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WITH the company he founded in good hands, property magnate Datuk Tan Chin Nam can now take it easy. How will his successors handle the economic downturn?
DATUK TAN CHIN NAM, 83, who makes the list of the country's Top 40 Richest Malaysians, is these days reaping the fruits of his labour. The country's renowned property tycoon frequently shuttles between Kuala Lumpur and Melbourne, where he spends a good deal of his time indulging in his favourite pastime, horseracing.
Tan is a pioneering property developer. He built the country's first luxury condominium, Desa Kudalari; the country's first condo-hotel, MiCasa Hotel Apartments; and the country's first low-cost housing project in Kampung Kongo, Kuala Lumpur. His later project, Mid Valley City, is today the country's largest shopping mall and a major landmark in the Klang Valley.
The empire that Tan built is today run by a management team led by his daughter Tan Lei Cheng, who heads Goldis Bhd, and nephew Robert Tan who helms IGB Corporation Bhd. His son Tan Boon Lee is a director of Goldis while another son, Tan Boon Seng, is a major shareholder. Niece Pauline Tan is another Goldis director.
Under their stewardship, the group has grown in strength and resilience and even thrives despite the worsening economy.
Thus, with such a trusted and capable management team in place, it was not surprising that Tan declined to be interviewed for this article. As his secretary told Malaysian Business: `He is unable to have an interview with you as he is already retired. He suggests you make an appointment with the other CEOs of the group.'
Goldis took over the listing status of Tan & Tan Developments Bhd on May 8, 2002 following the latter's merger with IGB Corporation. The Tan family, apart from helming the management of Goldis, also maintains tight control over the company through their private vehicles Tan Chin Nam Sdn Bhd and Tan Kim Yeow Sdn Bhd, and through the direct interests of several individual family members.
Tan, who retired from the Tan & Tan Group in 2002, once told Malaysian Business: `I have (entrusted my business) to my children. It is their turn now. How they do it is their problem. But I will give them guidance...