At least four most senior managers are following CEO Jonathan Slone out the door amid mounting tension with Citic Securities Co., which bought CLSA in 2013.
TPG sold about 128 million CICC shares at HK$18.58 apiece, representing 75% of its holding in the Beijing-based securities firm.
The move followed a drop of about 60% in CLSA’s 2018 bonus pool and a number of other recent changes instigated by Citic, including staff adjustments and an overhaul of CLSA’s compensation structure.
Investment in Chinese commercial real estate rose 9.5% in 2018 to hit a record 296 billion yuan, with about one-third of transactions coming from overseas investors,
HNA has already trimmed one of the country’s biggest debt piles by selling off dozens of assets from hotels to stakes in aircraft leasing companies.
CDH has been preparing for a correction in the Chinese market. Public company valuations have already cooled in China; private markets tend to follow suit.
Hitchner will continue in his Hong Kong-based role until mid-2019.
More executive directors will get no bonus for 2018 compared with the year before.
North Asian buyout firm MBK Partners and Marunouchi Capital were also shortlisted to proceed to the next round of bidding.
Su’s promotion marks the first time that Bank of America has put a senior market executive into an Asian president role.