Name: 停車場辦公室到250億美元資產！領展如何成為地產巨頭？ (From Carpark Office to $25B Portfolio: How Link REIT Became a Real Estate Giant)
Uploaded: 2025-12-20T18:04:54.000Z
Duration: 18 min 20 s

動名詞

George, thank you so much for talking to me.

George，非常謝謝你接受我的訪問。

You know, it's been six years since I last spoke to George Hong Choi, the CEO of LinkREIT.

說起來，我上次訪問 LinkREIT 的執行長 George Hong Choi 已經是六年前的事了。

Back then he was nearly a decade helming Asia's largest real estate investment trust.

那時候他已經掌管亞洲最大的房地產投資信託基金將近十年。

Under his leadership, the company's portfolio grew from $40 billion to over HK 220 billion.

在他的領導下，公司的資產從 400 億美元增長到超過 2200 億港元。

Well, after 16 years, he's decided to step down.

好的，在 16 年之後，他決定要卸任了。

So this time round I catch up with him to get real insights about his journey and what's next.

所以這次我再次採訪他，想從他那裡得到關於他職涯旅程和接下來計畫的真實見解。

We first started, our office is on the top floor of this car park building.

我們剛開始的時候，我們的辦公室在這棟停車場大樓的頂樓。

I used to come here to work every morning.

我以前每天早上都來這裡上班。

Now we use it for one of the departments.

現在我們把它用作其中一個部門的辦公室。

Yeah, a lot of memories how I come to work here every day.

是啊，有很多在這裡每天上班的回憶。

16 years ago, I'm guessing you were in your late 40s.

我猜 16 年前你大概是 40 多歲吧。

What was the younger George Hong Choi like back then?

那時候年輕的 George Hong Choi 是什麼樣子的？

I certainly wanted to do something, you know, make some impact.

我當然想做點什麼，你知道，產生一些影響。

Joining Link is a great opportunity to do that.

加入 Link 是個很好的機會可以做到這一點。

我在成為執行長之前，是先加入擔任財務長。

Like now, serving a lot of people in Hong Kong.

就像現在一樣，為香港的許多人服務。

And I thought that through the job I can actually make a big difference.

我當時覺得，透過這份工作，我真的可以帶來很大的改變。

Did he ever think he would be running one of Asia's largest reit?

他有沒有想過，自己有一天會經營亞洲最大的房地產投資信託基金之一？

I think at that time we really had a humble beginning and we were trying to just do much better with our asset at that time, trying to improve on that.

我覺得那時候我們真的起步很謙卑，當時我們只想把手上的資產做得更好，努力去改進。

And as we became more confident then we expanded.

隨著我們變得越來越有信心，我們就擴張了。

But that was quite far away from our visions at the time.

但那時候離我們的願景還差得很遠。

Link REIT made history in 2005 as Hong Kong's first real estate investment trust.

Link REIT 在 2005 年寫下歷史，成為香港首檔房地產投資信託基金。

At the time, its portfolio included 180 shopping centers and car parks formerly owned by the government.

當時，它的投資組合包含了 180 個購物中心和停車場，這些都是先前由政府擁有的。

The newly privatised assets were valued at 33.8 billion HKD, or about 4.3 billion US.

新私有化的資產價值為 338 億港元，約合 43 億美元。

When George Hong Choi joined in 2009, his first office wasn't in a sleek high rise.

2009 年 George Hong Choi 加入時，他的第一個辦公室並非設在高聳入雲的氣派大樓裡。

It was a modest space converted from a car park.

那是一個由停車場改建而成的簡樸空間。

A humble beginning in the company's early days.

這是公司早期的一個謙卑的開端。

So in terms of corporate culture, what was the vibe like back then when you first started 16 years ago?

所以就企業文化而言，當你 16 年前剛開始時，當時的氛圍是怎麼樣的？

Well, we've given these assets that we bought at the time of the ipo.

