Closer look at key figures in CDL’s family business empire of Singapore’s 4th richest billionaire Kwek Leng Beng

On Tuesday, Kwek Leng Beng, 84, filed a lawsuit against his elder son Sherman Kwek, 49, accusing him of an "attempted coup" to take control of CDL’s board.

In response, Sherman said he and most of CDL’s board were "disappointed" by what he described as his father’s "extreme actions." In an emailed statement to Reuters, he added that proposed board changes had "never been about ousting our esteemed chairman."

Leng Beng and his family share a combined net worth of US$11.5 billion, making him the fourth richest billionaire in Singapore, according to a ranking list by Forbes last September.

CDL, among Singapore’s largest property developers, has a market capitalization of S$4.6 billion (US$3.4) and properties in nearly 30 countries.

As the power struggle unfolds, here’s a look at the 5 key family members behind CDL and its parent company, Hong Leong Group.

1. Kwek Leng Beng

Kwek Leng Beng, executive chairman of Hong Leong Group and executive chairman of City Developments Limited (CDL), 20 October 2023. Photo by AFP

Leng Beng chairs both Hong Leong Group and CDL, expanding CDL into a global property developer, according to The Straits Times.

CDL owns luxury hotels in Singapore, including M Social, St. Regis, and W Singapore. He also spearheaded The Singapore Edition, a luxury hotel in Orchard, which opened in February 2024.

Leng Beng’s father had intended for him, as the eldest son, to join the family business.

After studying law in London, Leng Beng joined the family business in the 1960s, concentrating on managing CDL’s operations in Singapore.

In 1995, he and Saudi Prince Alwaleed Bin Talal bought New York’s Plaza Hotel—featured in films like "Home Alone 2" and "The Great Gatsby"—from Donald Trump for US$325 million.

2. Sherman Kwek

Sherman Kwek. Photo courtesy of CDL

Sherman became CDL CEO in January 2018 after serving as deputy CEO and executive chairman of CDL China. He led CDL’s expansions into Japan, Australia, and China, securing prime real estate in Shanghai, Suzhou, and Chongqing.

However, his father sought to remove him in the lawsuit filed Tuesday, citing disagreements over CDL’s board composition.

3. Kingston Kwek

Kingston Kwek, Sherman’s younger brother, has been a non-executive director at First Sponsor Group since 2019. He previously worked at Hong Leong Management Services from 2010 to 2012.

In April 2019, Kingston and his mother bought a S$9.8 million (US$7.3 million) apartment in Boulevard 88, while his cousin Kwek Eik Sheng purchased a S$4.3 million unit in the same development.

CDL Executive Chairman Mr Kwek Leng Beng (6th from left), CDL Group CEO Mr Sherman Kwek (5th from left), CDL Group COO Mr Kwek Eik Sheng (5th from right). Photo courtesy of CDL

4. Kwek Eik Sheng

Kwek Eik Sheng, in his early 40s, is Sherman Kwek’s cousin and CDL’s group chief operating officer.

On Feb. 27, Kwek Leng Beng suggested he could serve as interim CEO while CDL searches for a permanent replacement.

A Cambridge graduate, he previously worked in corporate finance at Hong Leong Group from 2006 to 2008.

5. Quek Leng Chan

Quek Leng Chan, Kwek Leng Beng’s cousin, co-founded Hong Leong Group Malaysia and has led its real estate arm, GuocoLand, since September 2022.

While Kwek Leng Beng oversees Hong Leong’s Singapore operations, Quek Leng Chan manages the Malaysian businesses.