Hong Kong authorities have arrested two of the island-city's richest real estate developers after being accused of engaging in corrupt practices, the New York Times writes. 

Billionaire brothers Raymond and Thomas Kwok, joint chairmen of real estate firm Sun Hung Kai Properties, were arrested Thursday by the Independent Commission Against Corruption for alleged violations of anti-bribery laws. A government official was also arrested for alleged "misconduct in public office" and operating in cahoots with the Kwok brothers. Reports say the official is Rafael Hui, former chief secretary of the civil service. The ICAC confirmed that arrests have been made but did not give names. 

The Kwok brothers are estimated to be worth $18.3 billion, according to Forbes magazine, placing them at the 27th slot in the list of the world's richest people. 

In a regulatory filing, Sun Hung Kai announced that the arrests "have not affected and will not affect the normal business and operations of the group." The company has also said that despite the arrests, both brothers will retain their chairmanship roles and positions as managing directors of the firm.