Michael Smith of Mapletree Investments has been named CEO of Hongkong Land Holdings, the nation’s biggest landlord in the Central Business District.
According to Hongkong Land on Tuesday, Smith will assume the position on April 1 of next year. Smith is currently the regional chief executive for Europe and the United States at Singapore-based Mapletree, a global real estate development, investment, capital, and property management company with over US$55 billion in assets under management.
Smith, his spouse, and their kids will move from Singapore to Hong Kong.
“Michael brings a proven track record in real estate investment and capital allocation,” Ben Keswick, Hongkong Land’s chairman, said in a statement. “He has grown organisations by being an inspirational and caring people leader.
“Building on Hongkong Land’s pre-eminent capabilities, reputation and portfolio, I have every confidence Michael will evolve our business – ensuring we continue to invest, manage and develop prime commercial, retail and mixed-use assets, while at the same time, positioning the group for long-term sustainable growth in China and other key Asian markets.”
Because it successfully petitioned the British colonial administration of Hong Kong to reclaim 65 acres of oceanfront property from Victoria Harbour, Hongkong property has a strong connection to the Central Business District. The district got its name from its “Central Reclamation” project.
Robert Wong, the CEO of Hong Kong Land since 2016, will be replaced by Smith.
“I would like to thank Robert for his over 38 years of outstanding services to Hongkong Land,” Keswick said. He “has been instrumental to the development and execution of Hongkong Land’s mainland China strategy since the early 1990s”.
According to the company, Wong will continue to serve as a senior adviser to facilitate a seamless leadership change.
Hong Kong giant Jardine Matheson Holdings owns half of Hongkong Land, which was created by Hong Kong merchants Sir Paul Chater and James Keswick. The business makes investments all around Asia.
The 52-story Jardine House in Central is one of Hongkong Land’s most recognizable structures. According to a 1971 grant to the developer, in exchange for injecting a record HK$258 million (US$33 million) into the colonial coffers for a 75-year land lease, no construction directly north of the project will ever block its vista of Victoria Harbour.
Consequently, the General Post Office, which was constructed north of Jardine House five years later, had to be limited to a height of 120 feet. A 50-meter height restriction on the project’s western edge and no more than 16 meters to the east were important design elements when Henderson Land Development paid a record HK$50.8 billion (US$6.5 billion) in 2021 to lease the Central waterfront for 50 years.
This year marks the 50th anniversary of the completion of Jardine House, the tallest structure in Hong Kong until 1980.
Additionally commemorating its third anniversary is Hongkong Land’s Home Fund, which has contributed about HK$110 million to various community initiatives.
The fund “was established with a vision of empowering less-privileged young people in Hong Kong by supporting their upwards mobility and tackling the needs of people with housing challenges”, Wong said.
“As a company with deep roots in Hong Kong, Hongkong Land is dedicated to delivering a long-lasting, positive impact for the community.”
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