SINGAPORE (EDGEPROP) - Knight Frank has set up a private office in Hong Kong, the second in Asia. Tung Ho-Pin has been appointed to lead the new office, advising private clients on their global real estate portfolios.

In an April 14 press release, Knight Frank says Tung’s appointment will further expand its private client base, particularly amongst ultra-high-net-worth individuals (UHNWIs), family offices and their advisors in Hong Kong and mainland China.

“We are delighted to have Ho-Pin join the Knight Frank Private Office. We set ourselves an ambitious target to be the market-leading, global private client and family office advisor in real estate, and Ho-Pin’s appointment takes us a step closer to reaching our goal. His appointment enables Knight Frank to cater fully to our client’s needs in the region, advising private clients on all their real estate transactions, no matter where in the world they are taking place,” says Paddy Dring, head of the Knight Frank Private Office.

The opening of Knight Frank’s private office in Hong Kong comes about a year after it set up a private office in Singapore last February. “With Singapore and Hong Kong being central to capital flows in the Asian region, it makes sense to open a Private Office in Hong Kong too,” says Nicholas Keong, head of private office at Knight Frank Singapore.

Keong adds that the office has been established at “impeccable timing”. “I look forward to working closely with him [Tung] to service our clients who are based in the region together, where business, investments, property and lifestyles have been and continue to be entwined.”

According to Knight Frank’s latest edition of The Wealth Report, 45% of Asia-Pacific HNWIs are forecasted to experience an increase in wealth in 2023 compared to 25% in 2022. In Asia-Pacific, 16% of The Knight Frank Attitudes Survey respondents said their clients plan to buy a home in 2023.

Hong Kong, Singapore, and Sydney rank in the top 10 cities for ultra-prime property transactions in 2022. Three hundred forty-five super-prime sales (sales transacted for at least US$10 million or $13 million) and 53 ultra-prime sales (transacted for at least US$25 million) were recorded in these cities. In addition, residential premises remain the preferable property investments for UHNWIs in the Asia-Pacific region, particularly in Greater China, where 32% of the total wealth of HNWIs was allocated to their primary and secondary homes.

Knight Frank says that private investors were the most active buyers in global commercial real estate investment in 2022, which is expected to continue this year.