Real Estate

Bricks do not move. Their value does — with every turn of the rate cycle. When capitalisation rates shift by a point, a portfolio can gain or lose more than a year of rent.

The decision that matters is whether the carrying value still reflects the market — and whether it will hold when the rate cycle turns.

Our expertise

The firm has valued property since 2008; its work today applies the market, income and cost approaches of IVS 2025 and Hong Kong Institute of Surveyors (HKIS)/RICS guidance, under Hong Kong Accounting Standard (HKAS) 40 and HKAS 16, for investment, owner-occupied and development property. The property practice is led by Kelvin Ng and Stephen Yeung. Kelvin Ng has worked on the developer's side — at property developers including Hutchison Whampoa (now Cheung Kong Property) — and knows how a project moves from land to completion; Stephen Yeung spent twenty years at Jones Lang LaSalle, DTZ and Knight Frank, and worked on the Hong Kong Housing Authority's shopping-centre divestment. Every engagement is led by a qualified director and reviewed for independence.

Meet the team behind this work

How we work

We value with the market, income and cost approaches, and document the cash-flow and capitalisation-rate assumptions a financial statement will rest on. The client supplies the tenancy schedule, the title and the capex plans; we set the approach, test the yield and own the review. It fits a revaluation, an impairment test, a transaction or a listing.

What you receive

A property valuation has to survive one question: will this number still hold when the rate cycle turns? We build it to be tested against exactly that.