Yuhu Group chairman Huang passes the baton to son Jimmy

Chinese-backed company Yuhu Group has announced that Huang Xiangmo will step down in favour of his son Jimmy.

Huang Xiangmo Huang and his son Jimmy. Pic: Supplied

Chinese-backed company Yuhu Group has announced that its high-profile chairman Huang Xiangmo will stand down just as it undertakes major projects at Sydney’s Circular Quay and on the Gold Coast.

The company said yesterday that as part of “family succession planning”, Mr Huang’s son Jimmy had now “assumed the role as company chairman”.

The younger Mr Huang has been at the centre of efforts to get Yuhu’s troubled project at Surfers Paradise back on track after disputes with builder Multiplex and walk-offs by subcontractors.

However, his father will remain integral to the business with the company saying although he no longer held a position he would “of course” be available to advise the new leadership team any time.

The controversial Chinese businessman, who is best known for the ties that brought down disgraced former Labor senator Sam Dastyari, has donated heavily to both major parties over the past decade.

He called for an end to that practice but his actions played a central role in the resignation of Mr Dastyari. The former ALP NSW secretary was forced out of the Senate last year when it was revealed he had advised Mr Huang that his phone may have been tapped by ASIO during a phone call.

Yuhu is also pressing ahead with its ambitious roster of Sydney projects, including luxury hotel and apartment towers at the Gold Fields House site at Circular Quay, with final revisions being made to its plans for luxury residences.

Meanwhile it $1 billion Queensland project had been hit by walk-offs as workers raised concerns about the project’s progress with the developer and main contractor, Multiplex.

Work on Jewel began in 2016, when it was owned by Chinese groups Ridong and Wanda. Wanda was bought out by Yuhu in January in a $1.13 billion deal that included Gold Fields House.

The delays have prompted concerns that a mid-2019 completion date will not be met. The three-tower project, comprising 521 residences and a 169-room five-star hotel, has been hit by construction scheduling issues on the lower podium levels of the proposed hotel. Yuhu has selected an undisclosed hotel operator after a process handled by Colliers International, but is yet to reveal the group’s identity.

In a separate move Roy Huang, who is not related to the family, has been appointed chief executive, and will start in the post next year.