Troubled mainland developers lead this week’s roundup of personnel moves from around Asia as four Hong Kong-listed builders see top officials depart. Also making the list is a new CFO at Hong Kong Shanghai Alliance and we have updates from a pair of major property consultancies.
Hong Kong-listed developer Agile Group Holdings announced to the stock exchange on 26 June that Peter Wong Shiu Hoi resigned as an independent non-executive director of the company from that date and has also ceased to act as a member of its audit, nomination and renumeration committees. Wong, who had been on Agile’s board since 2014 was replaced by Dr Peng Shuolong, formerly of the South China University of Technology. The change in independent, non-executive directors was announced less than a week after the HKEX directed that Agile Group non-executive director Chan Cheuk Yin must attend 18 hours of training in a disciplinary action following violations of rules governing listed companies.
Fantasia Holdings on 28 June informed the Hong Kong exchange that Timothy Gildner, 53, had joined the financially troubled developer that month as a vice president and was appointed as an executive director on its board from that date. Gildner served as a director of Gottardo Advisory Limited from January 2012 through April 2022, has been an investment director with Nivalis Partners in Hong Kong since 2012, and has been a co-founder of the Hong Kong Suzuki Music Institute since 2015. Gildner’s appointment is the sixth director change on the boards of Fantasia or its Colour Life subsidiary during June as the two companies face the threat of de-listing by 1 September after their shares were suspended from 1 April 2022 for not filing 2021 financials.
Chen Dongbiao has left his role as chairman of CIFI Group, the principal mainland unit of Hong Kong-listed CIFI Holdings, from 28 June, according to local news reports citing internal company documents. Chen has been succeeded by company veteran Ru Hailin, who also stepped into Chen’s positions as executive director and president of CIFI Holdings in November of last year. The Shanghai-based developer has been working to sell off assets since defaulting on offshore bonds in October of last year.
Hong Kong-listed developer Sunkwan Properties Group said on 30 June that Zhou Zheren, an independent, non-executive director with the company has resigned from 1 July, and will also be leaving his roles as a member of the audit, remuneration and nomination committees. In the same announcement, the company said that Ernst & Young had resigned as its auditor and has been replaced by Prism Hong Kong and Shanghai Limited. Zhou had been on Sunkwan’s board since 2020.
Hong Kong Shanghai Alliance Holdings said on 29 June that Wong Ting Kwan has been appointed as its chief financial officer from 1 July 2023 following the resignation of Ching Yu Lung. Wong has served as financial controller of the Hong Kong-listed investment firm since 2019. The company also announced that independent, non-executive director Kenny Tam King Ching will retire from the board from the conclusion of its annual general meeting in August.
Cushman & Wakefield announced on 26 June that Canon Yau has been appointed as a managing director with its capital advisory team for Greater China. Yau’s appointment was announced at the same time that national senior director Trevor Maitland and national director Vincent Marotta joined the capital advisory team in Australia-New Zealand. Yau joins Cushman & Wakefield after having served as head of product and client management for Schroders Capital in Asia Pacific and has more than 20 years of industry experience.
Kate Low has been promoted to head of international capital for Australia and New Zealand with JLL, according to a LinkedIn update. Singapore-based Low is taking her step up after two years as a senior director with the international capital team, and she has now been with JLL since 2013. The University of Technology Sydney graduate also has experience with Chesterton International in Sydney.
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