CapitaLand Said to Hire Ex-HSBC Banker Lim as CFO Lang LeavingBy
Current CFO Arthur Lang to leave CapitaLand after 5 years
Andrew Lim was head of Southeast Asia advisory at HSBC
CapitaLand Ltd. plans to appoint former HSBC Holdings Plc dealmaker Andrew Lim as chief financial officer to replace Arthur Lang, who is leaving Southeast Asia’s biggest developer, people with knowledge of the matter said.
Lang is planning to depart CapitaLand after more than five years to pursue another opportunity, according to one of the people, who asked not to be identified because the information is private. Lim, who was Southeast Asia advisory head for London-based HSBC, is likely to start his role at CapitaLand at the beginning of 2017, the people said.
The incoming CFO, who was a Singapore-based managing director at HSBC, left the bank earlier this year after a 12-year stint, a person with knowledge of the matter said in September. Lim also led Southeast Asia real estate and hotel dealmaking for the London-based firm.
CapitaLand has been expanding overseas and boosting its fund management business as the Singapore residential property market continues to slump on government cooling measures. The company, with a real estate portfolio spanning homes and offices to shopping malls and serviced apartments, has also identified Malaysia and Vietnam as new growth markets.
A representative for CapitaLand didn’t immediately respond to an e-mail seeking comment.
Lang joined CapitaLand in 2011 from Morgan Stanley, where he was co-head of Southeast Asia investment banking. During his tenure at CapitaLand, the company sold its stake in Australand Property Group and took its shopping mall unit private for S$3.2 billion ($2.3 billion) in 2014.
The Singapore-based developer teamed up with the Qatar Investment Authority last year to set up a $600 million serviced residence fund focused on Asia Pacific and Europe. This year, CapitaLand formed a $1.5 billion China private equity partnership to invest in prime integrated developments in the country. It plans to have six new funds with as much as S$10 billion of total assets under management by 2020.
— With assistance by Pooja Thakur Mahrotri