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Webinar presented by CFA Institute and ACCA

Webinar Presentation: REIT as an Asset Class from the Investor Perspective

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Real Estate Investment Trusts (REITs) are often touted as an asset class that generate recurring stable income for genuine long-term investors. It has frequently been mentioned alongside with investment-grade fixed income products. How true is it?

The vibrancy and degree of retail participation rates within the REIT industries in Hong Kong and Singapore have been phenomenal, when compared to other industry sectors. Why is it so?

In addition, most REITs are leveraged entities. As such, their ability to obtain access to low interest rate financing is key for survival and prosperity. Is the foreseeable low interest rate regime of our era benefiting the REIT business model? Are institutional investors buying into this low interest rate story?


  • Eunice Chu, FCCA, head of policy, ACCA Hong Kong
  • Alan Lok, CFA, director, ethics education and professional standards, Asia-Pacific, CFA Institute
  • Victor S. Yeung, CFA, Chief Investment Officer, Admiral Investment Limited; Adjunct Associate Professor, Department of Real Estate and Construction, The University of Hong Kong
  • Luna Fong, Head of Investor Relations, Link Asset Management Limited


  • Scott Lee, director, Asia-Pacific Research Exchange, CFA Institute

Watch the Webinar

Duration: 1 hr 16 min.

Recorded: 11 August 2020.


Eunice Chu
Eunice Chu FCCA

Eunice is responsible for elevating ACCA’s brand equity through stakeholders’ engagement, speaking in forums and training events, conducting research projects, article contribution and media commentaries. Eunice is the co-author of the "Sector Analysis: A Framework for Investors" research series jointly published by CFA Institute and ACCA. Besides her research work, Eunice also assists ACCA’s advocacy and educational work, giving presentation and training sessions on financial reporting, corporate governance and professional ethics issues in Hong Kong, Vietnam and Cambodia.

Alan Lok
Alan Lok CFA

Alan Lok, CFA, researches and writes on investor protection issues and capital market structure and coauthored a CFA Institute position paper on capital market integrity, titled “Portfolio Pumping in Singapore: Myth or Reality”. Mr. Lok has more than 10 years of equity research experience, spanning various industries and sectors.

Victor S Yeung
Victor S Yeung CFA, MRICS

Victor Yeung is Admiral’s founding managing partner and chief investment officer. Since 2013, he has been responsible for our overall firm strategy and day-to-day management of the Admiral products. Since 2018, Victor has also been appointed as an Adjunct Associate Professor, Department of Real Estate and Construction at the University of Hong Kong.

From 2007 to 2013, Victor was with LaSalle Investment Management, where he managed the Asia Pacific portion of the USD 10 billion Global Real Estate Securities program and eventually became its Managing Director, Asia Pacific Securities. Victor started the Asia Pacific Securities office for LaSalle Investment. He also previously worked for Morgan Stanley and American Express.

Victor was educated at the Massachusetts Institute of Technology (MIT), receiving the following degrees.
• Bachelor of Science Degree in Electrical Engineering and Computer Science
• Bachelor of Science Degree in Management
• Bachelor of Science Degree in Political Science
• Master of Science Degree in Political Science

He serves as an Educational Councilor for MIT. Since 2008, he has also lectured for various other industry and academic institutions, including the Asia Pacific Real Estate Association (APREA), Hong Kong Securities Institute (HKSI), Oxford Brookes University, Technological and Higher Education Institute of Hong Kong, and the City University of Hong Kong.

Victor is the author of four books and writes regular columns for several news media in Hong Kong, Taiwan, and Singapore. His Chinese book “A Complete Handbook of REITs” (投資房託全手冊) has won a publishing award at the Hong Kong Biennial Publishing Awards 2017. He is a co-host of a weekly stock analysis segment at Now TV’s Finance Channel.

Victor is a Chartered Financial Analyst, a professional member of the Royal Institution of Chartered Surveyors and he holds the Advanced Diploma in Managerial Accounting with the Chartered Institute of Management Accounting.

Luna Fong
Luna Fong

Luna Fong is currently the Head of Investor Relations of Link Asset Management Limited, the manager of Link Real Estate Investment Trust. Luna has extensive experience in accounting, finance, investor relations and corporate strategy. Prior to joining Link REIT, she worked as Corporate Finance Manager in Esprit Holdings Limited. She also worked as Senior Manager in Financial Planning & Analysis at Sino Land Company Limited and Senior Manager in Assurance at PricewaterhouseCoopers. Luna holds a Bachelor of Commerce from the University of British Columbia and is a Certified Public Accountant.