2022 has now passed the mid-year mark and that milestone has spurred a wave of board moves this week including new leaders at Ascott Residence Trust, Redsun Properties and SF REIT. Also, seeing changes is India’s Shapoorji Pallonji Group, which bids farewell to its long-term leader and there are also updates from China’s CFLD and Knight Frank.
Ascott Residence Trust Management Ltd announced on 30 June that Serena Teo Joo Ling has been promoted to CEO and executive non-independent director of Singapore-listed Ascott Residence Trust. Now 48, Teo took the helm of the CapitaLand-sponsored REIT on 1 July after having been appointed as deputy CEO in November of last year. Former CEO Beh Siew Kim has now assumed an executive non-independent director role with the REIT manager while remaining a member of the executive committee.
Indian tycoon Pallonji Mistry, founder of construction and real estate conglomerate Shapoorji Pallonji Group, passed away on 28 June at age 93, according to media reports. Famed for having developed some of Mumbai’s best-known landmarks during the colonial era, Mistry’s Shapoorji Pallonji Group has partnered with Allianz Real Estate on real estate developments in India, and is one of the country’s largest developers.
Redsun Properties Group Ltd said on 30 June that its chief executive officer, Yuan Chun, has resigned from the mainland developer effective that same day. The financially-challenged builder informed the Hong Kong exchange that Yuan has been replaced by Zeng Huansha. Now 54, Zeng has been chairman of the Hong Kong-listed developer since December 2017 and founded the group in 1995. Also on 30 June, Moody’s Investors Service downgraded Redsun to Caa1/Caa2, noting that it expects the company’s sales to fall by 40 percent in 2022.
SF REIT Asset Management Ltd informed the Hong Kong exchange on 30 June that Ooi Bee Ti has joined the manager of SF REIT as a non-executive director with effect from that day. Now 50, Ooi has been with SF Holdings, the sponsor of the Hong Kong-listed REIT since 2010 and currently serves as head of corporate treasury with the company. Ooi replaces Leong Chong, who resigned from the board with effect from that same day.
Keppel Pacific Oak US REIT Management announced on 29 June that Lawrence D Sperling has been appointed as a non-executive, independent director on its board with effect from 30 June. Sperling is the founder of Meadpoint Pte Ltd, a Singapore real estate management firm which specialises in investment management for commercial and multifamily properties in Asia Pacific. Sperling also spent more than 14 years in senior positions with Credit Suisse in New York and Tokyo.
Annie Zhang Yan has been promoted to associate partner with Ernst & Young in Singapore, according to a LinkedIn update. Zhang, who specialises in transaction advisory services with the financial consulting firm is taking her step up after more than nine years at Ernst & Young after joining the firm as a director ion 2012. The graduate of New Zealand’s Massey University and the University of Reading in the UK also has previous experience with PWC and CBRE in Shanghai.
China Fortune Land and Development said on 1 July that Wang Wei has resigned from his role as a non-executive director with the Shanghai-listed developer. A managing director with Ping An Insurance specialising in real estate private equity, Wang joined CFLD’s team in 2018 after the insurer had paid RMB 13.8 billion (then $2 billion) to purchase 19.7 percent of CFLD earlier that year. Specialising in developing industrial townships, CFLD was a pioneer of China’s 2021 wave of defaulting developers.
Knight Frank said on 29 June that it has promoted Patrick Mak to managing director and head of office strategy and solutions for the Greater Bay area. Mak is set to lead the property consultancy’s newly formed Greater Bay Area Office Strategy and Solutions team, where he will oversee operations in Kowloon, Shenzhen and Guangzhou. In the same announcement, Knight Frank said that it has promoted Steve Ng to senior director and head of Kowloon Office Strategy and Solutions.
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.