Link Asset Management announced on Tuesday that its chief executive and executive director, George Hongchoy, plans to retire by the end of June 2026.

In a statement, the board said it would search for a successor to lead Link – which manages Link REIT, Asia's largest real estate investment trust, across the retail, office and logistics sectors – into the next phase of its development.

It expressed gratitude to Hongchoy for his contribution and leadership.

Speaking after the group's annual general meeting, the 63-year-old, who broke down several times while reviewing his past 16 years of leading the group, said family was part of his considerations in coming up with the retirement plan.

Hongchoy said now's the right time to move on as the group is heading into a new phase after growing assets from around HK$33 billion at the time of its listing to more than HK$220 billion, a development that he said is the proudest achievement of his career.

"After working so hard with my colleagues for so long and doing so many things together, I didn't want to part with them.

"I hope they can continue to do better.

"If you have followed Link, you see our changes... While figures showed our assets have increased, there's also growth in terms of our social value within the community. These are the things accomplished by the team."

Chairman Duncan Owen said in its search for a successor to Hongchoy, Link would prefer veteran candidates with international real estate investment experience.

On Hongchoy, he said: "I think it's very telling that someone like George chooses to retire once he's built a strong team with a strong track record, and he's taken the company itself so much further forward than its beginning some 19, close to 20 years ago.

"The performance is self-evident. The company is a bigger, stronger, more robust company with greater depth to it and greater breadth... And I think everybody internally owes George a debt of gratitude for that performance," he added.

Link also said there have been layoffs recently because of a sluggish retail sector.

"I don't think anybody and any company should take any layoff lightly. That has very serious consequences for individuals, and it's not been taken lightly," Owen said.

"Nevertheless, we have a situation where rental income has been under some pressure, physical retail has been under some pressure, and there are some adjustments we need to make."

Compensation for executives, including Hongchoy, has been "considerably lowered" to HK$50 million, Owen said.

Hongchoy, a former investment banker, joined the company in 2009 as chief financial officer before moving to the top job the following year.
_____________________________
Last updated: 2025-07-22 HKT 15:04