Hong Kong's conglomerate of Hang Lung Group Ltd. and Hang Lung Properties Ltd. said Tuesday the two companies will name Chen Nan Lok, outgoing executive director of Swire Pacific Ltd, as managing director for both companies, effective from July 15 this year.

In a joint statement filed to the Hong Kong exchange, Hang Lung Group and Hang Lung Properties said 54-year-old Chen will succeed Yuen Wai Leung, who will retire on July 14 this year.

Chen, who was also deputy chairman of non-executive director of Cathay Pacific Airways, has been with the Swire group for 33 years. He has been a director of Swire Pacific since May 2005 and Cathay Pacific Airways since March 1997.

Chen said last week that he had decided to leave the Swire group at the end of June this year.

Shares of Hang Lung Group Ltd. went down 3.35 percent on Tuesday to close at 39 HK dollars (5.03 U.S. dollars). Hang Lung Properties closed at 29.2 HK dollars per share, down 2.61 percent. Combined market value of the two companies stood at 173.28 billion HK dollars by Tuesday's closing.

Swire Pacific A-shares were down slightly by 0.49 percent to 91. 95 HK dollars in the day.