Some new management at Singapore’s sovereign wealth fund leads this week’s set of real estate personnel moves from around Asia, as well as an executive from APG leaving Hong Kong for the Lion City. Also making the list is some board turnover at a Hong Kong-listed property manager and a new boss for a Malaysia retail REIT.
Singapore deputy prime minister Lawrence Wong was named chairman of GIC’s investment strategies committee from 7 July, according to an announcement last week by the sovereign fund. Wong, seen by many as the city-state’s prime minister-in-waiting, takes over the post from Tharman Shanmugaratnam, who resigned from that role, as well as from his position as GIC’s deputy chairman. Wong, who is also minister of finance, has been a GIC board member since November 2018.
APG managing director Roberto Versace has resigned from his role as head of listed real estate for Asia Pacific with the Dutch pension fund in order to spend more time with his family, who have relocated to Singapore from Hong Kong. Versace has been with APG since 2017 and has also been serving as chair of the Hong Kong chapter of industry non-profit APREA. The two-decade industry veteran has yet to announce next steps after more than six years in Hong Kong.
Zhenro Services announced to the Hong Kong stock exchange on 2 July that Lin Xiaotong (pictured) has resigned from his role as chief executive of the property management division of mainland developer Zhenro Properties, and is also leaving the company’s board. Also off the Zhenro Services’ board is executive director Kang Hong. As replacements, the company has appointed Wang Wei and Deng Li as executive directors, with Deng also taking over as CEO.
Kuala Lumpur-listed Sunway REIT has promoted Clement Chen Kok Peng to chief executive officer from deputy CEO as of 1 July, according to an announcement to the stock exchange. Now 40, Chen is taking over from Jeffrey Ng Tiong Lip, who retired on 30 June, and Chen has been with the REIT’s sponsor, Sunway Group, since 2004, when he joined the company as a finance trainee.
PAG partner and chief operating officer David Kim has retired, according to a LinkedIn announcement, with the private equity executive leaving the company after more than 13 years. In addition to his experience with the Asian private equity giant, Kim, who will be leaving Hong Kong, spent fifteen years with Lehman Brothers and just under a year with Japan’s Nomura in the Asian financial hub.
Darren Wee has been promoted to managing director with OCBC Property Services in Singapore, where he takes a step up from vice president after just one year with the company, according to a LinkedIn update. Prior to joining the division of OCBC last year, Wee had spent more than 12 years with JLL in the city-state, including working as an executive director and head of project and development services for Singapore from 2015 through 2022.
Giselle Makarachvili, chief executive of co-living operator Hmlet, has left the company one year after it announced a merger with European player Habyt, according to a LinkedIn update. Makarachvili had been leading the Singapore-based rental accommodation provider since 2021, when she took the reins from founder Yoan Kamalski. Having been with Hmlet since 2020, Makarachvili said she is taking a career break to devote more time to her family.
Kevin Ding has been promoted to vice president for acquisition and asset management at LaSalle Investment Management in Shanghai, according to a LinkedIn update. The logistics specialist had served two years as a manager with the real estate fund management division of JLL and has been with the company since 2019. The University of York graduate also has previous experience with CapitaLand and Lendlease.
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.