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IPO Mints Latest Chinese Billionaire Clan; Loyal 24-Year-Old Daughter Leads Key Trust

Dec 21 2013, 11:26pm CST | by , in News

 
 

The 2.4% rise in the stock price of Chinese real estate developer Logan Property on the first day of trading on Friday at the Hong Kong Stock Exchange on Friday has minted the country’s latest billionaire clan in the real estate industry.

A 85% stake in Logan Property Holdings, worth $1.17 billion on Friday, is held by companies and a family trust associated with Perenna Kei, a 24-year-old daughter of Logan’s chairman and CEO, Ji Haipeng, according to the company’s prospectus.  

Ji, 47, was said to be excluded from the family members that are beneficiaries of Trust Co., a family trust with a 68% stake in Logan.  However, Logan’s chairman was described as having an interest in Logan and the Trust Co. in that Kei is the settler of the trust as well as “a person accustomed to act in accordance with Mr. Ji’s directions.”  The chairman’s younger brother, Ji Jiande, is an executive director and vice president at Logan, which is headquartered in the southern Chinese city of Shenzhen. Logan had turnover of 6.6 billion yuan, or about $1.1 billion, in 2012, the prospectus said.

The prospectus formally identifies Kei as “Kei Perenna Hoi Ting” and states that she once went by the name “Ji Peili.”

The prospectus didn’t say why chairman’s daughter changed her names in English. Well-off or politically connected Chinese are sometimes seen as using more than one name in order to conceal wealth or avoid publicity.  

Kei is a non-executive director at the company, and holds a bachelor’s degree in economics and finance from the University of London.  

Kei wouldn’t be the first daughter on Forbes China Rich List entrusted with a huge family fortune. Yeung Kwok Keung, chairman of Country Garden – which like Logan is also headquartered in Guangdong Province – transferred his shares in the company to his daughter Yang Huiyan before the company’s IPO in 2007.  

China had a record 168 billionaires on the 2013 Forbes China Rich List published in October.   Another property tycoon Wang Jianlin, chairman of the Wanda Group, topped the list.

– Follow me on Twitter @rflannerychina

Source: Forbes

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