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CK Asset, CK Hutchison chairman retiring; Hang Lung appoints CEO-designate

S&P Global Market Intelligence presents a weekly rundown of recent significant management and board changes and personnel moves in the Asia-Pacific real estate industry. The moves are listed by sector and by announcement date in reverse chronological order. The Europe and North America Hires and Fires columns will be published Wednesday and Thursday, respectively.

Hong Kong

* In light of the joint venture deal that Pacific Century Premium Developments Ltd. entered into with Paradise Pinetree Development Ltd. for a project in Thailand, Pacific Century independent nonexecutive director Allan Zeman, owner of Paradise Pinetree, has been redesignated to nonexecutive director of the Hong Kong-based real estate developer, effective March 16. The director was also redesignated to a member of the nomination committee from chairman and ceased to be a member of the board's audit committee.

* Hong Kong tycoon and once Asia's richest man Li Ka-shing will retire as chairman of CK Hutchison Holdings Ltd. and CK Asset Holdings Ltd., effective from the conclusion of the company's May 10 scheduled annual shareholder meeting. Li Ka-Shing, who plans to stay on as a senior adviser to both companies, will hand over his business empire to his son, Victor Li Tzar Kuoi.

* Philip Chen Nan Lok is retiring July 16 as CEO of Hang Lung Group Ltd. and Hang Lung Properties Ltd. With Chen's resignation, the two companies named Weber Lo Wai Pak to take on the CEO-designate role May 16, and the CEO role will be handed over to him upon the retirement of Chen, who still stay as adviser to the chairman and as nonexecutive director of Hang Lung Properties.

* Jingrui Holdings Ltd. appointed Xu Hai Feng as executive director, with effect from March 15.


* Masakazu Kawahara is retiring March 31 as part-time director of Japan Real Estate Asset Management Co. Ltd., the manager of Japan Real Estate Investment Corp.

* Hiromu Yamanaka will resign March 31 as director of Frontier Real Estate Investment Corp.'s asset management company, with Masahiko Okamoto named as his replacement.


* Chua Siew Chuan and Mak Chooi Peng were appointed joint company secretaries of Glomac Bhd., effective March 14.

* Lee Chin Aik resigned March 13 as Ivory Properties Group Bhd. executive director due to health concerns.


* Lionhub Group Ltd. named Joseph Bek acting CEO, effective Feb. 26, after Charles Lim stepped down from the position March 19. Bek will take office in Anhui, China, where the Australia-listed, China-focused industrial park developer is working on two projects.

* Effective in early June, Darren Rowland will begin serving as Lifestyle Communities Ltd. CFO, replacing Geoff Hollis, who resigned from the position March 16.