Link Real Estate Investment Trust's (0823) outgoing chief executive George Hongchoy was in tears when expressing sadness to leave and pride in revitalising 'abandoned' assets in the past decades, despite dissatisfaction from some retail investors.
At a press conference after the annual general meeting on Tuesday morning, Hongchoy burst into tears several times when talking about his 16-year career at Link. The Asian asset management giant announced earlier in the day that he would retire next June.
He choked with sobs when mentioning his teams, saying that he felt sad to leave the colleagues he fought with for a long time and “achieved a lot.”
Besides, Hongchoy said Link renewed a lot of communities that were "given up" by the Housing Authority and other stakeholders but the company managed to revive them and changed the lives of many tenants. Hongchoy named a tenant in Lok Fu as an example, who had a poor business decades ago but is now capable of paying children’s university tuition fees.
Hongchoy recalled Link's AGMs in the early years, where the management needed to spend half an hour calming down protesters before officially starting the meeting, but no need now, and the AGM can end within half an hour, he said.
He also witnessed Link's asset under management grow to HK$220 billion from HK$33 billion since listing, which is his proudest moment during his career.
However, a retail shareholder expressed dissatisfaction with Hongchoy's performance in recent years and doubted Link's decisions about overseas investments and the recruitment of some executives. The investor added that Links should reduce bonuses to the management and should try its best to keep its employees amid economic downturns.
Another retail investor suggested Link should pick a CEO with experience in the real estate sector, which could significantly benefit the company.
Hongchoy joined Link Asset Management Limited, the manager of Hong Kong-listed Link REIT in January 2009 and was appointed CEO in May 2010.
Hongchoy said Link is marching towards the third phase, and it is an appropriate time to leave. He plans to spend more time on family and his hobbies after retirement.
STAFF REPORTER
