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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, PhD

Dr Lok is responsible for nurturing ethics trainers, producing ethics bite-size media as well as facilitating member societies to promote ethical behavior in their local capital markets. In his role, Dr Lok works with member societies to advance awareness and adoption of CFA Institute ethics and standards, as well as policy positions on ethical conduct and culture related issues. This involves outreach to local stakeholders, including the industry, financial regulator, and the public across the APAC markets. Dr Lok also manages ethics related content and events together with societies leaders as well as facilitating their outreach activities on the Asia-Pacific Research Exchange (ARX) post publication.
Dr Lok joined CFA Institute in February 2014 as the Director of Capital Markets Policy in the Standards & Advocacy Division (APAC) before moving to the role of Director, Society Advocacy Engagement (APAC) in January 2017. In that role, Dr Lok has built up close relationships with society leaders and volunteers in the APAC region. Dr Lok was also responsible for directing the establishment of the Asia-Pacific Research Exchange (ARX). Over the years, he co-authored two monographs on portfolio pumping and market manipulation, submitted numerous regulatory consultation papers, written many blogs & articles and supported the Singapore Society in their Industry Research series in the Singapore Business Times.
During the decade prior to joining CFA Institute, Dr Lok was the senior investment manager of a Chinese solar-energy conglomerate and worked as both a buy and sell-side research analyst in Singapore. Dr Lok also served as the Adjunct head of two modules in Nanyang Technological University (南阳理工学院) as well as the module leaders for various universities in Hong Kong SAR, Mainland China, and Singapore.
Dr Lok graduated with a degree in Electrical & Electronic Engineering from the Nanyang Technological University in Singapore in 2003. Subsequently, he went on to read his MBA at the University of Manchester in 2013. He obtained the FRM certification from the Global Association of Risk Professionals in 2007 and was subsequently awarded the CFA certification from the CFA Institute in 2008. Dr Lok was recently awarded a doctorate degree from the University of Middlesex, London in 2021. His latest publication was a co-authorship with ACCA entitled “21 Sector Analysis: A Questioning Framework for Investors”.

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.