嗯，我們已經給了這些在 IPO 時買下的資產。

We're still looking at how to improve them.

So everyone was quite excited about what we can do to these properties.

所以大家對於我們能為這些房產做些什麼都感到相當興奮。

There was a lot of optimism, a lot of energy trying to manage these assets.

有很多樂觀的態度，很多能量在試圖管理這些資產。

There is all that energy and also there's a lot of people who are protesting as well, complaining about the change that we have to go through.

有著所有的能量，也有很多人在抗議，抱怨我們必須經歷的改變。

So there's sometimes a lot of anxiety as well.

Were there a lot of late nights, a lot of meetings?

是不是有很多的深夜加班，很多的會議？

No, we weren't working too many late nights.

But the office is very small here with five or six offices scattered around Kowloon.

但辦公室在這裡很小，有五六個辦公室散佈在九龍。

We're actually quite inefficient in how we run it because of the location.

因為地點的關係，我們其實營運得相當沒有效率。

And then in 2009, we put them all in one building.

然後在2009年，我們把所有東西都集中到一棟大樓裡。

Hong Choi, a former investment banker, came on board as CFO and within a year stepped up as CEO.

前投資銀行家 Hong Choi 加入，擔任財務長，一年內晉升為執行長。

The world was reeling from the global financial crisis and he had to steady the ship fast.

當時世界正從全球金融危機中緩過來，他必須趕緊穩定公司。

He pushed for a 3 billion HKD refinancing, a bold move that gave the company the capital it needed for its next phase of growth.

他推動了30億港元的再融資，這是一個大膽的舉動，為公司下一階段的成長提供了所需的資金。

One of the big decisions that we made was to insource property management.

我們做出的重大決定之一，就是將物業管理內部化。

We don't manage the property directly ourselves.

In the early days, 2009, we decided to insource that.

在早期，也就是2009年，我們決定將這部分內部化。

And then we have to hire 500 plus people and bring them on board.

然後我們必須聘請超過500名員工，並讓他們加入團隊。

The move helped the company build stronger tenant relationships and enhance shopping experiences, giving LinkREIT a significant boost towards market leadership.

這項舉措幫助公司建立了更穩固的租戶關係，並提升了購物體驗，讓 LinkREIT 在市場領導地位上獲得了顯著的推動。

You've seen through some of the worst crises, the global financial meltdown, the social unrest in Hong Kong, the COVID 19 pandemic, and

你們經歷過一些最嚴重的危機，像是全球金融海嘯、香港的社會動盪，以及 COVID 19 疫情，還有

持續中的中國地緣政治緊張局勢。

I've also seen the good things and you know, we've done well.

我也看到了好的方面，而且你知道，我們做得很好。

And Hong Kong have thrived during this time as well.

And so the question is how we build a resilient business with a good team and everyone work together towards delivering our vision.

所以問題是如何建立一個有良好團隊、大家齊心協力實現願景的韌性企業。

And Hong Kong gone through that and it has always rebound and done well.

香港經歷了這些，而且總是能反彈並做得很好。

LinkREIT is marking two decades since its listing in 2005.

LinkREIT 自 2005 年上市以來，已邁入二十週年。

And it's a journey that hasn't always been smooth.

As it prepared for its ipo, the company faced pushback from small retail tenants in the community malls, worried that Link's newfound obligation to its shareholders would price them out.

在準備 IPO 時，公司面臨社區購物中心小型零售租戶的反對，他們擔心 Link 對股東的新義務會讓他們無法負擔。

這種緊張關係並沒有是以消失。

A lot of people are saying that Link in a way has made your community malls more commercial.

很多人說 Link 在某種程度上讓你們的社區購物中心變得更商業化了。

We're now seeing a lot of big chains, fewer mom and pop shops.

我們現在看到很多大連鎖店，小店越來越少。

Do you think that life has become much tougher for these small local retail businesses?

你覺得這些在地小零售業者的生活是不是變得更艱難了？

I'm excited to see some of them grew within our portfolio.

