The reappearance, at least in the headlines, of one of the stars of China’s outbound investment wave of the mid-teens, leads this week’s review of personnel moves from around Asia’s real estate world as a co-founder of HNA Group receives a jail sentence. Also at the top is the departure of Ares Management’s real estate lead for the region, with this week’s list also including a new director at Hong Kong’s Sino Land and a fresh CEO on the way at a top Singapore bank.
Four years after being detained by mainland authorities, HNA Group co-founder Chen Feng has been sentenced to 12 years in prison and fined the equivalant of $30.8 million, according to an account in the South China Morning Post. After leading the airline-based conglomerate on a global spending spree which included the acquisition of high profile properties in North America, Asia and Europe, Chen was detained in 2021 as HNA struggled to restructure its debts.
Bryan Southergill has left his role as a partner with Ares Management Group after three years with the US fund manager, according to a report by Bloomberg. Southergill served as head of Asia real estate for Ares as it acquired GLP’s non-China fund business in a $3.7 billion deal which closed in March of this year. The GCP acquisition ranks among the largest real estate transactions globally this year with Southergill having joined Ares in 2022 after more than eight years with KKR in Hong Kong.
Sino Land said in an announcement to the Hong Kong stock exchange on 18 July that it will appoint Elaine Liu Yee Lei to an executive director position on its board with effect from 1 August. Liu currently serves as chief human resources officer for the developer and has been with Sino Group for more than six years. The University of British Columbia graduate also has previous experience with Jardine Matheson.
Overseas-Chinese Banking Corporation informed the Singapore stock exchange on 15 July that it has appointed Tan Teck Long as group chief executive officer with effect from 1 January. Now 55, Tan had served as head of global wholesale banking with OCBC from 2022 through the end of last year when he was promoted to deputy group CEO. Tan is replacing Helen Wong, who will be retiring as CEO at the end of this year.
City Developments Ltd said on 15 July that Philip Yeo is retiring from his role as a non-independent, non-executive director on the company’s board with effect from 31 July. Now 78, Yeo has been on the board of the Singaporean developer and had played an outspoken role in the recent governance controversy after CDL chairman Kwek Leng Beng and his son, CDL chief executive Sherman Kwek, had tussled over appointments of new directors to the company’s board.
Mumbai-based developer Phoenix Mills said earlier this month that it has appointed Vithal Suryavanshi as chief executive officer for commercial real estate. Suryavanshi joins the builder after more than two years as a partner with Kotak Real Estate Fund and also has previous experience with Brookfield. Suryavanshi’s hire was announced on the same day that Phoenix MIlls said it was hiring Varun Chhibber, formerly general manager of the St Regis Mumbai, as chief executive of its hotels division.
Agile Group Holdings said on 11 July that Chan Cheuk Hung has been redesignated as a non-executive director after more than a decade as an executive director on the company’s board. Now 68, Chan, who is the brother of Agile Group chairman Chen Zhoulin has also ceased to serve as a member of the Guangdong-based developer’s risk management committee, according to an announcement to the Hong Kong stock exchange.
Centurion Corporation has promoted Anthony Bolger to head of planning and development, according to a LinkedIn update. Bolger is taking his step up at the Singaporean rental accommodation specialist after nearly seven years with the company, including serving as head of private capital markets for the past three years. The Monash University graduate also previously served as a director for investment with Centurion.
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.
Leave a Reply