Chinachem CEO Donald Choi to Retire, Former Link REIT COO Cheung to Take Top Role

Hong Kong’s Chinachem Group has announced that Donald Choi will retire and step down from his role as chief executive officer of the privately held developer, with former Link REIT chief operating officer Andy Cheung set to succeed him on 1 September.

In a release on Thursday, Choi, who has led Chinachem since 2018 and also serves as an executive director of the company, pointed to the developer’s stable performance and growth amid the pandemic as well as Hong Kong’s challenging economic environment.

“Driving the transformation of Chinachem has been the privilege of a lifetime,” said Choi. “Despite the unprecedented difficulties due to COVID-19 epidemic and the structural changes of the Hong Kong economy, we have performed well and grown our businesses to create value for our stakeholders and empower a more liveable and sustainable community. I am sure that Chinachem under the leadership of Mr. Andy Cheung will continue to shine and reach new heights.”

Choi said plans to look for his successor were put into place soon after he announced his intention to retire last July.

Link REIT Veteran

Cheung, who has been an independent non-executive director of Chinachem since 2022, served as COO and executive director of the manager of HKEX-listed Link REIT until his departure in 2019. During his nearly 10 years at Link REIT, Cheung supervised project and development, property management and operations, legal and other corporate functions.

Prior to Link REIT, the graduate of Boston University and Canada’s McMaster University served as chief financial officer and an executive director of infrastructure construction firm Paul Y. Engineering Group Limited as well as an executive director of Hopewell Holdings Limited, both of which are listed in Hong Kong.

“I am excited to take on the role of CEO of Chinachem Group, and appreciate the success that Chinachem has achieved under the leadership of Donald,” said Cheung. “Our focus is to become a best-in-class real estate investment company building long-term value for our stakeholders and enhancing the communities we serve.”

Choi’s exit comes after the executive told the Financial Times last October that the “golden era” of high profit margins in Hong Kong’s housing market is over, citing the special administrative region government’s increasingly active hand in boosting housing supply.

Choi pointed to the need for residential developers to diversify into “new economy” sectors including data centres and industrial properties, as well as other geographies such as Singapore, Malaysia and the UK.

Betting on Retail Revival

Chinachem expressed confidence in the Hong Kong property market in March with the acquisition of the D-Park mall in Hong Kong’s Tsuen Wan area from HKEX-listed builder New World Development for HK$4.02 billion ($514 million).

“Chinachem is confident about Hong Kong’s long-term economy and property market, and intends to hold the D-Park mall as a long-term investment,” the developer said in a statement announcing the deal, adding that the asset would create synergy with its existing investments in Tsuen Wan including Nina Mall 1 and 2, Nina Hotel Tsuen Wan West and Nina Park.

The developer had been active in the London property market in recent years, having purchased Deloitte’s headquarters building in the City of London for £349.5 million ($433 million) in 2023, as well as TikTok’s UK headquarters for £158.5 million ($182.5 million) in 2022.