Link CIO Kenny Lam Leaving Asia’s Largest REIT

Kenny Lam, chief funding officer for strategic funding at Hong Kong’s Link REIT, has resigned from his position after simply over a 12 months on the job, as rising rates of interest dent prospects for listed property trusts globally.

Lam is leaving to pursue different alternatives and can keep in his present position till the tip of September, an organization spokesperson knowledgeable Mingtiandi. An earlier report by PERE News indicated that Lam will probably be rejoining his former employer Manulife Investment Management, nonetheless, representatives with the Canadian establishment had not replied to inquiries from Mingtiandi by the point of publication.

“We are appreciative for Lam’s efforts in strengthening the team, which will continuously play a part in the implementation of Link’s new growth strategy Link 3.0,” the corporate consultant mentioned.

“Link has a team standing ready for its next growth journey,” the spokesperson added whereas underlining the REIT supervisor’s dedication to its optimise its funding portfolio by diversification and by discovering alternatives for joint ventures and increasing its price producing enterprise.

People on the Move

Ranked as Asia’s largest REIT with a portfolio of funding properties value HK$237.5 billion ($30.3 billion) as of the shut of the primary quarter, Link managed to develop its revenues by 5.4 p.c to HK$12.2 billion for the 12 months ending 31 March. However, after accounting for international forex depreciation, the belief suffered a loss after distributions of HK$182 million.

Following Lam’s departure, Link’s CEO George Hongchoy will assume interim management of the supervisor’s strategic funding group, and is working intently with the group on the handover.

Lam had joined Link REIT in June of final 12 months as one in every of a trio of senior leaders because it branched out into investments in new geographies throughout a broader swath of sectors. The different senior hires on the time had been Ronald Tham, of Hong Kong conglomerate Lai Sun Group, who joined as chief company growth officer and former Vanke government Haiqun Zhu who took on the position of managing director for mainland China. Both executives proceed to serve with the corporate.

During his almost five-year time period at Manulife IM Real Estate in Hong Kong, Lam served as chief funding officer for Asia and head of Asia transactions, earlier than leaving in May of final 12 months. He additionally labored earlier stints with the Hong Kong Monetary Authority as chief supervisor for direct funding on its international actual property group from 2015 by 2017.

The graduate of the University of Pennsylvania’s Wharton School additionally has earlier expertise with Ping An Real Estate in Shanghai and JP Morgan Asset Management.

With Lam on his manner final 12 months, Manulife Investment Management in April had promoted Jessie Liu to go of transactions and portfolio administration for Asia actual property personal markets, nonetheless, Liu left the agency through the second quarter of this 12 months.

Tough Year for Trusts

During the previous 12 months the Hang Seng REIT index, which tracks actual property funding trusts listed on the Hong Kong bourse, has slid by 30.56 p.c, because the listed property automobiles see their development probabilities curbed by greater rates of interest, and buyers get lured away by high-returning bonds and different alternatives.

Notwithstanding its means to continue to grow its income, Link REIT’s share worth declined greater than 38 p.c within the final 12 months.

“Despite a challenging start to the financial year, our active and effective portfolio management strategy empowered us to remain productive and resilient against market cycles,” Link’s Hongchoy mentioned in asserting the belief’s newest financials in May of this 12 months.

In December of 2022 Link made Singapore’s largest actual property transaction of the 12 months when it invested $1.6 billion buying a set of retail belongings, together with the Jurong Point buying centre.