Hong Kong developer Hang Lung unveils change of guard at its helm, no major strategic changes seen
- Ronnie Chan, who joined the group in 1972 and has been chairman since 1991, to hand over reins to his son Adriel Chan in April
- Adriel Chan, who joined the group in 2010, has been vice-chairman since September 2020
Hang Lung Group and its 60 per cent-owned unit Hang Lung Properties said in separate filings to the stock exchange that Ronnie Chan Chi-chung, 74, will retire from his position as chairman on April 26.
Ronnie Chan said he had spent over a decade preparing for the succession and until 2014, did not expect a family member to take over the conglomerate’s reins.
“We had been observing Adriel for four years till 2014 and both the board and I felt that he had the potential to take over,” Chan said, adding he was very healthy at the moment.
Adriel Chan, 41, joined the group in 2010. He was appointed executive director in 2016 and became the group’s vice chair in September 2020. He said there would be no major changes in the direction of the business and company’s strategy, “thanks to my father’s stewardship and guidance over the years”.
Chan, a beneficiary and settlor of offshore family trusts, has 40.5 per cent control of the property group, according to company filings. Hang Lung Properties, the flagship developer, has a market capitalisation of HK$40.7 billion (US$5.2 billion) or about one-fifth of top-ranked Sun Hung Kai Properties, according to Bloomberg data.
