Sino Group’s Robert Ng Steps Down as Son Takes Over Chairman Roles

Singaporean tycoon Robert Ng has called time on his chairmanship of the Hong Kong-listed Sino Group property firms, handing the reins to eldest son Daryl Ng.

The 47-year-old scion will take over as chairman of flagship builder Sino Land, as well as Sino Hotels and Tsim Sha Tsui Properties, on 31 August, according to HKEX filings. After joining Sino Land as development executive in 2003, the Columbia University grad has sat on the board as an executive director since April 2005 and as deputy chairman since November 2017.

Robert Ng, who is retiring, said he had no disagreement with the Sino Land board and was unaware of any matters needing to be brought to the attention of shareholders of the company, which has posted profit declines stemming from investment property markdowns.

“The board would like to express its sincere gratitude to Mr Robert Ng for his contributions to the company over the past 44 years of service and his leadership in building a solid foundation for the company’s sustainable growth and development,” Sino Land said Friday.

Family Fortunes

Known for projects like The Pottinger Hotel and New York House in Hong Kong’s Central district, Sino Group is among Hong Kong’s largest developers, with the Sino Land unit having a market cap of HK$84.6 billion ($10.8 billion).

Robert Ng is the son of Ng Teng Fong, who founded Singapore-based Far East Organization, a developer and investment firm now led by Robert’s nephew Jonathan Ng. Bloomberg estimates Robert Ng’s personal fortune at $3.2 billion.

The clan made headlines in April when Robert Ng and three of his offspring were designated as “politically significant persons” under a Singapore law designed to prevent foreign interference in the country’s political process.

The city-state’s Registrar of Foreign and Political Disclosures tagged the patriarch and children Daryl Ng, Nikki Ng and David Ng with the designation under Singapore’s Foreign Interference (Countermeasures) Act of 2021. The registrar did not specify what activities resulted in the designations, but all four are now required to make annual disclosures if they accept political donations of S$10,000 ($7,760) or more, of foreign affiliations and of any migration benefits.

While specifics of the relevant foreign political groups were not provided, the Sino Group website lists Robert, Daryl and Nikki as members of mainland China legislative bodies.

Profit Slide

Sino Land reported an attributable profit of HK$4.4 billion ($560 million) for its fiscal 2024, down 25 percent from a year earlier, as a HK$580 million revaluation loss on the investment portfolio ate into earnings.

The company in February posted a six-month net profit of HK$1.8 billion, down 30.4 percent compared with the year-earlier period. The builder’s underlying profit, which strips out changes in fair value of investment properties, fell 23.9 percent year-on-year to HK$2.2 billion.

As investors digested news of the leadership transition on Monday, Sino Land’s HKEX-listed shares closed 2.4 percent higher at HK$9.25.