(18 July 2024, Hong Kong) Noah Holdings Limited (“Noah”) (NYSE: NOAH and HKEX: 6686), a leading wealth management service provider offering comprehensive global investment and asset allocation advisory services primarily for high-net-worth investors, has renewed and expanded into a total of 30,000 sq. ft. in Tower 2, Times Square, Causeway Bay. This is a testament to the Company’s strong business confidence and growth trajectory in Hong Kong market. The transaction was facilitated by CBRE.
This expansion comes as Noah identifies growing opportunities in the Hong Kong market as the international hub and they are seeing growth of both local and international clients. Grant Pan, CEO of Noah Hong Kong, said: “With the robust financial set-up in Hong Kong as the international financial hub, we have been strengthening our teams in Hong Kong and Singapore. We are growing our workforce and target to continue expanding professional teams by the end of the year.”
Ms Ada Fung, Executive Director, Head of Advisory & Transaction Services, CBRE Hong Kong, said: “In the first half of 2024, we noticed an improving leasing sentiment in the Grade A office market. Financial sectors, in particular wealth management, have been actively expanding and will remain one of the key drivers for the remainder of the year. We are delighted to have served as the strategic real estate advisor for Noah to facilitate their growth in Hong Kong by securing their office at Times Square.”
Times Square, a renowned landmark in Causeway Bay, is one of the world’s most successful vertical malls. The Grade A office tower, which is directly connected to the mall and the Causeway Bay MTR station, boasts over 1.0 million sq. ft. and had an occupancy rate of 88% as of 2023 (https://www.wharfreic.com/en/portfolio/timessquare). The vibrant area is seamlessly connected to other districts in Hong Kong and the Greater Central area in just 8 to 10 minutes by subway.
Noah will move into the expanded office in Q4 2024.
Earlier in March, Noah joined the Private Wealth Management Association of Hong Kong (“PWMA”) as an official member, becoming the first Chinese non-bank institution member. The association currently has 44 members, including most of the well-known financial institutions.
