George Hongchoy to Step Down as CEO of Asia’s Largest REIT After 16 Years

George Hongchoy, the head of Link Asset Management Ltd., the manager of Asia’s largest real estate investment trust (REIT), plans to retire after a 16-year tenure. The announcement was made in a statement released by Link on Tuesday. Hongchoy, who is 63 years old, will remain with the company during the search for his successor.

Hongchoy, a former investment banker, joined Link in 2009 as the Chief Financial Officer (CFO) and moved to the top job the following year. Under his leadership, Link REIT has managed to grow its assets to HK$226 billion ($29 billion), spanning retail, office, and logistics sectors, according to the company’s website.

During his tenure, the LINK REIT has significantly outperformed the market, returning 10.2% annually, including dividends, compared to a 5% annual gain for the Hang Seng Index. This performance highlights the robust growth and strategic direction Hongchoy has provided to the company.

One of the key achievements under Hongchoy’s leadership has been the diversification of Link’s portfolio. Initially, the portfolio primarily consisted of low-end neighborhood malls in Hong Kong. However, it has now expanded to include office buildings and shopping malls in mainland China, Australia, Singapore, and the UK. This diversification has not only increased the company’s resilience but also enhanced its market position.

Hongchoy has been one of the highest-paid executives in Hong Kong, with an annual pay of HK$70 million. His compensation reflects the significant value he has brought to the company and its stakeholders.

In addition to expanding the REIT’s portfolio, Link has also ventured into fund management. The company hired John Saunders, the former head of Asia-Pacific real estate at BlackRock Inc., last year to lead the operation known as Link Real Estate Partners. This move underscores the company’s commitment to growing and diversifying its investment platform.

Duncan Owen, the chair of Link, commented on Hongchoy’s retirement, stating, 'In a challenging market, Link’s continued resilience shows the underlying strength of the business. We have good momentum in our efforts to grow and diversify our investment platform with the recent launch of Link Real Estate Partners.'

Link Asset Management Ltd. is a prominent player in the real estate sector, known for its strategic investments and strong financial performance. The company’s success under Hongchoy’s leadership has set a high standard for its future direction and growth.

As the search for a new CEO begins, the company is well-positioned to continue its trajectory of success and innovation in the real estate market.