SINGAPORE - CapitaLand China Trust’s (CLCT) manager has appointed former permanent secretary Tan Tee How as its new chairman of the board, and chairman of the nominating and remuneration committee (NRC).

Mr Tan joined CLCT’s manager, CapitaLand China Trust Management, as a non-executive independent director on Aug 1, 2023. He was also appointed a member of the NRC from Jan 1, 2024.

Mr Tan succeeds Mr Soh Kim Soon, who is retiring after seven years as the board’s chairman while relinquishing his role as chairman of the NRC.

Mr Soh is also stepping down as a non-executive independent director, as part of the board’s renewal process. He currently holds 115,210 units of the China-focused real estate investment trust (Reit).

These changes will take effect from April 23 after the conclusion of CLCT’s upcoming annual general meeting (AGM) in April 2024.

Notice of the AGM will be issued to unit holders “shortly”, said CLCT’s manager on March 11.

The board of CLCT’s manager will comprise a total of eight directors upon Mr Soh’s departure. Five of these are independent directors.

In the Reit’s press statement, Mr Soh was credited for playing a “crucial role in CLCT through the challenging Covid-19 environment, proactively positioning the trust to capitalise on emerging trends in the post-pandemic landscape”.

The manager noted that CLCT expanded its investment mandate while nearly doubling in its asset size and city presence under his leadership.

It further highlighted Mr Tan’s “extensive public sector and industry knowledge, real estate expertise and management experience” brought to CLCT, having held past senior leadership roles in the Singapore Civil Service and various business organisations.

Mr Tan concurrently serves as chairman of the Gambling Regulatory Authority of Singapore and the National Healthcare Group.

He is also a director at Hong Leong’s Singapore-listed financial services arm, Hong Leong Finance. THE BUSINESS TIMES