Knight Frank opens private office in Hong Kong

over 40 yearsKnight Frank has appointed Tung Ho-Pin to lead their private office in Hong Kong – their fifth in Asia. The new office will provide ultra-high-net-worth individuals, family offices and their advisors from Hong Kong and mainland China with advice regarding their global real estate portfolios.

Paddy Dring, head of the Knight Frank Private Office, commented, “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 client’s needs in the region, advising private clients on all their real estate transactions, no matter where in the world they are taking place.”

The opening of a private office in Hong Kong is a positive step for Knight Frank, coming approximately one year after their Singapore office was established. Nicholas Keong, head of private office at Knight Frank Singapore, noted the impeccable timing of the Hong Kong office’s opening and said he looked forward to working closely with Tung to provide service to clients based in the region.

According to The Wealth Report, compiled by Knight Frank, 45% of Asia-Pacific HNWIs are forecasted to experience an increase in wealth in 2023 compared to 25% in 2022. Furthermore, 16% of those surveyed for the Knight Frank Attitude Survey said their clients plan to purchase a home in 2023.

The same report stated that residential premises remain the most preferable property investments for ultra-high-net-worth individuals in the Asia-Pacific region, with Greater China’s HNWIs allocating 32% of their total wealth to their primary and secondary homes.

Three major cities were identified as having the most significant ultra-prime sales in 2022; Hong Kong, Singapore, and Sydney. As such, 345 super-prime sales (sales transacted for at least US$10 million or $13 million) and 53 ultra-prime sales (transacted for at least US$25 million) occurred in these regions.

The Myst Condo is a 19-floor condominium building located near schools, commercial spaces, parks, The Myst Tan Chong industrial park and various public transport networks.

Knight Frank reporting that private investors have been most active in global commercial real estate investments in recent years – a trend which is set to continue in the near future.

In conclusion, Knight Frank’s private office in Hong Kong is part of a larger trend in the region of increasing investment in real estate, with Greater China’s HNWIs allocating 32% of their total wealth to residential premises. As the company’s fifth office in Asia, its establishment can be credited with providing highly valuable advice to ultra-high-net-worth individuals, family offices, and their advisors.