SHENZHEN, China, Sept.21, 2020
/PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP)
today announced that its Board of Directors has appointed Dr. Lai
Ling Tam to the role of Executive Chairman of the Board and
has named Mr. Jiabiao Wang, current General Manager of China
Operations, as Chief Executive Officer of Nam Tai. These appointments, which are effective
immediately, follow the previously announced resignation of Mr.
Ying Chi Kwok from the role of
Chairman and CEO. The Company also announced, concurrently, the
appointment of Mr. Wai Hang Wan, David, CPA, as Chief
Financial Officer, succeeding Ms. Yu Zhang, effective
immediately.
"Succession planning has always been a top priority for our
Board, and has been a part of our ongoing dialogue," said Dr. Wing
Yan Lo, Chairman of the Compensation
Committee and Nominating and Corporate Governance Committee. "As
part of that process, we are pleased to announce these three
new appointments, which significantly strengthen our
leadership team and set the stage for a new phase of growth and
development for the Company."
Dr. Wing Yan Lo continued, "The
appointment of Dr. Tam as Executive Chairman brings to the Nam Tai
Board a seasoned executive with a 25-year track record of success
across the finance and real estate sectors, as well as valuable
insights from a shareholder perspective. Dr. Tam's deep
understanding of our industry and the markets in which we operate,
coupled with his focus on supporting the interests of all
Nam Tai shareholders, make him
particularly well suited to lead the Board and shape the Company's
strategic direction as we work to strengthen our position as a
leading industrial ecosystem operator."
"Nam Tai has excellent real
estate assets, a clear and differentiated development strategy, a
dedicated team of employees and significant opportunity to achieve
its goal of strengthening its position as a leading industrial
ecosystem operator and a respected enterprise through a clear
development strategy based on four key pillars," said Dr. Tam. "I
look forward to working with the Board, Mr. Wang and the rest of
the management team, as well as the Company's various stakeholders,
including its shareholders, to achieve Nam
Tai's full potential and create sustainable value for
shareholders."
Dr. Wing Yan Lo added, "The
appointment of Mr. Wang as CEO reflects our focus on developing our
deep pool of internal talent. A 15-year real estate industry
veteran, Mr. Wang has significant real estate development, leasing
and project management experience, with a proven track record of
strong returns in both commercial and residential projects. As
General Manager of our China
operations, Mr. Wang has played a key role executing our
development and leasing strategy, and has gained a deep
understanding of the Company's business and operating model. He has
proven to be an exceptional leader and is ideally suited to assume
this role. We look forward to benefiting from Mr. Wang's experience
and business acumen as we enter this exciting next chapter of
growth under his leadership."
Mr. Wang said, "I am honored to assume the role of CEO at such a
pivotal moment for Nam Tai and the
industry. We have made significant progress implementing
differentiated strategies to expand our portfolio assets and create
value for shareholders. This has included maximizing our existing
projects; providing tenants with innovative, high quality
industrial space; prudently managing financing obligations;
controlling costs and exploring development opportunities in the
Guangdong-Hong Kong-Macao Greater
Bay Area. I look forward to working closely with the senior
management team, the Board and Nam
Tai's talented employees to build on the Company's momentum
and deliver value for all Nam Tai
shareholders."
"Mr. Wan is a proven finance leader with over 10 years
of investment and accounting experience. He has worked as
auditor at PwC with subsequent development in private equity, asset
management and property developers," said said Dr. Wing Yan
Lo. "He will be a valuable addition to our
leadership team."
"I am excited for the opportunity to lead Nam Tai's financial function," said Mr. Wan. "I
look forward to leveraging my experience to help strengthen the
Company's financial and operational performance, and foster
investor engagement to drive value for our shareholders."
About Dr. Lai Ling
Tam
Dr. Tam currently serves as a senior advisor to the Kaisa
Group, a role he has held since 2015. As a senior advisor, Dr.
Tam is primarily responsible for formulation of investment and
financing strategies for the group. Previously, he served as Vice
Chairman and Executive Director of the Kaisa Group from 2010 to 2014. From December 2007 to November
2008, Dr. Tam was an executive director of SPG Land
(Holdings) Limited where he was responsible for the corporate
finance activities and investor relations of the company. From
April 2005 to November 2007, Dr. Tam was the deputy managing
director and chief financial officer of Hopson Development Holdings
Ltd., where he was responsible for formulating and executing the
company's financing strategy. Dr. Tam also served as an independent
non-executive director of Tsingtao Brewery Company Limited. From
March 1998 to April 2005, Dr. Tam worked for ICEA Capital
Limited for seven years. His last position was Managing Director of
their Investment Banking Division, during which he executed a wide
variety of corporate finance transactions, including M&A, and
debt and equity financings. Prior to that, Dr. Tam also worked for
major international investment banks in the area of corporate
finance, and a multi-national oil company in the area of business
development.
