Stewart Leung Chi-kin will take over as chairman of Wheelock Properties, a wholly owned subsidiary of Wheelock & Co, and become vice-chairman of the parenty compan, next week.
Wheelock & Co announced yesterday through a filing to the Hong Kong Stock Exchange that Leung, 73, will take over as Wheelock Property chairman from Peter Woo, who will continue to serve as chairman of the parent company. Both appointments will take effect on Wednesday.
Previously a member of the senior management at New World Development, Leung resigned from its board and quit his role as an adviser to the company this month.
He is chairman of the executive committee of the Real Estate Developers Association.
Leung will receive an annual salary of HK$5.4 million and a director's fee of HK$60,000 in his new role at Wheelock Properties. He will also be entitled to a discretionary bonus.
Wheelock shares closed up 1.23 per cent yesterday, outperforming the 0.31 per cent gain in the Hang Seng Index.
Wheelock Properties helped its parent to record profits in the first half of last year thanks to the completion of One Island South, a grade A commercial building in Aberdeen. Profit attributable to shareholders of Wheelock & Co rose 56 per cent to HK$10.2 billion.
The group has several commercial projects in the pipeline, including a prime residential development in West Kowloon which it is developing with New World Development, a residential development in Belcher's Street, Kennedy Town, and a commercial project at Hung Hom that will include two grade A office buildings.
Wheelock Properties also recently placed a bid in a consortium with New World Development and Nan Fung Development for the Bayside site at Tsuen Wan West station. The tender was withdrawn by the MTR Corporation because bids were unsatisfactory.