Ronnie Chan Chi-chung, chairman of Hang Lung Properties Ltd. (00101.HK), is in no hurry to find a successor to his real estate empire, Ming Pao Daily reported Friday.
Asked about the succession issue after the company’s annual shareholders meeting on Thursday, Chan said he is still young and capable.
His son is currently working in the firm as assistant to managing director Philip Chen Nan-lok, and Chan said he thinks he still lacks experience and doesn’t have enough capability to take over or join the board. It is normal for young people to try to learn the business first, he said.
Chan’s competitors are of a different view. The succession issue has already been settled at Cheung Kong (Holdings) Ltd. (00001.HK) and Henderson Land Development (00012.HK). At New World Development Co. Ltd. (00017.HK) and Wheelock and Co. Ltd. (0020.HK), it’s already the sons of the owners who are running most of the business.
Lau Ming-wai has succeeded his father Joseph Lau Luen-hung as chief executive of Chinese Estates Holdings Ltd. (00127.HK).
Meanwhile, Chan said the company may expand its land bank in the mainland this year, but not in Hong Kong where rivals have huge war chests, suggesting intense competition in the market, the Hong Kong Economic Journal reported Friday.
Hang Lung has launched a large project in the mainland every year over the past five years, with rental income continuously rising, Chan said. It will open a project in Tianjin in the fourth quarter this year, another one in Dalian next year, followed by projects in Kunming and Wuhan, report said.
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