Dr. Tam received his bachelor's degree in Engineering from
University College London, and a Ph.D. from the University of Cambridge. He is also a holder of
Chartered Financial Analyst.
About Mr. Jiabiao Wang
Mr. Jiabiao Wang was appointed as the General Manager of China
Operations in February 2019,
responsible for overall operation management of projects in
China. He also served as the
Deputy Director of Shenzhen Real Estate Association Housing Rental
Committee.
Mr. Wang has over 15 years of experience in real
estate development management and has lead functions including
marketing, investment and industrial operation management. Prior to
joining Nam Tai, Mr. Wang served as
Deputy General Manager of Logan Group Shenzhen, Assistant President
of Kaisa Group Shenzhen, and President of Kaisa Technology
Innovation Group.
About Mr. Wai Hang Wan,
David, CPA
Mr. Wan was appointed as Deputy General Manager, Internal
Audit, responsible for audit and international investment matters.
Before he joined Nam Tai in
March 2019, he was Vice General
Manager of Kaisa Asset Management Limited responsible for
investment. Between 2014 and 2017, Mr. Wan worked at Noah
Holdings (Hong Kong) Limited, the
Hong Kong subsidiary of Noah
Holdings (NYSE: NOAH) with a total committed capital of over
USD3.5 billion. His last
position was Vice President/ Head of Fund Management and
Services covering a diversified portfolio of real estate,
private equity, and secondary market funds and funds of funds.
Prior to that, Mr. Wan served as Investment Manager of Hermes
Capital, Business Analyst at Value Partners Management Consulting
and auditor at PricewaterhouseCoopers in Hong Kong.
Mr. Wan received his bachelor's degree in Finance and Marketing
from the Hong Kong University of Science and
Technology and his Master of Business Administration degree
from the Chinese University of Hong
Kong. He is a member of the Hong Kong Institute of Certified
Public Accountants.
About Nam Tai Property Inc.
We are a real estate developer and operator, mainly conducting
business in Mainland China. Our main land resources are located in
the Guangdong-Hong Kong-Macao
Greater Bay Area ("Greater Bay Area") and Wuxi, China, of which the three plots in
Shenzhen will be developed into
Nam Tai Inno Park, Nam Tai Technology Center and Nam Tai Inno Valley. We plan to build these
technology parks into landmark parks in the region and provide
high-quality industrial offices, industrial service spaces and
supporting dormitories to the tenants. Based on the experience of
developing and operating technology parks and an industrial
relationship network accumulated over the past 40 years, we have
also exported the operation model of technology parks to other
industrial properties. Through an asset-light model, we have leased
industrial properties for repositioning and business invitation. We
will also expand the commercial and residential property business
in China as an auxiliary
development strategy of the Company. As the growth prospects of
China maintain, we shall seize
development opportunities in the Greater Bay Area and other first-
and second-tier cities in China,
and continue to strengthen and expand the business of industrial
real estate, and commercial and residential properties. Nam Tai
Property Inc. is a corporation registered in the British Virgin Islands and listed on the New
York Stock Exchange (Symbol: "NTP"). Please refer to our corporate
website (https://www.namtai.com/) or the SEC website (www.sec.gov)
for our press releases and financial statements.
Forward-looking Statement and Factors that Could Cause our
Share Price to Decline
Certain statements included in this press release, other than
statements of historical fact, are forward-looking statements.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "may", "might", "can",
"could", "will", "would", "anticipate", "believe", "continue",
"estimate", "expect", "forecast", "intend", "plan", "seek", or
"timetable". These forward-looking statements, which are subject to
risks, uncertainties, and assumptions, may include projections of
our future financial performance based on our growth strategies and
anticipated trends in our business and the industry in which we
operate. These statements are only predictions based on our current
expectations about future events. There are several factors, many
beyond our control, which could cause results to differ materially
from our expectation. These risk factors are described in our
Annual Report on Form 20-F and in our Current Reports filed on Form
6-K from time to time and are incorporated herein by reference. Any
of these factors could, by itself, or together with one or more
other factors, adversely affect our business, results of operations
or financial condition. There may also be other factors currently
unknown to us, or have not been described by us, that could cause
our results to differ from our expectations. Although we believe
the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity,
performance, or achievements. You should not rely upon
forward-looking statements as predictions of future events. These
forward-looking statements apply only as of the date of this
announcement; as such, they should not be unduly relied upon as
circumstances change. Except as required by law, we are not
obligated, and we undertake no obligation, to release publicly any
revisions to these forward-looking statements that might reflect
events or circumstance occurring after the date of this press
release or those that might reflect the occurrence of unanticipated
events.
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SOURCE Nam Tai Property Inc.