Propnex - Group’s Former Stalwart Joins Rival Firm

Source : The Straits Times, Oct 26, 2007

HE WAS a rising star at PropNex, helming 1,400 agents at the agency and running a stable of firms offering car grooming and more.

A month ago, however, PropNex ended Mr Eric Cheng’s employment, saying he was ‘not aligned’ with its ‘core values’.

The former PropNex stalwart yesterday joined rival firm HSR Property Group.

HSR has crossed swords with PropNex over which of them is No. 1.

PropNex chief executive Mohamed Ismail said Mr Cheng’s team of 1,400 agents was getting more prominence than PropNex itself. The team was one of more than 50 teams under PropNex.

Mr Cheng countered that other PropNex teams were doing the same.

Mr Mohamed feels damage from Mr Cheng’s exit is limited, as only 95 members of his team have resigned as at yesterday.

HSR chief executive Patrick Liew said 350 PropNex agents have crossed over so far.