Knight Frank has expanded its Private Office to Hong Kong and has appointed Ho-Pin Tung as head. This latest expansion marks Knight Frank’s fifth Private Office globally and second Private Office in Asia, with the other Private Office in Singapore led by Nicholas Keong.
According to the latest edition of The Wealth Report published by Knight Frank, private investors were the most active buyers in global commercial real estate investment in 2022, and this trend is expected to continue throughout 2023. In Asia-Pacific, 16% of respondents to The Knight Frank Attitudes Survey said their clients are planning to buy a home in 2023. Hong Kong, Singapore, and Sydney rank as part of the top 10 cities for ultra-prime property transactions (US$25m+) in 2022. 345 transactions took place for super-prime (US$10m+) sales and 53 transactions for ultra-prime (US$25m+) in these cities. Residential premises remain the most preferable property investments for UHNWIs in Asia-Pacific, particularly in the Greater China region, with 32% of the total wealth of HNWIs allocated to their primary and secondary homes.
Paddy Dring, Head of the Knight Frank Private Office says: “We are delighted to have Ho-Pin join the Knight Frank Private Office. We set ourselves an ambitious target to be the market leading, global private client and family office advisor in real estate and Ho-Pin’s appointment takes us a step closer to reaching our goal. His appointment enables Knight Frank to cater fully to our clients’ needs in the region, advising private clients on all their real estate transactions, no matter where in the world they are taking place.”
Victoria Garrett, Head of Residential at Knight Frank Asia-Pacific, adds: “According to Knight Frank’s latest edition of The Wealth Report, 45% of Asia-Pacific HNWIs are forecasted to experience an increase in terms of wealth in 2023 as compared to 25% in 2022. With private wealth growing in Asia, expanding our private client teams covering the residential and commercial sectors beyond New York, the United Kingdom, and the Middle East to Singapore and now Hong Kong enables us to capitalise on existing and new relationships with key family offices and ultra-high-net-worth-individuals (UHNWIs) in the region.”
Tung will now lead Knight Frank’s newly created Private Office in Hong Kong, advising private clients on their global real estate portfolios. Tung, a Dutch-born Chinese who grew up and was educated in the Netherlands before returning to Asia, joins Knight Frank with a one-of-a-kind network. With a successful career as a professional racing car driver, Tung made history as the first Chinese racing car driver in Formula 1 and IndyCar and won multiple international championships, including the 24 Hours Le Mans race, the world’s largest automotive endurance race. He was also the co-founder and executive of Jackie Chan DC Racing.
Tung’s appointment will further expand Knight Frank’s private client base, particularly amongst ultra-high-net-worth individuals (UHNWIs), family offices and their advisors in Hong Kong and the Chinese mainland. Through the Private Office, Knight Frank’s private clients benefit from one point of contact across both residential and commercial property markets, a high-quality service and a long-term, consistent relationship, wherever they are transacting on property globally.
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