Thomas Kwok, co-chairman of Hong Kong developer Sun Hung Kai Properties. Photo: AP

Hong Kong property tycoon Thomas Kwok and the government's former deputy leader Rafael Hui have been found guilty of corruption in a blockbuster trial that shocked a city known for clean governance.

Kwok's billionaire brother Raymond was cleared after a seven-month trial over payments of $HK34 million ($A4.7 million) the prosecution said were made to Hui to be their "eyes and ears" in government.

But in a complex case, the other pair were convicted over a payment of $HK8.5 million made to Hui in the four days before his 2005 appointment to the government's second-highest post.

Hui, the most senior official ever arrested for graft, was found guilty on five of eight charges against him. Thomas Kwok was convicted of one count of conspiracy to commit misconduct in public office and cleared on another two charges.

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Hui, who prosecutors said enjoyed an extravagant standard of living that far outstripped his official salary, was also found guilty on charges relating to rent-free use of luxury apartments and acceptance of unsecured loans.

The Kwok brothers, aged 63 and 61, jointly chair development giant Sun Hung Kai Properties, and were arrested along with Hui in a major swoop by graft investigators two years ago.

Prosecutors said fat bribes were made to Hui, who served as chief secretary from June 2005 to June 2007, through a series of complicated transactions involving middlemen.

Two of the middlemen, Sun Hung Kai director Thomas Chan and Francis Kwan - the former non-executive director of investment firm New Environmental Energy Holdings - were both found guilty on two counts in the trial.

The case has stunned Hong Kong, where Sun Hung Kai is the biggest property developer by market capitalisation and owns some of the city's most recognisable real estate, including the International Commerce Centre.

The trial also came as resentment in the city grows over the perceived cosy relationship between the government and the business elite - one of the themes of the pro-democracy movement which gripped Hong Kong in recent months.

The southern Chinese city is seen as relatively graft-free - it was ranked the joint 15th cleanest country or territory in 2013 by global corruption watchdog Transparency International.

Kwok and Hui, who had been on bail, have been remanded in custody until Monday, when the court will reconvene for sentencing.

The charge they were both found guilty of carries a maximum penalty of seven years' jail.

AFP