Hong Kong-based real estate developer Wheelock & Co has appointed third-gen Douglas Woo, 35, to succeed his father, Peter Woo, 67, as chairman of the board.
Woo, who graduated in architecture from Princeton University, has only been a director on the board since July, when he was also appointed managing director of the company.
Wheelock & Co was founded in 1857, but has only been under the existing family’s ownership since 1985, when Woo’s maternal grandfather Yue-Kong Pao acquired it.
Last year, the company saw revenues of HKD33 billion (€3 billion).
In a statement, Wheelock & Co said the changes would come into effect on 1 January, and that Peter Woo would become a senior director on the board at that point.
The younger Woo had previously been the vice chairman and managing director of Wheelock Properties Limited (WPL), the group’s Hong Kong property arm.
Before joining the family firm, Woo worked as an analyst at UBS and as a real estate development consultant at Hamptons International.
In addition to his architecture qualification he has an MBA awarded jointly from the Hong Kong University of Science and Technology and the Kellogg School of Management.
In addition to WPL, Wheelock & Co also has a controlling stake in The Wharf Holdings and Singapore-based Wheelock Properties.