Leung Resigns From DTZ Board

25 Nov 2011

Chief executive hopeful Leung Chun-ying resigned from the board of directors of realty consultancy DTZ Holdings and as chairman of DTZ Asia Pacific - three days before his formal announcement that he will enter the leadership race.

A statement from DTZ Holdings yesterday reads: "Mr Leung will leave the company to campaign for the election as the next chief executive of the Hong Kong Special Administrative Region."

He steps down from the DTZ board with immediate effect while his resignation as chairman of DTZ Asia Pacific will take effect at or before the end of next month.

As his likely opponent - former chief secretary Henry Tang Ying- yen - gained the backing of former monetary authority chief Joseph Yam Chi- kwong yesterday, Leung dismissed suggestion that his election team lacks financial savvy.

"We do not rely on a person or two, but the system and the financial monitoring mechanism. Also lots of talent in the financial sector," Leung said last night. He added that he will have a large and capable team if elected.

Leung agreed with Yam's observation about the possible challenges to be faced by Hong Kong because of financial instability in Europe and the United States.

"Precisely because of this, Hong Kong needs someone with leadership and experience in the international market," Leung said.

Leung has not off-loaded his shares in DTZ Plc. A company spokeswoman said: "He will put his shares into a blind trust once elected."

According to the annual report of DTZ, Leung held 8.6 million shares as of April 30 this year. Leung's stake is worth 284,000 (HK$3.4 million) with the stock trading at 3.3 pence in London yesterday.