Ronnie Chan to Step Down From Hang Lung Group

Hong Kong property tycoon Ronnie Chan is stepping down from the chairman place of Cling Lung Group, after greater than three many years with the agency. His son Adriel Chan taking up the reins of the influential mall and property developer.

The change will go in impact after a common assembly scheduled for April 26. Adriel Chan would be the third era of the Chan household to guide the agency, which was based by Ronnie Chan’s father Chan Tseng-hsi in 1960.

Adriel Chan, aged 41, has been with Cling Lung Group since 2010 and has served as vice chair since 2020. He holds an EMBA diploma collectively awarded by the Kellogg College of Administration at Northwestern College and the Hong Kong College of Science and Know-how, and a Bachelor of Arts diploma in worldwide relations from the College of Southern California.

The youthful Chan takes the reins amidst a difficult atmosphere for the Chinese language market. In 2023, general income for the group which operates procuring malls, workplace and resorts throughout higher China, decreased by 1 p.c yr over yr to 10.3 billion Hong Kong {dollars} ($1.39 billion).

Income from Cling Lung’s mall portfolio elevated by 8 p.c yr over yr, with luxury-focused malls rising by 9 p.c, whereas its extra inexpensive life-style procuring malls remained flat. The group’s flagship mall Plaza 66, which is considered crucial luxurious procuring complicated in Shanghai, grew by 10 p.c final yr.

Study extra:

China’s Luxury Market Expected to Grow by Mid-Single Digits

The slowdown will likely be introduced on by the present financial local weather and a return to abroad procuring, in accordance with a brand new report by Bain and Firm.