Choi, 66, joined the privately owned developer in 2018, filling a two-year vacancy at CEO after the dismissal of Sunny Yeung. A seasoned architect with more than three decades of experience, Choi led a transformation of the 64-year-old developer’s brand and mission, including a policy to no longer build tiny flats smaller than 200 sq ft.
“Driving the transformation of Chinachem has been the privilege of a lifetime,” Choi said in a statement. “Despite the unprecedented difficulties due to the Covid-19 epidemic and the structural changes of the Hong Kong economy, we have performed well and grown our businesses to create value for our stakeholders and empower a more liveable and sustainable community.”
The company under Choi focused on being more “community-oriented”. It rebranded with a heart-shaped logo and placed emphasis on building community in Hong Kong while balancing business success with sustainability.
Chinachem owns a total gross floor area of 7.53 million sq ft of office, retail, residential and industrial spaces. It has developed more than 180 property projects and generated HK$38.4 billion (US$4.9 billion) in sales between 2018 and 2022, according to its website.
“I am sure that Chinachem under the leadership of [Cheung] will continue to shine and reach new heights,” Choi said, adding that the search for a successor began soon after he announced his intention to retire in July.
Before his tenure at Link Reit, Cheung served as an executive director and chief financial officer of Paul Y. Engineering Group and an executive director of Hopewell Holdings. He began his career in Canada and has also held senior management positions in infrastructure investment and construction and engineering.
“Our focus is to become a best-in-class real estate investment company, building long-term value for our stakeholders and enhancing the communities we serve,” Cheung said in the statement.
In 2022, Chinachem acquired a controlling stake in elderly housing provider Pine Care Group, paving the way for a foray into non-traditional property segments.