An ongoing management shuffle at a defaulting mainland developer leads today’s collection of people moves as Jiangsu-based Wuzhou International continues to see its controlling shareholders leave board positions in the face of litigation battles.
As Wuzhou struggles, CPPIB has named a former Temasek executive to help manage its $409 billion in assets, and a Macau casino veteran finds a new role in the world of gaming.
Hong Kong-listed developer Wuzhou International Holdings announced this past week that its chairman, chief executive officer and legal representative Shu Cewan had resigned from his duties effective 23 July. The move comes just over one year after Shu took over the top level positions from his older brother Shu Cecheng, as the Hong Kong-listed developer continues to struggle with litigation following a string of financial defaults that led five of the mainland’s largest financial institutions to file suit against the Jiangsu-based firm. Wuzhou has yet to designate a new chairman and Shen Xiaowei was named as the company’s new CEO.
Former Temasek Holdings executive Boon Sim has joined the Canada Pension Plan Investment Board (CPPIB) as a director, according to an announcement by the fund manager last week. Sim had previously served as head of the Americas at the state-run Singaporean investment firm before leaving Temasek in 2017 after a five year stint. Earlier, the Yale and MIT graduate had spent 20 years with Credit Suisse and its predecessor, First Boston Corporation.
Raymond Chan has signed up with Galaxy Entertainment Group in Macau as an Assistant Vice President for Commercial with the casino owner and operator controlled by Hong Kong tycoon Lui Che-woo. Chan joined Galaxy this month after previously spending nearly five years as a Commercial Manager at MGM Macau. The University of Westminster graduate also has previous experience at WT Partnership and Robinson Low Francis.
Flora Huang came aboard at JLL in Shenzhen this month as a Manager with the company’s Regional Transaction Management team in the city bordering Hong Kong. Huang joined the property consultancy after nearly six years at CBRE in the city, where the Shenzhen University graduate had served most recently as an Assistant Manager after joining the firm directly from university.
Agnes Ho has joined Eaton Club Hong Kong as a Business Development Manager with the high-end flexible office provider. Ho signed up with the serviced office unit of developer Great Eagle after previously spending one year with WeWork in Hong Kong, where she had served as an Account Executive. The flexible office specialist also previously worked with naked Group in Hong Kong before the company’s naked Hub operation was acquired by WeWork for $400 million in 2018.
Sonia YF Cheng-Cook is now working as an Associate Director with property agency Engel & Volkers in Hong Kong on a freelance basis, according to an update to her LinkedIn profile. The veteran luxury residential advisor had previously served as a Senior Sales and Leasing Advisor with Engel & Volkers for more than two years and also has previous experience with Sallmans in the city.
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