Knight Frank has set up an office for private clients located in Hong Kong, the second in Asia. Tung Ho-Pin was named the head of the new office. He will be advising clients who are private on their global properties.
In a news release on April 14, Knight Frank says Tung’s appointment will expand the company’s personal clientele, primarily for ultra-high-net worth individuals (UHNWIs) as well as family offices as well as the advisors they have located in Hong Kong and mainland China.
“We are thrilled to welcome Ho-Pin as a member of the Knight Frank Private Office. We have set ourselves a lofty goal of becoming the top market-leading private client, global private and advisor to family offices in real estate Ho-Pin’s addition puts us one step closer to achieving our objective. Ho-Pin’s appointment will allow Knight Frank to cater fully to the needs of our clients in the region. He will be able to advise private clients on aspects of their property transactions regardless of where they take place.” adds Paddy Dring, head of the Knight Frank Private Office.
This new Knight Frank private office opening situated in Hong Kong comes about a year after it established an office for private clients in Singapore in February. “With Singapore and Hong Kong being at the heart of capital flows throughout the Asian region It makes sense to establish an Private Office in Hong Kong as well,” says Nicholas Keong the head of Private Office at Knight Frank Singapore.
Keong states that the office was set up at an “impeccable moment”. “I anticipate working with him [Tung] in order to serve our clients situated in the region in the region where investments, business, property and lifestyles have been and will continue to be connected.”
Based on Knight Frank’s newest version of The Wealth Report, 45% of Asia-Pacific HNWIs are expected to see an increase in wealth by 2023 as against the 25% by 2022. In Asia-Pacific 16% of the Knight Frank Attitudes Survey respondents indicated that their clients are planning to purchase a house in 2023.
Hong Kong, Singapore, Singapore, Hong Kong, and Sydney are among the top 10 places with the highest number of super-prime property deals in the year 2022. 345 super-prime sales (sales that were made for a minimum of US$10 million or $13million) in addition to 53 super-prime transactions (transacted for at $25 million or less) were reported for these towns. Furthermore, residential property are still the most desirable property investment for UHNWIs across the Asia-Pacific region, especially within Greater China, where 32% of the wealth of HNWIs was devoted to their homes as their primary and secondary residences.
Knight Frank claims it was the case that investors from private companies were among the most active buyers of global commercial real estate in 2022. This trend will likely to persist in the coming year.