Hong Kong Real Estate Tycoon Donald Choi Retires from Chinachem Group; Andy Cheung to Take Over

After over six years at the helm, Donald Choi Wun-hing will retire from his position as CEO of Chinachem Group on September 1, with Andy Cheung Lee-ming set to succeed him. Choi, who joined the company in 2018, brought extensive experience as an architect and played a pivotal role in reshaping the 64-year-old developer’s brand and mission, including ending the construction of tiny flats smaller than 200 sq ft.

Andy Cheung, who has been an independent non-executive director since 2022, will step into the CEO role. Cheung’s previous experience includes serving as executive director and chief operating officer of Link Reit, one of Asia’s largest real estate investment trusts, as well as holding senior positions at Paul Y. Engineering Group and Hopewell Holdings.

Choi’s tenure at Chinachem has been marked by a shift towards a community-focused approach, exemplified by the company’s rebranding with a heart-shaped logo and a commitment to sustainable development. Under his leadership, Chinachem developed more than 180 property projects and generated HK$38.4 billion (US$4.9 billion) in sales between 2018 and 2022. The company also made significant strides in sustainability, including a partnership with CLP Holdings to install Hong Kong’s first “zero-carbon” chiller system in the Nina Tower complex.

Choi reflected on his time at Chinachem, emphasizing the company’s resilience and growth despite challenges such as the COVID-19 pandemic and economic shifts in Hong Kong. He expressed confidence in Cheung’s ability to lead the company to new heights.

Looking ahead, Andy Cheung expressed his commitment to enhancing community ties and building long-term value for stakeholders. With a background in infrastructure investment and senior housing development, Cheung aims to continue Chinachem’s transformation and growth, particularly in response to Hong Kong’s aging population, through the expansion of Pine Care Group, which Chinachem acquired a controlling stake in 2022.

Chinachem is managed by a trust established by former chairwoman Nina Wang, who left behind an estimated HK$83 billion in assets upon her death in 2007. The company’s portfolio includes 7.53 million sq ft of office, retail, residential, and industrial spaces.

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