Time is money for Chinese property developer

Shui On Land bought time to speed up its property developing projects in China.
Daniel Wan
Daniel Wan

Sometimes a chief financial officer is appointed to a company at the perfect time. That was the case for Hong Kong-listed Shui On Land, which appointed Daniel Wan in 2009, just when it most needed an experienced CFO.

Indeed, Wan described the timing of his appointment at the Shanghai-based property developer in March 2009 as “critical” because the company was short of cash to continue operations. “Property developers with projects in mainland China are not permitted to borrow funds locally to acquire land or pay for relocation costs for those projects. If developers need to borrow money for these purposes, we have to approach the foreign banks,” Wan explained....

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