The game of musical chairs continued at mainland developers over the week, with China Fortune Land pilfering yet another executive from rival China Resources Land. Wu Xiangdong joined Yu Jian in leaving China Resources Land for China Fortune Land Development, with Ping An Asset Management, which is now CFLD’s second-largest shareholder, said to have played a role. Another major mainland property group, Baoneng Real Estate, also suffered a key loss. Keep reading for all the details on who has found a new role this week or left for greener pastures.
Confirming rumors that he would resign his position as executive director of China Resources Land, Wu Xiangdong has been appointed vice chairman of China Fortune Land Development, where he joins Yu Jian, who had also resigned his position as chief financial officer of China Resources Land to become co-president in charge of financial operations at China Fortune. CFLD’s new offices will be in the Ping An International Financial Centre. Ping An Asset Management has a 20 percent stake in China Fortune. Wu, who had been with China Resources since 1993, will lead a business unit of China Fortune that covers long-term rental apartments as well as health and pensions.
Russell Ng has started a new job as head of funds for Asia at international property and infrastructure group Lendlease Investment Management in Singapore. He was previously director of fund management for AEP Investment Management in Singapore, and has also worked for Soilbuild Business Space REIT and for Mapletree, also in Singapore. Ng is a graduate of Macquarie University in Australia.
Yu Ying, vice president of Baoneng Real Estate and senior vice president of Baoneng Investment Group, has retired from his position, according to a person familiar with the matter. Yu had been focusing on transitioning Baoneng from the traditional model of high turnover real estate sales into more industry-specific sales, such as developing new energy automobile industrial parks. Yu last appeared on behalf of Baoneng on November 21st, where he stressed the importance of innovation in the industry. Yu joined Baoneng in November 2017 from Poly Group, where he had also served as vice president.
Long-time Asia-based executive Frank Rexach is now vice president of the Powered by We (Asia Pacific) division of WeWork in Shanghai, stepping up from his previous role as vice president of enterprise (Asia Pacific) as the shared space giant ramps up its services to corporate occupiers. He had formerly worked at JLL’s Shanghai office as a managing director of enterprise strategy and innovation for Asia Pacific, holding that position for less than a year before being hired by WeWork. Prior to going to work for JLL, Rexach spent 15 years in Shanghai with office equipment provider Haworth, where he had served as vice president and general manager overseeing operations across Asia Pacific, the Middle East and Africa.
International law firm Paul Hastings has relocated corporate partner Neil Torpey from New York to Hong Kong, where he takes over as office chair following the departure of Steven Winegar. Torpey had previously served in the same position from 2002 to 2013, and had helped lift the profile of Paul Hastings in the real estate finance sector, advising a number of corporates in the space. In addition to real estate, Torpey’s focus in Hong Kong will include mergers and acquisitions, private equity and capital markets matters.
Sarah Burridge Winbur has taken the post of senior analyst in Hong Kong for Netherlands-based pension fund manager APG. She had previously worked as a senior manager at Savills Investment Management in Hong Kong. The University of Durham graduate received a master of business administration degree from Hong Kong Open University in 2019.
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