Sun Hung Kai CFO Patrick Chan Resigns

Hong Kong real estate developer Sun Hung Kai informed the city’s stock exchange today that the company’s chief financial officer, Patrick Chan Kwok-wai, will not seek re-election to the board of directors next month, and is resigning from his duties as CFO.

Chan’s move is due to take effect from January 1st, according to Sun Hung Kai’s statement to the stock exchange. The company gave no reason for Chan’s departure other than to say that the executive wanted “to pursue other career opportunities.” The company did clarify, however, that Chan has confirmed that he has no disagreement with the board, and that there were no matters that needed to be brought before the company’s shareholders.

Chan has served as an executive director and CFO of Sun Hung Kai since July 2009. Before joining the developer, the University of Warwick graduate had held the role of CFO with Hong Kong’s Hang Seng bank.

With Chan leaving Sun Hung Kai, chairman Raymond Kwok will need to find a new CFO to help run Hong Kong’s largest developer by market value. Kwok’s brother and former joint chairman Thomas was forced to leave the board last year after he was sentenced to five years in jail on corruption charges.