Singapore's prominent Kwek family, overseeing a vast hotel and real estate empire, is embroiled in a public family feud stemming from an attempt by chosen successor Sherman Kwek to remove his billionaire father Kwek Leng Beng's long-time adviser, Wu. The dispute, which has drawn significant media attention, highlights internal power struggles within City Developments Ltd. (CDL), one of the largest property developers in Singapore. The Wall Street Journal reported on the "messy family feud" that has become very public.
The Kwek family's fortune, estimated by Forbes last year to be worth $11.5 billion, is primarily built through their diversified conglomerate, Hong Leong Co., which expanded from trading into hotels, real estate, financial services, and manufacturing. Kwek Leng Beng, 84, serves as the chairman of City Developments Ltd., while his 49-year-old son, Sherman Kwek, holds the position of chief executive and was designated as his father's successor.
The core of the conflict emerged when Sherman Kwek and his allies sought to add new directors to CDL's board, a maneuver he later stated was intended to reduce Wu's influence within the family business. Wu, a Juilliard-trained pianist, had previously resigned as a director of a CDL hotel subsidiary in January 2024. However, tensions escalated significantly when she rejoined the subsidiary in August 2024 as an unpaid board adviser, a move that was seen by some as a direct challenge to Sherman Kwek's efforts.
Insiders close to the company indicate that senior executives had tried for years to persuade Sherman Kwek to directly address the underlying tensions regarding Wu's role. Despite the younger Kwek's past successes, including profitable deals divesting commercial properties, he has faced skepticism from investors. The ongoing public nature of this family dispute could potentially impact investor confidence and the strategic direction of the multi-billion dollar empire.