GuocoLand appoints new country managing director for China business

PROPERTY developer GuocoLand has appointed Peter Lee Wai Mun, most recently the deputy head of business development at Keppel Land China, as the country managing director of its wholly-owned subsidiary GuocoLand China, effective Friday (April 1).

He took over from Hoon Teck Ming who had served in the role since 2016. Mr Lee will now oversee GuocoLand's business in China, as well as its portfolio of development and investment assets in China, the company said in a bourse filing.

GuocoLand said Lee brings with him a wealth of experience in China's real estate market, including that of Tier 1 cities like Shanghai and Beijing.

In his previous position, Lee was instrumental in the acquisition and management of several development projects, and oversaw joint ventures with Chinese partners, the group noted. He had also led multiple business development teams in key China cities.

On his appointment, GuocoLand group chief executive officer Cheng Hsing Yao said he is confident that Lee will bring GuocoLand China to greater heights in a market which the company considers important.

"With Peter's vast experience and knowledge of the China real estate market, he will be able to develop our future strategies to build a strong and sustainable business in China," he added.

Lee was a regional director at International Enterprise Singapore (IE Singapore) before he joined the private sector in 2008.

During his time at IE Singapore, he founded and led the Western China operations, helping Singapore companies secure business opportunities there.

He also led the Secretariat for the Singapore Sichuan Trade and Investment Council, and successfully led negotiations with the Shaanxi government for the establishment of IE Singapore's Xi'an office, among other achievements, GuocoLand stated.

Shares of GuocoLand F17 closed down 0.7 per cent or S$0.01 at S$1.52 before the announcement.