HKMC chief resigns over appointment

Hong Kong Mortgage Corp chief operating officer Leland Sun Li-hsun has resigned after just six months in the position, the Hong Kong Monetary Authority said.

An authority official said Mr Sun had taken the surprise decision to leave for personal reasons and declined to comment further.

Market sources said the departure of Mr Sun was related to the appointment of authority executive director Peter Pang Shing-tong as the corporation's chief executive last month.

When Mr Sun was appointed chief operating officer, he was generally regarded as head of the corporation.

It is understood when Mr Pang was appointed as chief executive, Mr Sun was effectively demoted to Mr Pang's deputy.

Mr Sun was previously a senior managing director at Bear Stearns Asia and an executive director at Goldman Sachs (Asia).