In this week’s edition of People in the News, a reshuffle at Swire Hotels sees the former managing director step up to a new challenge, while the former deputy chairman of the Hong Kong developer’s hotels division relocates to London to take on the role of senior advisor.
In other moves around the region, the real estate unit of China Minsheng Investment Group has sacked its CEO and executive director after their arrests for embezzlement earlier this year.
There were also fresh hires and promotions at Cindat Capital Management, Spring Asset Management, Redco Properties and CBRE.
Toby Smith has been promoted to deputy chairman of Swire Hotels, stepping up after three years as managing director. He has taken over from Brian Williams, who has relocated to the UK in his new role as senior advisor to Swire Hotels. Prior to joining the Hong Kong conglomerate’s hospitality division, Smith had served for five years with the group’s plane-flying unit, Cathay Pacific Airways, most recently as a general manager in the sales and distribution division from 2015 to 2017. The University of Bristol graduate has seen his MD role taken over by Dean Winter, who is in his twelfth year with Swire Hotels.
SRE Group has announced that it has stripped former chairman and CEO Peng Xinkuang of his positions at the company, following his arrest for embezzlement at the beginning of this year, according to a local Chinese news report. Former executive director Chen Donghui has also been removed from his position at the company after being arrested on the same charge. SRE Group said that it has submitted a director’s repurchase agreement to buy back the shares in the company owned by Peng and Chen. Read more>>
Huang Fengchao, the CEO of Guangdong developer Agile Holdings’ property management division, A-Living Services, has resigned from his top executive role with the company effective 21 July, according to a local news report. Huang will continue to serve as co-chairman of the board and as an executive director of the Hong Kong-listed real estate company after relinquishing the CEO role. At the same time, the company’s executive vice president and CFO, Li Dalong, will step up to general manager and CEO, while giving up his CFO role. Li has served as the firm’s finance chief since 2016 and as an executive vice president since November last year. Wu Jieying, head of the finance department, will be appointed as the new CFO. Read more>>
Ryan Levine has been promoted to director at Cindat Capital Management in New York, stepping up to his new role after over three years as an associate director with Beijing-based cross-border investment specialist. Prior to joining the Beijing-based private equity firm as vice president in 2016, Levine had served as a deputy general manager in the international real estate centre in Bejing for Dalian Wanda Group from 2014 to 2015.
Wang Weifeng has resigned as president of Redco Properties due to personal reasons, according to an internal memo cited in local Chinese media. Wang had served as executive director and president of the Hong Kong-listed developer since April last year, after joining from Excellence Real Estate. Wang had held top roles at Excellence, including executive president, during his time with the developer from 2012 to early 2019. Prior to that, Wang had held various senior positions at China Vanke from 1997 to 2012.
Paul Yuchao Dong has been promoted to senior vice president at Hong Kong-based Spring Asset Management, the manager of Spring REIT, getting his upgrade after almost six years as a vice president. Prior to joining the REIT manager, Dong had served as a senior analyst and manager of strategy for Link REIT from 2012 to 2014, after just over two years with Swire Properties as a corporate finance executive, executive assistant to the chief executive and corporate finance analyst.
Qin Wu has been appointed as an asset manager at CBRE in Shanghai, after parting ways with Savills. Wu had served as an assistant manager at Savills in Shanghai from 2017 to 2019, after a period as a commercial associate from 2014 to 2016. Prior to that, the graduate of Shanghai University of Finance and Economics had served as a real estate market analyst for Baosteel Group from 2013 to 2014.
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.