Hongkong Land’s Clement Lau to Lead Professional Services at Knight Frank

Knight Frank has appointed Clement Lau as managing director of professional services for Greater China to succeed 27-year company veteran Alnwick Chan, who is retiring from the role.

Lau has spent close to 24 years in a second spell at Hongkong Land, where he serves as director and head of development and valuations for the Jardine Matheson-controlled builder.

In his new job at Knight Frank, Lau will oversee the teams for planning and land advisory services, valuations and advisory, building consultancy, property asset management, and research and consultancy, the firm said Wednesday in a release. Based in Hong Kong, he will sit on the Greater China executive board and contribute to the company’s strategic direction.

“We are thrilled to welcome Clement to our team,” said Craig Shute, CEO of Knight Frank Greater China. “His extensive experience and proven track record in the industry make him the ideal leader to drive our professional services forward and bring valuable business ideas to the executive board.”

March Transition

Lau is set to join Knight Frank on 14 October, while Chan will continue in his role to next March, serving as a senior consultant to the firm at least until that time.

Chan joined Knight Frank in 1997 and served as head of valuation and professional services, taking responsibility for negotiating with the government on land exchanges, lease modifications and premium assessments, before adding the managing director title to his name cards in late 2020.

Chan’s brief has included offering consultations to clients on matters related to development potential, lease interpretation and approval of building plans, as well as providing litigation support in disputes requiring valuation advice.

“Reaching this significant milestone with Knight Frank marks a journey filled with collaborative efforts and enduring friendships,” Chan said. “Having known Clement for over a decade, our relationship has evolved from that of a client to a friend, and now, to a valued colleague. This progression has been truly enriching. I am immensely thankful for the shared experiences that have brought us to this prosperous moment.”

HKL in Flux

Lau is departing Hongkong Land after the biggest landlord in Hong Kong’s Central district reported an attributable loss of $582 million for 2023, reversing a year-earlier profit of $203 million.

Underlying profit, which ignores the fair-value change of investment properties, fell 5 percent to $734 million last year as the company also felt the impact from lower profits at its development projects.

In April, former Mapletree Investments executive Michael Smith joined Hongkong Land as its new chief executive, replacing Robert Wong, who had served as CEO since 2016.