HONG KONG, March 8 Property developer and
landlord Hysan Development Co Ltd on Thursday said
that Chief Executive Gerry Yim will resign, effective from May
Irene Lee Yun-Lien, currently non-executive chairman of the
board, assumes an executive role with the company immediately,
Hysan said in a filing with the Hong Kong stock exchange. It did
not name a direct replacement for the chief executive role.
The company said Yim was resigning to "pursue personal
The company on Thursday reported that underlying profit rose
14.1 percent in 2011, compared with the previous year, to HK$1.3
billion. Turnover rose 9 percent to HK$1.9
billion, thanks to stronger occupancy and higher rents.
Yim, who joined the company at the start of 2010, told
Reuters in an interview last November that the company expected
an 8-9 percent rise in commercial rents in Hong Kong's Causeway
Bay district, where its portfolio is concentrated, one of Hong
Kong's busiest shopping districts.
Shares in Hysan were unchanged on Thursday morning ahead of
the announcement, which came during the midday trading break,
lagging a 1.6 percent rise in the Hang Seng Property and
(Reporting by Alex Frew McMillan; Editing by Chris Lewis)