The Housing Authority today (Wednesday) announced the appointment of Mr. Victor So Hing-woh, as the Chief Executive Officer, and Mr. Alfred Li Hung-kwan, as the Chief Financial Officer, of the new management company for the divestment of its retail and car parking facilities.

Mr. So will join the new company in mid-July while Mr. Li will take up his post in early May. Both Mr. So and Mr. Li have extensive experience in their respective fields.

The HA's Supervisory Group on Divestment (SGD) headed by Mr. Walter Chan approved the recommendation made by a three-member Search Committee.

Commenting on the appointment, Mr. Chan expressed confidence that both should be extremely effective in shaping the future business strategy and direction of the new company given their complementary skill sets and background.

"They will work with HA and other professional advisors towards a successful re-structuring of the operation and divestment of the retail and car parking facilities," Mr Chan said.

In 2003, the SGD agreed in principle to pursue the divestment plan through a real estate investment trust, which is tentatively proposed to be listed on the Stock Exchange of Hong Kong before the end of 2004/05.

"As the Chief Executive Officer, Mr. So will report directly to the Board of Directors of the new management company which will be formed in due course," Mr. Chan added.

The management company is currently a wholly owned subsidiary of the HA. The plan to divest HA's retail properties of some one million square metres and about 100 000 car-parking spaces was approved by the HA in July last year to enable the HA to focus on its primary mission to provide rental housing to people in need.

Following are biographical notes on Mr. Victor So and Mr. Alfred Li :-

Mr. Victor So Hing-woh

Aged 57, Mr. So is a holder of Master Degree in Business Administration from the Chinese University of Hong Kong. He is a Registered Professional Housing Manager, and fellow member of the Royal Institution of Chartered Surveyors, Chartered Institute of Housing, Hong Kong Institute of Surveyors and Hong Kong Institute of Housing. Mr. So is also a non-official Justice of the Peace.

Mr. So was the Assistant General Manager of Hutchison Properties Limited from 1972 to 1981 (subsequently merged with Hutchison Whampoa Group); Property Director of the Mass Transit Railways Corporation from 1981 to 1990; and Executive Director of the Hong Kong Housing Society from 1990 to 2002. He has been Executive Director of Sun Hung Kai Properties Ltd. since 2002.

Mr. So is also actively involved in public service. He was a former member of the Kowloon Canton Railway Corporation Managing Board, the Long Term Housing Strategy Advisory Committee, the Town Planning Board and the Housing Authority. He is currently a member of the Supervisory Board of the Housing Society, the Corruption Prevention Advisory Committee of ICAC, the Infrastructure Development Advisory Committee of the Trade Development Council and Council Member of the Employers' Federation of Hong Kong.

Mr. Alfred Li Hung-kwan

Aged 50, Mr. Li graduated from the University of Hong Kong. He is a member of the Institute of Chartered Accountants of Scotland, fellow member of the Hong Kong Society of Accountants, member of the Takeovers and Mergers Panel of the Securities and Futures Committee and expert member of the Finance Committee of the Kowloon Canton Railway Corporation, and was a member of the Listing Committee of the Stock Exchange of Hong Kong until June 2003.

Mr. Li was an Audit Senior at Touche Ross & Co. Chartered Accountants in the United Kingdom from 1976 to 1979; Assistant Audit Manager at Price Waterhouse Certified Public Accountants in Hong Kong from 1979 to 1982; General Manager of Corporate Planning and Director of Century City Group from 1987 to 1989; and Chief Financial Officer and Executive Director for Hang Lung Group from 1989 to 2001.


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