Connect with us on
Connect with us on
The Market Shaper: George Hongchoy’s Journey from Accountant to Asia’s Real Asset Visionary
With four decades of experience and a record of reshaping Hong Kong’s investment landscape, Hongchoy leaves behind both a formidable legacy and a blueprint for growth.
Across Asia-Pacific, the region has witnessed a significant influx of investment and infrastructure development, fuelled by its substantial market size, growing exports and rapid urbanisation.
This trend raises an important question: What are the top three drivers of office demand in the Asia-Pacific region?
The infographic highlights the key industries fuelling demand across APAC. In India, IT-BPM and banking & finance accounted for 46% of total office demand. In Chinese Mainland, finance and TMT contributed 28.4%. In SEA, countries such as Vietnam, Singapore, Malaysia, Indonesia, and the Philippines are seeing strong demand for office space, primarily led by IT-BPM, banking & finance, and technology sectors.
For two decades, APREA has championed the growth and transformation of real assets across Asia Pacific. From advocating for REITs to embracing sustainability and digital innovation, APREA has been at the heart of the industry’s most significant milestones. This commemorative book captures that journey, celebrating the people, ideas, and connections that continue to define APREA’s role as a trusted voice for the industry.
Private credit, where non-bank lenders provide financing to institutional and private clients, has emerged as one of the fastest-growing segments in the capital markets in the Asia-Pacific region. In the real estate sector, it opens the door to differentiated strategies, compelling risk-adjusted returns, and a credible alternative to bank lending.
India’s real assets sector is entering a structural growth phase, underpinned by 6–7% GDP expansion, urbanisation to nearly 600 million city dwellers, and regulatory reforms that have created unprecedented transparency and scale. Investment opportunities now span a broad spectrum–from resilient office demand and premium residential to high-growth industrial, logistics, and alternative assets such as data centres, student housing, and senior living. With USD26.7 billion in recent equity inflows and REIT/InvIT platforms surpassing USD94 billion AUM, India has matured from a cyclical market into a core allocation for global investors seeking both stability and long-term upside.
Summary:
As occupiers rethink their workplace strategies, the region is seeing a clear shift towards quality, innovation, and flexibility. From the rise of ESG-aligned buildings to the emergence of specialized demand clusters, tenants are no longer just leasing space, they are shaping it.
KEY TAKEAWAYS:
Summary: The co-living landscape has evolved significantly since our initial publication, transitioning from a niche accommodation solution to a recognised asset class that attracts diverse investors and serves an expanding resident base.
As the sector matures, we address emerging considerations around sustainable growth, regulatory frameworks and market resilience. Our expanded 2025 survey engaged over 30 domestic and international stakeholders to capture current sentiment and develop forward-looking insights into this rapidly developing market.
This report synthesises anonymous feedback from across the industry to deliver a comprehensive view of Singapore’s transforming co-living sector, offering valuable context for both established players and those exploring new opportunities in this dynamic space.
Summary: CBRE’s latest Asia Pacific Leasing Market Sentiment Index reveals that overall leasing sentiment improved across most markets and sectors in Q3 2025:
Office: Occupier sentiment is strengthening as trade tensions ease and office attendance mandates tighten. All markets except for mainland China are reporting an increase in tenant enquiries and inspections. Overall expansionary sentiment is being driven by India and North Asia markets. Aligning with CBRE’s 2025 APAC Office Occupier Survey, more tenants are demanding well-located offices with a superior amenity offering.
Retail: Improving clarity around global trade policy is instilling retailers with greater confidence, triggering more enquiries and site inspections across most markets, except for Singapore. Stronger demand in India and Korea is providing a foundation for landlords to raise rental expectations. However, rising operating costs are prompting retailers to review portfolios and assess whether to relocate underperforming stores.
Industrial & Logistics: Enquiries and site inspections are gaining traction amid the stabilising trade outlook, setting the stage for a potential recovery. Growth markets including India and Southeast Asia remain resilient, while sentiment in Japan and Korea is strengthening on the back of easing supply-side pressure. Despite the uptick in demand, prospects for rental growth remain limited as tenants retain stronger leverage than landlords in negotiations.
Co-produced by Vistra Fund Solutions and APREA
The APAC real assets market is full of potential, but also operational, tax, and regulatory friction. This exclusive report reveals where the biggest opportunities lie, what’s holding investors back, and how leading firms are navigating the complexity.
Inside the Friction Index 2025:
Explores the key drivers of demand, the regional nuances shaping growth, and the emerging expectations of tenants across China, India, and Southeast Asia.
The Asia-Pacific office market has expanded rapidly over the past decade. Grade-A office stock has nearly doubled to over 2.3 billion square feet, while occupied space has increased by almost 900 million square feet. Two-thirds of this demand has been driven by 17 cities across India, Southeast Asia and the Chinese mainland.
Key Highlights:
Kemmu Kawai joined Longevity Partners Japan in September 2022 as the Country Director. Based in Tokyo, he oversees all operations and activities in Japan, the Asia-Pacific region and beyond. He brings him more than 16 years of experience in finance where he specialised in real estate and credit investments. Before joining Longevity Partners, he served as a Portfolio Manager at Norinchukin Bank and as Investment Manager at Center Point Development.
Kemmu Kawai
Managing Director
Longevity Partners
