A new chief for one of the Singapore exchange’s largest China REITs leads this week’s collection of personnel moves from around Asia, with CapitaLand China Trust naming a new CEO. Also making the list is a new Singapore hire for a Swedish private equity firm and a trio of director departures at a troubled mainland developer.
The manager of CapitaLand China Trust announced to the Singapore stock exchange on 6 December that it has appointed Gerry Chan as the REIT’s chief executive officer, effective from 1 January. Chan, who also becomes an executive, non-independent director of the manager, will be replacing Tan Tze Wooi at the helm of CapitaLand’s listed trust of China properties, with Tan shifting to a non-executive, non-independent seat on the board. Chan has served most recently as managing director for REIT investments at CapitaLand Ascott Trust.
Rachel Heng has joined EQT Exeter in Singapore as director for debt capital markets for Asia Pacific, according to a LinkedIn update. Heng signs up with the private equity firm from JLL in Singapore, where she had served for more than two years as director for debt and structured finance with the company’s APAC capital markets team. The graduate of Singapore Management University also has previous experience with DBS Bank.
Jingrui Holdings announced a trio of independent, non-executive director resignations on 5 December, including the departure of Links Law Offices partner Han Jiong (pictured). Qian Shi Zheng and William Lo Wing Yan are also leaving the board of the Hong Kong-listed developer, putting Jingrui into non-compliance with bourse regulations regarding independent directors. With just one independent director remaining, Jingrui indicated that it is currently seeking replacements for its departed board members.
Indian real estate developer DLF announced on 3 December that it has appointed Badal Bagri as chief financial officer of the company from 6 December. Bagri has served as business head of Jio Mart Digital, part of Reliance Retail, since January of 2022. The University of Calcutta graduate also has previous experience as chief financial officer for telecom giant Bharti Airtel and for Aircel Limited.
CapitaLand Investment informed the Singapore stock exchange on 2 December that it has appointed former JP Morgan banker Eugene Paul Lai Chin Look (pictured) as an independent, non-executive director on the company’s board of directors with effect from 1 January. On the same day that Lai’s appointment was announced, CapitaLand also indicated the appointment of retired CapitaLand executive Tham Kui Seng to an independent, non-executive directorship.
Shimao Group Holdings announced to the Hong Kong bourse on 5 December that it has appointed Carol Hui Mei Mei to a non-executive director seat on the company’s board of directors with effect from that same date. Now 49, Hui is the daughter of Shimao chairman Hui Wing Mao and the sister of chief executive officer Jason Hui Sai Tan. The addition of the latest Hui family member to Shimao’s board brings the troubled mainland developer back into compliance with bourse minimum requirements for gender diversity.
Kevin Siew has been promoted to senior director and head of development management at Frasers Property Singapore, according to a LinkedIn update. Siew is taking his step up at the developer after two and a half years as head of investment business development and strategy with the company. The Stanford University graduate also has previous experience with Shangri-La Hotel Group.
City Developments Ltd announced to the Singapore stock exchange on 28 November that Tan Kian Seng has resigned from his role as an independent, non-executive director on the company’s board with effect from 31 December. Now 71, Tan is stepping down from the board for personal reasons, according to the statement, after having first been appointed to the decision-making body in March of 2023.
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.
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