Hongkong Land Names Three More Portfolio Chiefs After Graeme Torre Hire

Hongkong Land has appointed four portfolio CEOs, including former APG Asia Pacific head Graeme Torre, as the developer pushes ahead with a new operating structure aimed at accelerating growth across its core markets.

The assignments, which took effect on 1 March, place senior executives in charge of regional briefs under what the company describes as a portfolio-led operating model designed to move decision-making closer to its assets and tenants. Torre joined the Jardine Matheson-controlled builder this month and is leading the Hong Kong Central portfolio, as reported by Mingtiandi last week.

Also taking on portfolio chief roles are Alvin Kong as CEO for China integrated properties, Pei Teng Foo as CEO for the Singapore Central Private Real Estate Fund, and Stuart Grant as CEO for the Westbund Central development in Shanghai, Hongkong Land said Thursday in a release.

“Alvin, Graeme, Pei Teng and Stuart are proven leaders in commercial real estate,” said group CEO Michael Smith. “They bring the experience and judgement needed to further drive our performance across each of our core portfolios.”

Strategic Pivot

The leadership overhaul comes as Hongkong Land reshapes its business model under its Strategic Vision 2035, which aims to expand the company beyond its traditional landlord role in Central and towards a more diversified platform spanning multiple Asian gateway cities.

The strategy includes a pivot to a fund-management style model in which Hongkong Land develops and manages projects alongside capital partners while recycling assets to fund new investments. 

As part of the shift, Hongkong Land last month launched the $6.4 billion Singapore Central Private Real Estate Fund, an office-focused vehicle that holds the developer’s prime commercial assets in the city-state. Foo, the portfolio CEO overseeing the platform, brings more than three decades of investment and fund management experience across public and private real estate markets, including 13 years at Singapore’s Mapletree Investments.

As CEO for Westbund Central, Hongkong Land’s flagship mixed-use project on Shanghai’s waterfront, former Blackstone executive Grant will oversee the development and long-term performance of the scheme, one of the largest ultra-premium commercial developments currently under construction in Asia. 

Kong, meanwhile, will oversee the strategic direction and performance of Hongkong Land’s mainland China portfolio (excluding Westbund Central), which includes the WF Central mall in Beijing’s Wangfujing retail hub.

Each executive will oversee strategy and operations for their respective portfolios while working with a newly formed management committee responsible for group-wide priorities and capital allocation. The committee will be chaired by Smith and include chief financial officer Craig Beattie, chief investment officer Michelle Ling, general counsel John Simpkins and chief people and culture officer Yolice Wu.

Profit Turnaround

Hongkong Land last week reported a full-year underlying profit of $458 million, down 8 percent from a year earlier, driven by a further 7 percent drop in average rents across the group’s Central office portfolio in Hong Kong, where leasing rates slid to HK$94 ($12.02) per square foot for the year.

On a reported basis, however, the group swung to a net profit of $1.3 billion from a loss of $1.4 billion in 2024, after an $890 million net gain on investment property revaluations reversed the previous year’s deep writedowns.

Cumulative net proceeds of $3.6 billion had been announced or completed by the end of February, representing 90 percent of the group’s target to recycle at least $4 billion by the end of 2027.

“2025 was a landmark year for Hongkong Land,” said Smith, who was hired away from Mapletree less than two years ago to lead the transformation. “The group’s financial position remains strong and is well positioned to take advantage of potential new investment opportunities in selected Asia gateway cities.”