A sudden leadership change at a Singapore-listed REIT leads this week’s set of personnel updates on Mingtiandi, with Shanghai’s Jingrui Holdings also revealing a change at the top level. There are also new board members at Link REIT and Fosun, as Kerry Properties and CC Land announce departures.
The manager of United Hampshire US REIT announced on 30 March that Gerard Yuen, the firm’s chief financial officer will take over as chief executive of the Singapore-listed real estate investment trust from 1 May. Yuen, who has been with the REIT manager since before the trust’s 2020 initial public offering, is taking over the top role from Robert Schmitt, who is stepping down for health reasons, according to the SGX notice. With Yuen’s ascension, Yap Soh Cheng, the manager’s finance director, has been appointed chief financial officer. United Hampshire US REIT has seen its value on the Singapore exchange fall by more than 27 percent over the past year, as local listings of overseas office properties have suffered in the face of higher interest rates and falling occupancy levels.
Mainland developer Jingrui Holdings announced to the Hong Kong exchange on 30 March that its co-chairman and executive director Chen Xin Ge has resigned with effect from that day and has been re-designated as a non-executive director. Now 54, Chen had co-founded the company and served as co-chairman of Jingrui since the time of its 2013 IPO. With Chen’s upcoming departure, co-chairman and chief executive Yan Hao will become sole chairman of the company.
Link Asset Management, which manages Hong Kong-listed Link REIT, announced on 30 March that it has appointed Melissa Wu Mao Chin as an independent, non-executive director of the company from 3 April. Formerly a partner with KPMG in Hong Kong, the 56-year-old finance executive will be a member of Link REIT’s audit and risk management committee. Ranked as Asia’s largest real estate investment trust, Link REIT also last week announced that it has completed the acquisition of its first two assets in Singapore.
Bryan Pallop Gaw has resigned from his role as an executive director at Hong Kong’s Kerry Properties, according to an announcement to the local bourse on 29 March. 31 March marked the end of Gaw’s 15-year tenure with the now 47 year-old having joined Kerry’s board as an executive director in 2012. Married to the sister of Kerry chairman Kuok Khoon Hua, Gaw also has served as chairman of the company’s KerryKidz playground initiative in China.
Fosun International said on 29 March that it has appointed Pan Donghui as an executive director of the Shanghai-based investment group. In a statement to the stock exchange, Fosun said that Pan, who at 53 serves as executive president and chief human resources officer of the company, joined the board that same day. In addition to his duties at Fosun International, Pan has also been serving as a non-executive director of Fosun Pharmaceutical.
Leung Chun Cheong has resigned from his role as executive director and authorised representative of Chongqing-based developer CC Land Holdings, according to an announcement to the Hong Kong stock exchange on 24 March. Now 73, Leung has been an executive director of the company since 1998, and will stay in his role through 18 April. CC Land has gained international attention for a series of acquisitions of high-end London properties both by the company and by its chairman, Cheung Chung-kiu.
William Du has been promoted to head of marketing and leasing with Kadoorie Estates Ltd in Hong Kong, according to a LinkedIn update. Du took his step up at the developer controlled by the city’s Kadoorie clan after less than a half-year as head of leasing. Before joining Kadoorie, Du had served as senior manager for mainland affairs with the Hong Kong Jockey Club, and also has previous experience with Swire Properties and K11 Concepts.
Frank Fang has been promoted to executive director for industrial and logistics services with CBRE in Shanghai, per a LinkedIn update. Fang started handing out his new namecards this month after just under two years as a senior director with the shed squad at CBRE, where he has now spent more than 10 years. In his past roles, Fang has been involved in site selection consultancy and land acquisitions for companies including Starbucks, SC Johnson, Sherwin Williams, and others according to his profile.
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.