Lai Fung Holdings Ltd. announced that with effect from 1 November 2012, Dr. Lam Kin Ngok, Peter will step down as Chairman of the Board, an Executive Director and cease to be a member of the Executive Committee of the company; Mr. Chew Fook Aun will be elected Chairman of the Board and a member of the Executive Committee of the company; Mr. Lui Siu Tsuen, Richard will resign as an Executive Director of the company; and Mr. Mak Wing Sum, Alvin will be appointed an Independent Non-executive Director of the company. Mr. Chew, aged 50, was appointed an Executive Director in June 2012. Mr. Mak is currently an independent non-executive director of I.T. Limited and Crystal International Limited.

After working in Citibank for over 26 years, Mr. Mak retired on 1 May 2012. He last served as the Head of Markets and Banking for Citibank Hong Kong, being the country business manager for corporate and investment banking business.