Hong Kong property tycoon Ronnie Chan hands reins to son

PROPERTY tycoon Ronnie Chan is retiring as chairman of Hong Kong’s Hang Lung Group after more than 30 years in the post, handing the reins to his son Adriel Chan. 

The younger Chan will take the same role at Hang Lung Properties, a stock exchange filing showed on Tuesday (Jan 30). The changes will be effective after an annual general meeting to be held on Apr 26.

The succession is happening at a time when Hong Kong’s property market is struggling with a slump in demand for office space as well as housing. Hang Lung also has a large presence in mainland China, where it has expanded over the years, mostly by building shopping malls. 

“Our board has been consciously preparing for a successor for the past 10-plus years,” Ronnie Chan said at an earnings press conference. “It’s time to pass the baton.”

Adriel Chan, 41, said the company’s strategy will remain the same. “I don’t see any sudden, big changes happening” in the future, he said. He joined the group in 2010 and has been vice-chair since 2020. 

Hang Lung was founded by Ronnie Chan’s father, Chan Tseng-hsi, in 1960. Ronnie Chan joined the group more than 50 years ago and has been chairman since 1991. He will not take up a non-executive director role on the boards of Hang Lung Group and Hang Lung Properties after his retirement, according to the statement.