The son of Indonesian tycoon Stephen Riady will be promoted to deputy chief executive of family-controlled property and hospitality group OUE from Jan 1 next year.
In his new role, Mr Brian Riady will assist his father in setting the group's strategic direction, OUE said yesterday.
The younger Riady became chief executive of OUE's hospitality division a year ago at the age of 28. Before that, he was vice-president of strategy at the family's Lippo Group from 2013 to last year. Prior to Lippo, he was a Credit Suisse analyst. The move is part of the group's succession plan, OUE said.
His father, OUE's executive chairman, will expand his existing role to become chief executive officer with effect from Jan 1 next year, replacing long-time CEO Thio Gim Hock.
Mr Thio will retire from the company after having held the position for more than 11 years.
Separately, Mr Isaac Chen has been appointed chief operating officer with effect from today.
He joined OUE in 2008 and was most recently the acting CEO of OUE Hospitality Reit Management, prior to the merger of OUE Commercial Reit with OUE Hospitality Trust.
In his new role, Mr Chen will be responsible for overseeing the group's operations in property development, leasing, retail, residential and hospitality.
Mr Christopher James Williams, currently non-executive deputy chairman of OUE, will also become the group's non-executive general counsel with effect from today.
Catalist-listed Malaysian real estate developer Hatten Land is forming a joint venture (JV) firm with Chinese consulting firm Billion Celestial Holdings for property development in China.
The JV, Hatten Wellness China, will be 55 per cent owned by Hatten Land, with the balance held by Billion Celestial.
Hatten Land said yesterday that it had entered into a JV agreement with Billion Celestial and it intends to tap the Chinese company's experiences and network for potential projects in the country.
Through its wholly owned subsidiary, Sky Win Management Consultancy, Hatten Land will set up a special vehicle to hold shares in the JV.
Billion Celestial, which provides consulting services to businesses in China, is led by directors Hao Dongting and Lim Lip Khoon.
It is not related to Hatten Land or Hatten Land's directors and substantial shareholders.
Hatten has integrated residential, hotel and commercial developments in Malaysia.