Link executive director and group chief executive officer George Hongchoy (Image: LAML)
George Hongchoy, chief executive of Asia’s largest real estate investment trust plans to retire by mid-2026, according to a statement on Tuesday.
Hongchoy, who has served with Link Asset Management Ltd, the manager of HKEX-listed Link REIT, since 2009, will leave after having built the trust into the manager of more than HK$226 billion ($28.8 billion) in properties, with the organisation having branched out into management of third party capital in recent years.
“Leading Link for the past 16 years has been the highlight of my 40-year professional career,” Hongchoy said in a statement on LinkedIn. He added that, “Link now has a well-established leadership team with a strong track record. With the support of the Board, the company remains committed to our strategy to focus on the active management and optimisation of the Link Portfolio, and continued development of our real estate investment management platform, with talents in Mainland China, Hong Kong, Singapore, Australia and Japan.
Now 63, Hongchoy will be leaving Link REIT after having grown its senior leadership and expanded its reach into new territories, including Japan and Australia as well as branching out into private fund management.
Ready for the Next Phase
“The Board would like to express its gratitude to Mr. Hongchoy for his contribution and leadership over the past 16 years,” LInk Asset Management Ltd said in a statement to the stock exchange. The board is now set to begin identifying a successor to the executive who led Link REIT for 15 of its nearly 20 years of existence.
Link has grown its leadership through hires such as former BlackRock exec John Saunders
Having joined Link REIT in 2009 as chief financial officer, Hongchoy was promoted to CEO one year later and was included in a Harvard Business Review list of the world’s 100 best performing chief executives in 2019.
Link REIT is preparing to mark its 20th anniversary in November of this year with the trust having expanded from managing just Hong Kong retail assets to an owner of properties across asset classes in five markets, including Europe.
Since its 2005 initial public offering Link REIT has delivered annualised total returns to unitholders of 10.9 percent, which is more than double the performance of the local stock market index over the same period.
A graduate of the University of Canterbury in New Zealand and the Wharton School at the University of Pennsylvania, Hongchoy served with Singapore’s DBS Bank and JP Morgan Chase before joining Link REIT.
“With gratitude and anticipation, I am about to embark on a next phase. I am incredibly excited to see what lies ahead for Link, and I will finally have more time to devote to my family and other personal interests,” Hongchoy said. Press photographs from the press conference where Hongchoy’s departure was announced showed the executive tearing up as he commented on his career move.
Challenging Environment
Link REIT grew its revenue by 4.8 percent to HK$14.2 billion ($1.8 billion) in the 12 months ending 31 March as the trust’s operating performance continued to improve. The REIT’s net property income grew 5.5 percent to HK$10.6 billion over the same period.
With Hong Kong mired in a retail slump, however, rental reversions in its home market during Link REIT’s most recent fiscal year saw rents declining 2.2 percent.
With the firm having brought on board former BlackRock Asia real estate boss John Saunders to develop its third party capital management division in 2023, Link launched Link Real Estate Partners in February this year as fund managers continue to face challenges raising new capital.
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