Interim CFO Frankie Wong has resigned to make way for Daniel Sung
Shui On Land announced today that it has appointed Douglas Sung He Hau as the Hong Kong-listed developer’s new chief financial officer, replacing interim CFO Frankie Wong Yuet Leung.
In a statement to the Hong Kong stock exchange dated today, Shui On Chairman Vincent Lo designated Sung, who formerly served with JP Morgan’s real estate division, as an Executive Director of Shui On, as well as CFO, effective on January 4th, following the resignation of Frankie Wong from his role as acting CFO.
Wong had taken over responsibility for Shui On’s finances in August this year, following the resignation of former CFO Daniel Wan. The developer, which became famous in China for building Shanghai’s Xintiandi commercial and entertainment district, has been struggling to shore up its balance sheet in recent years, as slowing sales and rising costs have punished the highly geared company.
Sung has over 20 years experience in Asia’s real estate industry, having spent nearly fourteen years with JP Morgan, most recently as Managing Director and Head of Portfolio Management for the JPMorgan Asset Management’s Real Assets Group, based in Hong Kong.
The Harvard-educated manager left JP Morgan in 2012, and for the last three years has served as Managing Director and Head of Real Estate for Verdant Capital Group in Hong Kong.
Shui On has resorted to selling some of its most valuable assets this year to help restore liquidity to the company. In July, the developer sold two buildings in its Corporate Avenue commercial complex in Shanghai to Hong Kong’s Link REIT for RMB 6.6 billion. It is said to be still attempting to market the unfinished third phase of Corporate Avenue in Shanghai.
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