Chinese tech giant TikTok recently appointed Singaporean Chew Shou Zi as its new Chief Executive Officer in early May, taking over Kevin Mayer, who left the position last year.
Today (July 30th) it is reported that he is in the early stages of purchasing a Good Class Bungalow (GCB) for S $ 86 million.
He will redevelop an existing lot in Queen Astrid Park that spans 31,800 square feet, which is approximately S $ 2,700 per square foot.
This news follows a recent spate of GCB purchases from other startup founders. Last month, Ian Ang, the CEO and co-founder of gaming chair maker Secretlab, bought two luxury properties worth $ 51 million in a week.
The 28-year-old had invested the money in a GCB at 27 Olive Road in the Caldecott Hill Estate for SGD 36 million and a 7,007 square meter five-bedroom triplex penthouse in the Leedon Residence for SGD 15 million.
Meanwhile, Grab CEO Anthony Tan’s family has “snapped up” a prime bungalow near Holland Village for SGD 40 million, and Razer CEO Min-Liang Tan is said to be in the early stages of buying a GCB in Bin Tong Park. Area for 40 million SGD.
These recent real estate spreads have consolidated their status as “Ultra High Net Worth Individuals”.
The new TikTok CEO has had an illustrious career
Image source: RTE
The Harvard graduate came to TikTok at a crucial time, which is at the height of its popularity with around 689 million users worldwide.
However, it has to deal with the political tensions between China and the United States, which have growing privacy concerns about the app, which mainly gets its popularity because its powerful algorithm can predict what users will want to see next.
Chew also has a very illustrious career. One of his first full-time positions was in investment banking at Goldman Sachs. He was there from 2006 to 2008 before joining DST Investment Management, where he was a partner from 2010 to 2015.
Prior to joining TikTok, he was the Chief Financial Officer (CFO) of Bytedance, TikTok’s parent company, even though he was only in office for three months.
He was also appointed CFO of Xiaomi – one of the largest Chinese smartphone companies – in 2015. He served in his role for four years before becoming president of the company’s international operations.
During his time, he was able to secure financing from investors and made a significant contribution to Xiaomi being listed.
Featured Image Source: Chew Shou Zi via Twitter / Google Map