(Bloomberg) — George Hongchoy plans to retire as head of Hyperlink Asset Administration Ltd., the supervisor of Asia’s largest actual property funding belief.
Hongchoy, 63, will stay with the property agency because it searches for a successor, Hong Kong-based Hyperlink stated in an announcement Tuesday.
A former funding banker, Hongchoy joined Hyperlink in 2009 as chief monetary officer earlier than transferring to the highest job the next yr. Hyperlink manages the Hyperlink REIT, which runs HK$226 billion ($29 billion) in property throughout retail, workplace and logistics, in response to its web site.
Underneath Hongchoy’s tenure, the LINK REIT has greater than doubled the Dangle Seng Index, returning 10.2% a yr together with dividends, in contrast with a 5% annual achieve for Hong Kong’s predominant fairness gauge.
Over that point, Hyperlink has diversified its portfolio, which initially comprised low-end neighborhood malls in Hong Kong. It now additionally holds workplace buildings and procuring malls in mainland China, Australia, Singapore and the UK. Hongchoy has been one of many highest paid executives in Hong Kong, awarded annual pay of HK$70 million.
Hyperlink has additionally expanded into fund administration. It employed John Saunders, former head of Asia-Pacific actual property at BlackRock Inc., final yr to guide the operation often called Hyperlink Actual Property Companions.
“In a difficult market, Hyperlink’s continued resilience exhibits the underlying energy of the enterprise,” Duncan Owen, chair of Hyperlink stated within the assertion. “Now we have good momentum in our efforts to develop and diversify our funding platform with the current launch of Hyperlink Actual Property Companions.”
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