The Fullerton Hotel in Singapore, one of the properties owned by Hong Kong-based Sino Group.
Courtesy of 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.