HKMA RE head resigns

Hong Kong central bank’s head of direct investments for private equity and real estate has resigned after a six-year stint.

Hong Kong Monetary Authority’s head of direct investments in private equity and real estate, Huh Yong-Hak, has stepped down from his position.

Huh resigned on July 23 over personal reasons, the central bank’s spokesperson said in an   e-mailed response.

The former senior executive of HSBC and JP Morgan in Asia joined Hong Kong Monetary Authority in 2008 to help direct the bank’s investment strategy for its exchange fund. The $300 billion fund made its first real estate investment in 2011.

By 2013, global real estate investments totaled HK$24.4 billion (US$3.15 billion; €2.37 billion) while private equity investments reached HK$64.2 billion, according to figures shared by HKMA.

Francis Chu, executive director for reserve management will be leading the long-term growth portfolio team till the time a replacement is sought, said the spokesperson.