UPDATE 1-HK's SHK Properties chairman takes leave

(Changes dateline to HONG KONG, adds statement, stock price)

HONG KONG, Feb 19 (Reuters) - Hong Kong's top developer, Sun Hung Kai Properties (0016.HK: Quote, Profile, Research, Stock Buzz), said its Chairman and Chief Executive Walter Kwok would take temporary leave with immediate effect to conduct overseas trips for two to three months.

The company said Walter Kwok's brothers, Thomas Kwok and Raymond Kwok, would take over his duties in his absence.

Shares of the company had edged up 0.1 percent to HK$139.60 in mid-morning trade on Tuesday, lagging a 2 percent gain in the benchmark Hang Seng Index .HSI.

"Walter shall not undertake or be involved with the discharge of any executive duties nor make any commitment of any nature whatsoever on behalf of the company," the company said, referring to when he is on leave.

A company spokeswoman said Walter Kwok's temporary leave was due to "his ongoing personal and business overseas trips for two to three months to Beijing, the U.S. and elsewhere".

She declined to comment on speculation that the leave was due to his health.

The Kwok brothers oversee Sun Hung Kai Properties. They are estimated to have a combined fortune of $24 billion.

The Hong Kong-based property firm was Asia's best managed company in 2007, with the best corporate governance and the most coherent and convincing business strategy, according to a poll by Euromoney. (Reporting by Daisy Ku and Donny Kwok; editing by Sue Thomas & )