and said he was intensifying his battle for control of the company.

The Kwok family is one of Asia’s richest, with a net worth of $16bn (£10bn), according to Forbes. It estimates $2.3bn has been wiped off their wealth since the scandal broke.

Sun Hung Kai has built some of Hong Kong’s most recognisable buildings, including the 118-story International Commerce Centre in Kowloon, the city’s tallest.

The company said the latest arrest would not affect its operations.

In the London property market everyone seems to be expecting a boost for rental properties this summer thanks to the Olympic Games. But trying to make some extra income from the expected boom is not perhaps as straightforward as property owners might think.

There is certainly demand for accommodation for the London Olympics. Recent figures show that. For example, many owners on popular holiday rental website HomeAway say that they are fully booked with rents between 70 and 200% higher than normal.
Overall the website reckons that booking enquiries for London properties in July and August have increased by 695% compared to the same

Demand is high because renting a property for the Games is cheaper than staying in a hotel where prices have been inflated for the duration and most are already full. ‘Even with these higher rates, rentals still provide unrivalled value for money when compared to local hotels. It is little wonder London homeowners are experiencing record demand,’ said Andy Cockburn, regional director for HomeAway UK.

UK property search website Zoopla has a special section on its website displaying houses and flats available to rent in London as short term lets during the summer specifically geared to Olympic Games visitors.

But for more ordinary property owners the Olympics might not bring in such big bucks as short term rental premiums are not as high as some anticipated, according to research by flat and house chare website Easyroommate. It says that in contrast to some overblown claims, tenant demand for short term lets in Olympic boroughs pushes average weekly rents up just 14%.

It found that the number of properties and bedrooms being offered as short term lets in London’s Olympic boroughs rose 16% higher than the wider London average over the first quarter of the year. The growth was greater in Olympic boroughs than those with no Olympic connection.

Average weekly rents across Olympic boroughs increased in the first three months of 2012 while average rents in non Olympic boroughs fell. Average weekly rents in Olympic boroughs as of the end of March were £143, some 14% higher than in the fourth quarter of 2011. Conversely, average weekly rents in non Olympic boroughs fell 4% over the same period suggesting there is not enough demand to prevent the increase in supply of short term lets having a negative impact on rental prices.

but Properties also have to comply with fire regulations which mean that fire risk assessment needs to be carried out. Owners also need permission from their lender if they have a mortgage.

They will also need to speak to their local planning department, as London boroughs have different rules regarding letting for 90 days or less. In Westminster, Kensington and Chelsea, Camden and Tower Hamlets, owners must submit a planning application at a cost of £335 but others, such as Southwark, which usually demand permission for short lets have announced that they will turn a blind eye during the Olympics.

Spain has enough land approved for development to build 4 million homes and an existing supply of residences that will take about 10 years to sell, according to R.R. de Acuna & Asociados.

Asking prices for homes have fallen by an average of about 30 percent during that time, according to a March 1 report by Fotocasa.es, a real-estate website, and the IESE Business School. Home prices will fall a further 20 percent over the next four to five years and land will be sold at an average discount of at least 65 percent, according to Acuna.

There are currently 2 million unsold homes in Spain, the Madrid-based property adviser said in a report published today. In a typical year, there is demand for 200,000 to 250,000 properties, the company estimates.

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