我很開心看到其中一些在我們的投資組合裡成長起來。

We have one chain, Taste of Asia that have started with us and now they have over 200 stores around Hong Kong, we with the majority at our mall.

我們有一家連鎖店「Taste of Asia」，最初跟我們合作，現在他們在香港有超過 200 家分店，大部分都在我們的商場裡。

So the entrepreneurial tenants who actually can cater for changing needs of the shoppers have done very well.

所以，那些能夠迎合顧客不斷變化需求的創業租戶，發展得非常好。

The mom and pop stores who stayed exactly the same for the last 30, 40 years have actually been affected not so much by our decision, but

至於那些過去 30、40 年來都一成不變的傳統小店，受到的影響其實不是來自我們的決定，而是

the shoppers deciding that they need something newer, something better.

顧客覺得他們需要更新、更好的東西。

The chain store percentage haven't really changed over the years.

這些年來，連鎖店的比例其實沒有太大變化。

Has it been difficult trying to strike a balance, the tension between helping these small shareholders trying to survive and, you know, the responsibility that you have to please your investors by giving them higher returns?

在努力平衡這件事上，是不是很困難？一方面要幫助這些小股東生存，另一方面，你們也要對投資人負責，給他們更高的報酬？

I think we get high return for our investors when we do all the right things from having what is the right thing?

我覺得當我們做了所有對的事情，從什麼是對的事情開始，我們就能為投資人帶來高報酬。

Well, it includes having the right mix of tenants, sustainability in terms of how we work with the environment, in terms of energy savings and community impact.

嗯，這包括要有對的租戶組合，在我們如何與環境互動方面要有永續性，在節省能源和對社區的影響方面。

And I sometimes find that you start by not thinking about the numbers first, but

而且我偶爾會發現，你開始時不是先想數字，而是

thinking about all the good things that you need to do for the variety of stakeholders that you need to deal with.

先想你必須為你必須處理的各種利害關係人做所有該做的好事。

And we are operating almost in a glass house, people watching us and be criticizing us on a daily basis.

而且我們幾乎是在玻璃屋裡運作，人們每天都在看著我們並批評我們。

And that actually help us because we have to think about the implication of our decisions before we actually press the button.

而這其實幫助了我們，因為在我們實際按下按鈕之前，我們必須考慮我們決定的影響。

People say retail is detail and we do plan with all that in mind have actually helped us to deliver.

人們說零售業的細節很重要，我們確實有考慮到這些，這幫助我們達成了目標。

These criticisms that you receive, have they been difficult?

你收到的這些批評，有讓你覺得困難嗎？

One of the things I learned very early in my position is that sometimes when people shout my name, it's about the position and not about me personally.

我在我的職位上很早就學到一件事，有時候人們叫我的名字，是因為職位，而不是針對我個人。

And being able to separate the two is actually quite important.

而能夠將這兩者分開，其實非常重要。

Whoever sits in this chair will have to deal with some of these issues and that comes with the job.

任何坐上這個位置的人，都必須處理一些這些問題，這就是工作的內容。

I don't think there's any regrets during the 16 years that I've been with Link.

我覺得在 Link 這 16 年來，沒有什麼後悔的事。

We don't have a crystal ball when we make decisions.

我們做決定時，並沒有預知未來的能力。

We do our due diligence, gather the best information that we can have, getting the team's input, guidance from the board, input, sometimes with the community.

我們會盡職調查，收集我們能獲得的最好資訊，取得團隊的意見，董事會的指導，還有來自社區的意見。

When we get surveys done and you make that decision at the time and afterwards if the things didn't turn out the way that we have expected, we learn not so much as mistakes, but

當我們完成問卷調查並在當時做出決定，事後如果事情不如預期，我們學到的不是錯誤，而是

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停車場辦公室到250億美元資產！領展如何成為地產巨頭？ (From Carpark Office to $25B Portfolio: How Link REIT Became a Real Estate Giant)

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