CBRE Hong Kong has decided to merge its Institutional Investment Properties Team into its Capital Markets team with Stanley Wong taking charge of the restructured department as Executive Director, according to an internal memo seen by Mingtiandi.
In his new role, Wong will report to Managing Director of Hong Kong, Macau and Taiwan, Tom Gaffney. The University of Hong Kong graduate joined CBRE in 2012 and will replace Senior Managing Director, Capital Markets, Kam-Hung Yu. In August, Yu revealed he was leaving the firm after 14 years of service.
As part of the restructuring, the current head of the Institutional Investment Properties Team, John Davies, will now report to Wong. Davies has been with CBRE for ten years and will continue to work with the firm’s institutional clients.
The shakeup is the latest in a long line of moves at CBRE’S regional offices in recent times. Richard Kirke left CBRE’s Hong Kong office in June where he had been serving as Managing Director of the Capital Markets team for APAC. He returned to his native New Zealand and joined Collier’s Auckland office as International Sales Director.
Late last year, the firm revealed Gaffney would be taking over from Craig Shute starting in March of 2016. The Harvard alum was hired from competitor JLL where he headed the firm’s retail services division for Hong Kong and China.
That was part of a major overhaul for CBRE in the region that included the resignation of former China chief Chris Brooke and the sudden departure of China President Ivan Poon during a one-month period in 2015.