Hong Kong’s Far East Consortium Promotes Third Generation to Director Roles

The two eldest daughters of Far East Consortium boss David Chiu have received promotions, as the third generation advances at the Hong Kong-listed, family-controlled developer.

With effect from 1 January, 43-year-old Winnie Chiu and 40-year-old Wendy Chiu will serve as joint managing directors of FEC, the company said in a filing with the Hong Kong stock exchange. They succeed Cheong Thard Hoong, who has been redesignated as managing director of David Chiu’s investment firm, which holds a controlling stake in FEC.

Wendy Chiu will also join her older sibling, their father and their uncle Dennis Chiu on the FEC board in the role of executive director, while Winnie Chiu will ascend to the chairmanship of Dorsett Hospitality International, FEC’s hotel division.

“The board would like to take this opportunity to welcome Ms Wendy Chiu on board,” FEC said in the filing.

Family Traditions

Winnie Chiu joined FEC in September 2005 as a director of property development and was appointed as an executive director in June 2019. Since June 2010 she’s been president of Dorsett, overseeing the development of a business that has grown to more than 40 hotels worldwide.

After graduating from King’s College at the University of London, her first project was overseeing construction of Plaza Damas, a Kuala Lumpur mixed-use complex under the Dorsett brand, at age 23.

Wendy Chiu joined FEC in September 2005 to set up the group’s interior design department before taking the helm as project director of all major property developments in June 2016. In her current role as managing director for global projects of the company, she oversees all pipeline developments within the global portfolio and manages FEC’s construction firms in Britain and Australia.

The graduate of the University of Southern California has led the delivery of numerous residences, hotels and large-scale mixed-use projects across mainland China, Hong Kong, Britain, Australia, Malaysia and Singapore, including Ritz-Carlton Melbourne, Ritz-Carlton Perth and many Dorsett hotels.

Three-Year Term

Wendy Chiu’s initial term as an executive director on the board is for three years, subject to retirement and re-election in accordance with company rules. She will earn a yearly salary of HK$5,808,040 ($743,325) and a director’s fee of HK$25,000, plus bonuses.

Her grandfather, the late Deacon Chiu, founded Far East Consortium in 1950 and led the company until his retirement in 2011, when he was succeeded as chairman and CEO by son David Chiu.

With business lines in real estate, investment products and casino gaming, FEC has adopted what it calls an “Asian wallet” strategy covering Hong Kong, mainland China, Australia, New Zealand, Malaysia, Singapore, Britain and other European countries.