Big changes at a trio of Hong Kong-listed companies lead this week’s review of personnel changes from around Asia Pacific’s real estate industry, with Hang Lung Group leading the way with an announcement of a departing CEO. Also making the list is a new chief financial officer at Shangri-La Group and a new boss at a major casino operator.
Hang Lung Group and its Hang Lung Properties subsidiary announced on 18 December that Weber Lo Wai Pak will retire from his role as chief executive officer and executive director of the two companies on or before 31 August next year. Lo joined the Hong Kong-listed group and its real estate unit as CEO when Hang Lung was still led by Ronnie Chan, with his son Adriel having taken over as chairman in April of last year. Hang Lung said it is currently searching for a new chief executive.
Shangri-La Group informed the Hong Kong stock exchange on 16 December that Teo Nee Chuan will be appointed to an executive director position on its board with effect from 30 March, when he will also take on the role of group chief financial officer with the company. Teo, who joined the hotel investment and operation company in May as senior vice president and finance officer for new development in China, will take over the CFO role from Chua Chee Wui, who currently serves as Shangri-La’s chief financial officer and group head of investment. Chua will continue as group head of investment following the CFO transition.
MGM China Holdings issued a notice on 19 December that it has appointed Kenneth Xiaofeng Feng as group chief executive officer from that date with the casino operator in a separate announcement on the same day saying that Hubert Wang had stepped down as president and chief operating officer of the company effective immediately. Wang had led the operator of MGM Macau and MGM Cotai in Macau since 2020, with Feng, now 55, having served as president and executive director of MGM China since 2020.
Singapore-listed Sasseur REIT announced on 15 December that it has appointed Ella Jia Yali as its chief executive officer with effect from 1 January. Now 51, Jia will be replacing Cecilia Tan, who resigned as CEO of the listed trust of Chinese outlet malls in April of this year and departed the company in October. Jia has served as financial controller of Sasseur Asset Management, the manager of Sasseur REIT, since 2022.
Former Hong Kong secretary for commerce and economic development and former vice chairman of the mainland-aligned Democratic Alliance for the Betterment and Progress of Hong Kong political party Gregory So Kam Leung passed away in Singapore on 13 December at the age of 67 creating turnover on a number of corporate boards in the city. So, who surrendered his Canadian citizenship to assume political office in Hong Kong in 2011, where he was noted for his pro-Beijing stance, had served as an independent, non-executive director of both Shui On Land and China Overseas Property Holdings.
Chris Shang has joined Granite Asia in Singapore as an investor with its Libra Hybrid private credit strategy, according to a LinkedIn update. Shang, who served as an executive director for Asia private credit with BlackRock from 2021 through this month, joins the company formerly known as GGV Capital Asia after the firm announced earlier in December that it had raised over $350 million for its Libra Hybrid strategy in a round anchored by Temasek Holdings’ Aranda Principal Strategies private debut unit, with support from Malaysia’s Khazanah Nasional Berhad. and the Indonesia Investment Authority (INA).
Australian fund manager Dexus announced on 17 December that it has appointed former JP Morgan investment banker Jon Gidney to a non-executive director position on its board with effect from that date. Gidney, who will stand for election to Dexus’ board at its next annual meeting in October, will join the board’s nomination & governance, audit and people & remuneration committees.
Newmark Group said on 15 December that it has opened an office in Seoul, Korea under the leadership of John Pritchard. The former Cushman & Wakefield office leasing broker began working for the US property consultancy in August this year with Newmark having appointed him as managing director and country head, the company has also brought on board former Cushman broker Karis Kim to lead its retail tenant representation team and former Colliers executive Judy Jang as head of research.
If you know of other Asia real estate professionals changing their jobs, getting promoted or just doing something exciting please contact us here at Mingtiandi.
