Swire veteran for PCCW Key property player returns to lead Cyber-Port project
2001-04-14
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Pacific Century CyberWorks (PCCW) is believed to have hired former Swire Properties director Michael Moir to head the company's Cyber-Port project following the departure of deputy chairman Peter To. Mr Moir, absent from the local property market for almost two years, would take over from the man thought to be the architect of the landmark project, now under construction, sources said.
CyberWorks would announce the appointment soon, they said.
Company officials declined to comment yesterday.
Mr Moir worked at Swire Properties for more than 18 years.
Before leaving in July 1999 for Britain to work as a property consultant, he held the positions of director and general manager.
During his time with Swire, Mr Moir engineered land acquisitions such as the Pacific Place site and its Festival Walk property in Kowloon Tong.
However, not all acquisitions during that time appeared successful.
In April 1997, Swire and Sun Hung Kai Properties entered into a 50:50 joint venture to redevelop the huge Shiu Wing Steel plant in Tseung Kwan O into a residential project.
The project, known as Ocean Shores, has since prompted Swire Properties' publicly listed parent, Swire Pacific, to make provisions twice - HK$ 2 billion in 1998 and HK$ 1.7 billion last year.
Before he joined Swire, Mr Moir worked for Ove Arup & Partners, one of the world's largest civil engineering companies.
Property experts said they would be interested to see how Mr Moir would lead the Cyber-Port development, seen as one of the key projects for CyberWorks, after the company said it would commit US$ 300 million in capital expenditure this year.
Sources close to the company said Mr To would retire after leaving CyberWorks. He would serve as a consultant to the company.
Mr To will be the third senior executive to resign from the board of directors since CyberWorks' takeover of Cable & Wireless HKT in August last year.
Earlier this year, director George Chan, chief of Network of the World and deputy chief executive Norman Yuen Kee-tong, who served the former HKT for 17 years, also resigned from CyberWorks.
Four directors, including two from Cable & Wireless, have resigned from the CyberWorks board, reducing the number of directors to eight.
In August last year, Mr To, along with other senior company executives, sold five million CyberWorks shares at an average price of HK$ 15.35, cashing in a net profit of HK$ 65 million.
Aged 53, he joined Pacific Century Group in 1997. He was responsible for its property development business.
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