Daryl Ng Win Kong, the eldest son of Robert Ng Chee Siong, will be taking over the Sino Group from his father, marking the third generation of leadership of the group for the family.
Daryl Ng will step into the chairman role on 31 August for Sino Land, Tsim Sha Tsui Properties and Sino Hotels, which have a combined market value of HK$127.2 billion (US$16.3 billion).
Robert Ng took over the business from his father, Ng Teng Fong in 1991 and has decided to retire from his position, according to the filing.
“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.
Robert Ng has three sons and three daughters, and his eldest daughter, Nikki Ng Mien Hua, is already a non-executive director of the company.
In a separate announcement, Daryl Ng thanked his father for his work at the company.
“I would like to extend my heartfelt gratitude to my father Mr Robert Ng for his leadership and guidance in the upholding of integrity and quality assurance,” Daryl Ng said in a separate announcement.
Darly Ng has been an executive director at Sino Group since April 2004 and deputy chairman since November 2017.
Sino Land remains in a cash-positive position, reporting a net profit of HK$1.82 billion in the six months ended 2024. However, this is down from the HK$2.6 billion a year earlier.
The late Ng Teng Fong built a real estate empire when he moved from China to Singapore in 1934. He founded the Far East Organisation in Singapore in the 1960s and turned Sino Land into a major developer in Hong Kong.
The Ng family has a net worth of US$14.8 billion and is among the richest in the city-state, according to Forbes. Alongside their real estate endeavours, the family also hold a controlling stake in Singapore-listed food and beverage company Yeo Hiap Seng.
