Family business round up: Banyan Tree, International Hospital Group, Volkswagen
Banyan Holdings
After taking a break from the family business to set up her own company, Ho Ren Yung, daughter of Banyan Tree Holding's founder and executive chairman Ho Kwon Ping, has been appointed director of the company's group retail operations.
Listed in Singapore, the luxury resort group began as a boutique hotel in Thailand and has grown into an international hospitality brand with over 150 resorts, spas and retail galleries worldwide.
Ho Ren Yung, who previously worked for Banyan Tree Holdings as associate director, took a few years break from the family company to set up the social enterprise Matter – a socially conscious textile and fashion brand.
She will now be responsible for the retail operations of Banyan Tree's spa and gallery division, as well as merchandising, procurement and international sourcing.
International Hospital Group
China's largest commercial property developer Wanda Group will be teaming up with British company International Hospital Group for a 10-year multi-project global partnership worth £1.7 billion.
A statement from the UK government revealed: “Wanda says it will invest up to £1.5 billion in the first three projects, with IHG targeting revenue of at least £300 million – another tangible example of benefits from the UK-China global partnership.
The partnership plans to build a 1000-bed hospital in Shanghai and two more in the cities of Chengdu and Qingdao.
UK foreign secretary, Philip Hammond described the agreement as significant, adding: “It highlights the UK's leading position to meet growing demand for healthcare cooperation in China and as a partner of choice in a range of sectors. Our strong bilateral relationship positions us well for collaboration in a range of fields as we pursue our global strategic partnership.”
Wanda Group is owned by Chinese billionaire Wang Jianlin, whose other assets include a 20% stake in Spanish football team Atletico Madrid, as well as the Ironman Triathlons. He founded the company in 1988 and according to Forbes is now worth $28.3 billion dollars, making him China's richest man.
Second-generation family businesss International Group, owned by the King family, has interests in a number of sectors from healthcare to members clubs to packaging.
Volkswagen
Despite resigning last September following one of Germany's biggest corporate scandals, former chief executive of Volkswagen Martin Winterkorn is still receiving a substantial salary, according to German media reports.
According to business daily Handelsblatt, Volkswagen's supervisory board said the chief executive's contract runs until the end of 2016 and, despite his resignation they, “saw no reason to not continue paying” Winterkorn.
Winterkorn's annual salary is €1.62 million, plus bonuses. His total take-home income for 2014 was €15 million.
The retention of his salary means he will receive somewhere in the region of €10 million this year.
One of the world's largest car producers by sales, Volkswagen admitted to installing emission falsifying software in 11 million diesel engines worldwide last year, resulting in vehicles that produced emissions over 40 times the legal limits.
The third-generation family business is controlled by the Piech and Porsche families.
