Landing appoints three new independent directors

Jeju Shinhwa World

Landing International has announced the appointment of three independent non-executive directors, effective Friday, 23 August. 

The appointments include Ms. Wang Yuying, who has been appointed as an independent non-executive director, chairman of the audit committee, and member of the nomination committee and remuneration committee. 

Ms. Wang, aged 48, obtained a bachelor’s degree in economics with an accounting major. She is a member of the Chinese Institute of Certified Public Accountants and a registered tax agent in the People’s Republic of China.

Mr. Li Mingfa has been appointed as an independent non-executive Director and a member of each of the Audit Committee, the Nomination Committee and the Remuneration Committee.

Mr. Li, aged 56, obtained a doctoral degree in law from China University of Political Science and Law. He is currently a Professor at Anhui University. He was the dean of law school and the executive vice president of the graduate school at Anhui University.

Finally, Mr. Bao Jinqiao has been appointed as the chairman of each of the Nomination Committee and the Remuneration Committee.

Earlier this month, Landing International informed its shareholders that it expects to record a net loss for the six months ended June 30, due in part to a decrease in gaming revenue. 

Landing is a developer and operator of an iconic world-class integrated leisure and entertainment resort, offering various facilities, including casinos, luxurious hotels, exhibition centers, theme parks, attractions, international catering, spaces for retail business and property development.

It is the owner and operator of Jeju Shinhwa World in South Korea.

Landing said the net loss is attributable to a decrease in net revenue from its gaming business; a decrease in revenue from sales of residential properties; a decrease in interest income and increase in finance costs; and an increase in amortization and depreciation charges due to the progressive opening of various facilities in Jeju Shinhwa World.

Landing posted a widened loss of HK$701.5 million (US$89.4 million) in 2018.