Latest news with #Ng Teng Fong
Forbes
03-08-2025
- Business
- Forbes
Billionaire Robert Ng's Eldest Son Taking The Helm At Hong Kong Property Giant Sino Group
Daryl Ng, the eldest son of billionaire Robert Ng, is taking the helm at Sino Group, whose Hong Kong-listed real estate companies are valued at HK$127.7 billion ($16 billion), after his father steps down at the end-August. The 47-year old scion of the group's founding family will become chairman of the group's Sino Land, Tsim Sha Tsui Properties and Sino Hotels from August 31, the three companies said in separate filings to the Stock Exchange of Hong Kong on Friday. Robert Ng, 72, who took over from his father and group founder—the late Ng Teng Fong—in 1991, is retiring from his positions at the Sino Group companies after building the group's footprint across the Asia Pacific in the past four decades. 'The board would like to express its sincere gratitude to Robert Ng for his contributions to the company over the past 44 years of service and his leadership in building a solid foundation for the company's sustainable growth and development,' Sino Land said in its exchange filing. The late Ng Teng Fong moved from China to Singapore in 1934, built a fortune in real estate and came to be known as "The King of Orchard Road" for developing some of the oldest shopping malls in the area. Robert's younger brother, Philip, also a billionaire, oversees the family's Far East Organization, one of the Lion City's largest private landlords and property developers. With a real-time net worth of $14.8 billion, the Ng family is among the richest in the city-state. Besides their vast interests in real estate—which includes the iconic Fullerton hotels in Hong Kong, Singapore and Sydney—the family also holds a controlling stake in Singapore-listed food and beverage company Yeo Hiap Seng.
South China Morning Post
01-08-2025
- Business
- South China Morning Post
Daryl Ng takes the helm at US$16.3 billion Sino Group in third-generation leadership shift
Daryl Ng Win Kong, the eldest son of Robert Ng Chee Siong, will take the reins from his father at the HK$127.7 billion (US$16.3 billion) Sino Group, marking the leadership transition to the third-generation scion of the group's founding family. Darryl Ng, 47, will step into the chairman's role from August 31, according to filings from the group companies to the Hong Kong stock exchange on Friday. He will become the chairman of Sino Land, Tsim Sha Tsui Properties and Sino Hotels, whose combined market value is HK$127.7 billion. Robert Ng, 72, who took over from his father and group founder, the late Ng Teng Fong, in 1991, has decided to retire from his positions in the group, the statement said. He has three sons and three daughters. Nikki Ng Mien Hua, the eldest daughter, is a non-executive director of the company. The late Ng Teng Fong moved from China to Singapore in 1934 and built a fortune in real estate. He founded the Far East Organization in Singapore in the 1960s and turned Sino Land into a major developer in Hong Kong. Daryl Ng has been an executive director at Sino Group since April 2005 and deputy chairman since November 2017. Photo: Dickson Lee Sino Land reported a net profit of HK$1.82 billion for the six months ended December 2024, down from HK$2.6 billion a year earlier. The company is in a cash-positive position, a rarity among the city developers, many of whom are struggling with billions of dollars in debt.
