What’s new: Hong Kong real estate conglomerate Hang Lung Group Ltd. has announced that its chairman Ronnie Chan is retiring and handing over the reins to his eldest son.
The change will take effect April 26, when Adriel Chan, now the group’s vice chair, will also succeed his father as chairman of subsidiary Hang Lung Properties Ltd., according to a stock exchange filing on Tuesday.
The 74-year-old, who joined the conglomerate in 1972, has been chairman since 1991, the filing said. After retiring, he will serve on the board as honorary chair.
What’s more: The handover comes during a prolonged slump in the city’s property market. At a briefing on his retirement, the elder Chan said it’s not the time for large-scale development, according to Hong Kong broadcaster RTHK.
He said Hang Lung’s financial position and risk management are “on the right track” — and debt ratios are low — but the company still needs to be prudent and avoid big capital spending mistakes, the report said.
The younger Chan was appointed an executive director on Hang Lung’s board in 2016 and became its vice chair in 2020. Previously, he had worked for KPMG International Ltd. and HSBC Holdings Plc.
The 41-year-old, who thanked his father for granting him a lot of freedom over the past few years, said that Hang Lung is heading in the right direction by focusing on high-end projects. He does not anticipate any major changes in the company’s strategy going forward, RTHK reported.
Contact reporter Wang Xintong (xintongwang@caixin.com) and editor Michael Bellart (michaelbellart@caixin.com)
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