The core members of the soon-to-open Qfang are eight former executives and top sales agents of Midland Realty, which is run by Midland Holdings.
After resigning as executive director at Midland Holdings 18 months ago, Vincent Chan Kwan-hing leads a team comprising a number of former top agents from the listed realtor.
One of them is Gary Yeung, the former director of Midland’s Hong Kong district who was sacked in January last year after he asked deputy chairman Angela Wong Ching-yi, daughter of chairman Freddie Wong Kin-yip, to step down.
His dismissal prompted about 30 agents to protest against the company’s move.
A day later, real estate fund Apex Benchmark warned it would sell its 7.5 per cent stake in Midland unless it improved its performance.
The fund later increased its stake to 10.54 per cent and became the second-largest shareholder. It blamed the company’s net loss of HK$204.3 million in 2013 on mismanagement.