SINGAPORE - Member of Parliament Lee Yi Shyan has been appointed the new chairman of Business China from Saturday (Oct 1).

Mr Lee, who is the executive advisor of OUE Limited, takes over from Mr Chua Thian Poh, chairman and chief executive officer of Ho Bee Land Ltd, said the business networking group in a statement.

Mr Chua is the founding chairman of Business China and has served for three terms, for a total of nine years.

MP Sun Xueling remains CEO of Business China.

Mr Lee Yi Shyan, formerly Senior Minister of State for Trade & Industry and National Development, has been on the Business China Board since 2007 when it was set up.

Nine new board members have also been appointed. There are three new board advisors: Minister in the Prime Minister's Office Chan Chun Sing, Acting Minister for Education (Schools) Ng Chee Meng and Acting Minister for Education (Higher Education and Skills) Ong Ye Kung.

New board directors include Ministers of State Koh Poh Koon and Chee Hong Tat, Deputy CEO of Singapore Press Holdings Anthony Tan, CEO of South China Morning Post Robin Hu, CEO of MTQ Corporation Kuah Boon Wee, and founder of Stanway Capital Tan Ser Ping.

Business China patron Prime Minister Lee Hsien Loong thanked Mr Chua for his stewardship.

"Thian Poh has set Business China on a firm footing, starting from scratch. He has established an organisation that is well-recognised and respected in its areas of work. Business China's achievements today will not have been possible without Thian Poh's hands-on involvement, astute judgement and total commitment," Mr Lee said.

He thanked outgoing advisors former Deputy Prime Minister Wong Kan Seng, Co-ordinating Minister for Infrastructure Khaw Boon Wan, and Manpower Minister Lim Swee Say. Mr Lee also thanked other outgoing board members .

Set up by former prime minister Lee Kuan Yew in 2007, Business China is a non-profit organisation that aims to nurture bilingual and bicultural Singaporeans, who can build cultural and economic ties between the world and China.