A defaulting mainland China developer leads Mingtiandi’s first roundup of personnel moves for December with CIFI Holdings announcing that it has lost its CEO. Also making the list are board level moves at Singapore’s CapitaLand Investment and commercial developer China Jinmao Holdings.
CIFI Holdings Group said on 30 November that Lin Feng has resigned as executive director, chief executive and authorised representative of the Hong Kong-listed developer, with effect from that same day. Lin Feng is one of three brothers who have led the mainland developer since its inception and is the younger brother of chairman Lin Zhong. CIFI said that the younger Lin, now 48, is stepping down for health reasons, with company vice president Ge Ming being appointed to the board as an executive director as a replacement.
Lida Ren, a China-focused managing director with Morgan Stanley’s real estate investment banking team, has left the company, according to a report this past week by Bloomberg with emails to her company address receiving a response that the account is no longer active. Ren had been with the blue-chip US finance firm since 2006 and was promoted from executive director to managing director in 2021. Transactions of income earning real estate assets in China fell by 25 percent during the first nine month of 2023, according to data from MSCI.
CapitaLand Investment Limited announced on 1 December that it has appointed Belita Ong as a non-executive independent director on its board with effect from 1 January. Ong, now 66, has been leading Santa Monica-based Dalton Investments since 2001, first as chief executive, and since 2020 as chairman. The graduate of the UK’s Cambridge University also has experience with Bankers Trust and led the Monetary Authority of Singapore’s New York office form 1980 to 1984.
China Jinmao Holdings informed the Hong Kong stock exchange on 29 November that Chen Chuan (pictured) has resigned from his role as a non-executive director on its board, with effect from that same day, to pursue other business commitments. Currently a managing director for asset management at Ping An Insurance, Chen had been on the board since November of last year. Wang Wei of Ping An was appointed to the board as a replacement.
Former party secretary and director of the housing and construction bureau in Shenzhen’s Longgang district, Chen Min, is being investigated for serious crimes and violations of party discipline, according to local media accounts citing government announcements in the southern Chinese city. Chen retired in 2019 and is one of a number of current and former Shenzhen officials to have come under investigation in recent weeks.
Singapore-listed Lum Chang Holdings announced on 1 December that Tony Fong has resigned as executive directory and company secretary with effect from 1 January. Fong will continue to be a member of the developer and construction company’s board as a non-executive, non-independent director for a further six months. Group financial controller Yap Lay Hoon will take over responsibility for company finances.
Michael Wang has joined LaSalle Investment Management in Singapore as vice president for investor relations, according to a LinkedIn update. Wang joined the fund management unit of Jones Lang LaSalle after more than four years at ESR in the city, where he had served as an associate director for fund management and capital. The graduate of National University of Singapore and Nanyang Business School also has previous experience with GLP in Shanghai.
JLL said on on 1 December that it has established a partnership with Kuala Lumpur-based property firm Appraisal Malaysia to operate its business in the country. The JLL-Appraisal Malaysia partnership will be led by managing director Jamie Tan (pictured) with the existing JLL team in the country being shifted into the new corporate framework. As part of the transition, YY Lau, chair of JLL Property Services Malaysia will be retiring after leading the business since 2014.
JLL announced on 30 November that it has promoted Sam Gourlay to head of office leasing advisory for Hong Kong Island, with effect from 1 December. Gourlay is assuming the newly created role in addition to his existing title as head of tenant representation, which he took on in 2021. Gourlay will continue to report to JLL Hong Kong managing director and head of office leasing advisory Alex Barnes.
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.