CAPITALAND China Trust : AU8U 0%’s (CLCT) manager has appointed former permanent secretary Tan Tee How as its new chairman of the board, and chairman of the nominating and remuneration committee (NRC).

Tan joined CLCT’s manager, CapitaLand China Trust Management, as a non-executive independent director on Aug 1, 2023. He was also appointed a member of the NRC from Jan 1 this year.

Tan succeeds Soh Kim Soon, who is retiring after seven years as the board’s chairman while relinquishing his role as chairman of the NRC.

Soh is also stepping down as a non-executive independent director as part of the board’s renewal process. He currently holds 115,210 units of the China-focused real estate investment trust (Reit).

These changes will take effect from Apr 23 after the conclusion of CLCT’s upcoming annual general meeting (AGM) in April this year.

Notice of the AGM will be issued to unitholders “shortly”, said CLCT’s manager on Monday (Mar 11).

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

The board of CLCT’s manager will comprise a total of eight directors upon Soh’s departure. Five of these are independent directors.

In the Reit’s press statement, Soh was credited for playing a “crucial role in CLCT through the challenging Covid-19 environment, proactively positioning the trust to capitalise on emerging trends in the post-pandemic landscape”.

The manager noted that CLCT expanded its investment mandate while nearly doubling in its asset size and city presence under his leadership.

It further highlighted Tan’s “extensive public sector and industry knowledge, real estate expertise and management experience” brought to CLCT, having held past senior leadership roles in the Singapore Civil Service and various business organisations.

Tan concurrently serves as chairman of the Gambling Regulatory Authority of Singapore and the National Healthcare Group.

He is also a director at Hong Leong’s Singapore-listed financial services arm, Hong Leong Finance : S41 0%.