Former Chinachem CEO Donald Choi Named Managing Director of Hong Kong’s URA

The Hong Kong government on Thursday announced the hiring of former Chinachem CEO Donald Choi as managing director of the Urban Renewal Authority, with the appointment coming less than nine months after he stepped down from the helm of the privately held developer.

Choi will take up his new role at the URA on 15 June for a term of three years, the government said in a press release. He succeeds Wai Chi-sing, who is completing nine years as head of the planning agency, which faces financial challenges including a HK$3.9 billion ($500 million) deficit stemming from loss-making project sales amid Hong Kong’s prolonged property slump.

Development Secretary Bernadette Linn commended Choi as a veteran of the architecture and development fields, praising his “deep understanding” of the local property market, historic conservation, green buildings and innovative construction techniques.

“I am confident that Mr Choi will lead the URA management in furthering the important task of urban renewal, as well as effectively handling the challenges of building decay while maintaining the financial sustainability of the URA,” Linn said. “I look forward to close collaboration with him.”

Architect Tackles Renewal

Choi served as chief executive of Chinachem Group from 2018 to the end of last August, when he was succeeded by former Link REIT chief operating officer Andy Cheung. Before that, he was managing director of private builder Nan Fung Development and a director at architecture powerhouse Foster and Partners.

A mathematics graduate of the University of British Columbia, Choi also holds an architecture degree from the Rhode Island School of Design and an MBA from the University of Hong Kong.

Choi stirred debate when he told the Financial Times in 2023 that the “golden era” of high profit margins in Hong Kong’s housing market was over, citing the government’s increasingly active hand in boosting housing supply.

“Hong Kong real estate is no longer a totally free market,” he said. “The government wants to take more initiative in controlling how land and housing is supplied.”

In the interview, 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 Britain.

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

The group also picked up a residential plot at the junction of Sha Tin Wai Road and Siu Lek Yuen Road for HK$1.02 billion in a tender awarded last October under the government’s Land Sale Programme.

Into the Hot Seat

The URA managing director serves as the authority’s administrative head, leading project teams and sitting on the URA board as deputy chairman. The shortlisted candidates for the post were considered by a selection panel chaired by Financial Secretary Paul Chan, who forwarded Choi’s name to Chief Executive John Lee.

The panel members included Development Secretary Linn, URA chairman Chow Chung-kong, non-executive board director William Chan and Deputy Financial Secretary Michael Wong.

Linn extended her gratitude to the retiring Wai for his “invaluable contributions” to the URA, saying he undertook various urban renewal initiatives with an innovative mindset.

“Apart from introducing new planning concepts and measures to enhance the speed and quality of redevelopment through a number of redevelopment projects and district studies, he also adopted a forward-looking mindset to promote building rehabilitation and made significant contributions to advancing sustainable urban renewal,” Linn said.