823頻道
ISSUE 30
July 2018 Edition 2018年7月號

Driving Growth from an
International Perspective:
An Interview with Chief Financial
Officer Kok Siong Ng

國際視野 推動增長:
專訪首席財務總監黃國祥

Having served in key management positions in Asia’s real estate sector, encompassing finance, investment, corporate development and business technology functions, Kok Siong Ng (KS), Link’s new Chief Financial Officer, is a seasoned property professional. His connection with Link dates back to its early days, when the Singapore-based property firm he worked for was a strategic investor of Link and an advisor for the launch of Link REIT. His perspectives inside and outside of Link place him in a unique position to help drive the company forward.

KS said, “This is an interesting time to be part of Link. Link is like a teenager in his formative years. The company is navigating its way to ascend to the next level. We should move beyond our home market, which is relatively small in size, and leverage our position as an industry leader in Asia."

Going regional, according to KS, means running against some formidable local players. “Before taking this step, one must be clear on what one can bring to the table. Our expertise in running suburban malls, car parks and fresh markets can be our edge in exploring new market opportunities. We also have a diversified asset base on which to build new skill sets, and a strong investor following, which gives us the currency to do things,” he noted.



"Change brings growth, as it forces one to come up with new ways to plan and adapt."


Comparing retail properties with other asset classes, he said, “Shopping malls are more resilient, and offer a higher barrier to entry than offices. They are also becoming a commonplace business, with more real estate investors building malls and mastering the skills in operating them. One needs to consistently put in more creative flair and hard work to stay ahead of the game.”

Offering his take on embracing change, KS said, “We should be proactive in capitalising on change. Change brings growth, as it forces one to come up with new ways to plan and adapt. As I’ve learned over the course of my career, dealing effectively with change requires a combination of fortitude and light-heartedness.”

KS himself has clearly mastered the art of embracing change on a personal level, having served in various overseas postings and business functions. It comes as no surprise that relocating from Singapore to Hong Kong has been smooth for him and his family. “Hong Kong is a business-friendly, fast-paced city ideal for those wishing to build business networks among Western markets, China and Southeast Asia,” he said.

Regarding Link’s team culture, KS said, “Link has a young, adaptive and fast-moving culture that is not commonly found in the real estate industry.”



領展新任首席財務總監黃國祥(KS),於亞洲房地產行業擔任管理要職,涵蓋財務、投資、企業發展及商業科技管理等範疇,是一名資深的國際房地產專才。他與領展的關係可以追溯至領展成立之時,當時他效力的新加坡房地產公司為領展策略投資者之一,亦為領展以房託型式上市的顧問。KS的視點內外兼備,於協助公司制訂發展方針時更能得心應手。

KS說:「此刻加盟領展別具意義,今天的領展就如成長中的少年,正朝著下一高峯邁進。我們應走出規模相對較小的本土市場,並發揮我們作為亞洲業界領導者的地位。」

「建立區域性業務需要面對實力雄厚的當地業者,走這一步之前,必須清楚自己於當地市場可如何創值。我們長於經營位處市郊的商場、停車場及街市,將會是我們拓展新市場機遇的優勢。旗下多元化資產組合,有助團隊發展新技能,而強大投資者基礎,則令業務發展更為順暢。」



"轉變帶來增長,促使我們做好計劃部署,並想出適應方法。 "


對於零售物業及其他資產類別的比較,他說:「商場相較辦公室,更具抗逆力,準入門檻亦更高。商場這門生意已變得普及,有更多房地產投資者在興建設商場,並掌握商場運營技巧。我們因此需要持續投入更多創意和精力,以期能早著先機。」

他亦樂於分享面對轉變的心態。「我們要積極把握轉變的契機。轉變帶來增長,促使我們做好計劃部署,並想出適應方法。我從職業生涯中學會,應對變化需要有毅力及平常心。」

曾經多度派駐海外及出掌不同管理職能的KS,深諳擁抱轉變的竅門,因此對他來説,從新加坡舉家遷居香港,適應新生活可謂駕輕就熟。他說:「香港是個營商便利、步伐急速的城市,對於有意在西方、中國和東南亞三地建立商業網絡的人來說,是十分理想的地方。」

有關領展的團隊文化,KS指出:「領展的文化年輕、適應力強、重效率,這些特點在房地產行業來說十分獨特。」

REITs: A Popular Investment Choice for Retirement Planning
房託:退休計劃 熱門之選

Commenting on REIT’s market development, KS said, “REIT markets have started mainly in mature economies, like US, Japan, Australia, Singapore and Hong Kong. As a tool for investing in asset-backed firms with tight governance, REITs are gaining in popularity by allowing those economies to support the post-retirement lifestyle of an ageing population, without burdening the public coffers.”

He also offered his perspective on putting Hong Kong on par with other REIT regimes. “Unlike other REIT regimes, Hong Kong does not provide REITs with a tax exemption. This is an issue that needs some rethinking, as it means Hong Kong REITs are subject to more stringent requirements than a real estate company, without the tax benefits enjoyed by their overseas counterparts.”

對於房託發展,KS 表示:「房託市場大多於成熟經濟體發展,如美國、日本、澳洲、新加坡及香港等。房託投資於背後有資產支持、管治架構良好的企業,日益受到投資者重視,因它可以為這些經濟體的高齡化人口提供投資工具,支持退休後生活,而無需增加政府庫房的負擔。」

對於香港可如何改善其制度,追上其他設有房託的地區,KS 亦分享其看法。「有別於其他設有房託的地區,香港並無為房託提供稅務豁免。這個題目需要重新審視,因為這意味香港房託面對較房地產公司更高的要求,但卻不能如海外房託一般享有稅務優惠。」

REITs: A Popular Investment Choice for Retirement Planning
房託:退休計劃  熱門之選