Chan joined Hang Lung Group in 1972, becoming Chairman in 1991. He also serves as Chairman of Hang Lung Properties Limited, the Group’s major publicly listed subsidiary. Mr Chan is Vice-President of The Real Estate Developers Association of Hong Kong, Co-Chair of the Asia Society and Chairman of its Hong Kong Center. He also acts as an advisor to the China Development Research Foundation
Mr Chan sits on the governing or advisory bodies of several think-tanks and universities, including the Hong Kong University of Science and Technology, the University of Southern California, USA, where he received his MBA, and Tsinghua University in Beijing.
President Xi Jinping’s campaign against corruption is growing into one of the broadest in China’s modern history, snaring dozens of businessmen and government officials and positioning Xi as the country’s most powerful leader in decades.
Hong Kong stocks dropped, dragging the city’s benchmark index down to its lowest level since July, as casino companies tumbled on signs of a slowdown in Macau gambling revenue and property developers declined.
Hang Lung Properties Ltd., the Hong Kong developer investing more than $8.5 billion building malls in mainland China, said 2013 underlying profit dropped 18 percent as the company sold fewer investment properties.
Hang Lung Properties Ltd. Chairman Ronnie Chan said some big developers in China are struggling to get funds and smaller ones may go out of business, spurring opportunities for financially stronger companies.
Land prices in China may drop further and it is still too early to buy land in the country, said Ronnie Chan, Chairman of Hang Lung Properties Ltd., the Hong Kong developer investing at least $8.5 billion in Chinese real estate.
Hang Lung Properties Ltd., the Hong Kong developer that’s investing as much as HK$50 billion ($6.4 billion) building shopping malls in other parts of China, said it’s “financially capable” of doubling that investment.
Asian stocks rose after the Federal Reserve expressed enough confidence in the U.S. labor market to taper asset purchases while promising to hold interest rates close to zero. Shares in China and Hong Kong fell on concern higher funding costs will hurt growth.
Hang Lung Properties Ltd., the Hong Kong developer of shopping malls in other parts of China, said half-year underlying profit rose 29 percent after reporting higher rents from its Shanghai properties. The stock surged.