Many of Asia’s top real estate executives are on the road visiting friends, family and exotic vacation spots in August, but almost as many appear to be migrated to new jobs during the traditional vacation season. This week we find board level moves at a pair of Singaporean REITs, a new CEO for a REIT slightly further south, and a new head of outbound investment at a major consultancy in Shanghai. Read on for all the details.
Huang Jing has resigned from his position as an independent director of Keppel Land, after the prominent academic had his permanent residency status cancelled by the Singaporean government. Huang, who was a Chinese national before taking US citizenship, is now permanently banned from Singapore after the Ministry of Home Affairs said he was working with a foreign government to influence the island nation’s foreign policy and public opinion. According to a statement from Keppel Land on August 6th, Huang’s resignation was received and accepted with immediate effect, following the action by the Singapore government on August 4th.
Paul Toussaint has been appointed as CEO for Ascendas Fund Management Australia, which manages Singapore-listed Ascendas REIT’s operations down under, according to a statement by the company. Toussaint is scheduled to take on his new role on October 3rd, when he will assume responsibility for the overall performance of Ascendas REIT’s Australian property portfolio and operations. The 25-year industry veteran comes to the Ascendas group from Australia’s CIP (Commercial and Industrial Property), where he served as CIO. Toussaint also has experience with ING Real Estate, including working as the CEO of ING Industrial Fund, as well has having held senior executive positions at Logos Australia, Heine Management and Knight Frank.
Jason Zhang has joined Cushman & Wakefield in Shanghai as Senior Director and Head of China Outbound Investment. Zhang comes to the international property consultancy from Fosun Property Holdings, where he had served as Senior Director for Asia Pacific Investment and Asset Management since the beginning of this year, after joining the Shanghai-based investment conglomerate in 2014. The UCLA graduate also has previous experience with Merrill Lynch, UBS and NYSE-listed Xinyuan Real Estate.
Hsiang-Yun Chu has been promoted to Vice President and General Manager for Commercial Real Estate with Luen Mei Group, based in Shanghai. In his new role, Chu will be responsible for leading and managing the company’s office leasing and sales teams, as well as coordinating planning and leasing for its sports facilities, and supporting its entertainment and live performance projects. Chu originally joined Luen Mei in December last year from Shanghai Dream Center.
Karen Zhang has been promoted to Senior Investment Manager with Five Bull Equity Fund Management in Shanghai. Zhang takes her step up at the mainland asset management giant after serving less than a year as an Investment Manager. The product of the Master of Science in Real Estate program at Columbia University in the city of New York also has experience as an intern with China’s State Development and Investment Corporation in Beijing and with CICC.
Newly designated Singapore Press Holdings CEO, Ng Yat Chung, has been appointed as a non-independent, non-executive director with SPH REIT Management in Singapore, effective from the first of this month. According to a statement from the manager of the SGX-listed real estate investment trust, Ng will also be a member of the nominating and remuneration committee of the company’s board. Ng replaces outgoing SPH CEO, Alan Chan Heng Loon, who recently retired from the board.
As usual, if you know of other China real estate professionals changing their jobs, getting promoted or just doing something exciting, please feel free to share with the rest of the community here at Mingtiandi.