Barely a year into his new role, Alvin Cheng Yu-Dong has resigned as chief executive officer (CEO) and executive director of EC World Asset Management, manager of Singapore-listed EC World Real Estate Investment Trust (REIT).
He left the REIT manager on February 9 in order to “pursue his other professional interests”, the firm says in a statement.
The company’s board of directors announced they have identified a new candidate for CEO, and will make the relevant announcement pending regulatory approval. Its management will continue to administer the REIT in the meantime.
This is the second time the China-focused REIT’s manager is seeing a change in its top leadership since its listing in July 2016.
Asia real estate intelligence platform Mingtiandi reported on February 12 that Mr. Cheng joined EC World Asset Management as executive director and deputy CEO in January 2017. He was appointed CEO in April 2017, succeeding Lai Hock Meng, who had taken the trust public on the Singapore Exchange in the previous year.
Prior to joining the EC World Asset Management, Mr. Cheng served as CEO of the managers of Lippo Malls Indonesia Retail Trust and Pacific Shipping Trust, respectively, according to the real estate platform. He also worked on the global management team of APL Logistics, after starting his career in the financial sector.
EC World REIT was established with the investment strategy of investing principally, directly or indirectly, in a diversified portfolio of income-producing real estate which is used primarily for e-commerce, supply-chain management and logistics purposes, as well as real estate-related assets, with an initial geographical focus on China.
With its initial portfolio of six quality properties located in one of the largest e-commerce clusters in the Yangtze River Delta, EC World REIT offers investors unique exposure to the logistics and e-commerce sectors in Hangzhou, China.
EC World Asset Management is an indirect wholly-owned subsidiary of Shanghai-headquartered Forchn Holdings Group.
