In the course of almost 30 years in the real estate sector, John Siu’s portfolio has taken in just about everything. Most notably, he has specialised in transaction advisory services, assisted landlords with Grade-A office developments, managed corporate accounts in the Asia-Pacific region, and worked on tenant representation and strategies for the office, industrial and data centre markets.
But he still finds the constant pace and variety within the business a real source of excitement. And with his 300-strong team offering a mix of transactional and non-transactional services, there is plenty of scope for greater involvement in large-scale hotel, residential and investment projects, as well as areas like valuation, consulting, research, and facilities management.
“The company has gone through a lot of changes over the last 20 years, including the 2015 merger with DTZ,” says Siu, the managing director in Hong Kong for leading international firm Cushman & Wakefield. “Our three main revenue lines are investment, valuation advisory and office leasing, and that will remain. But since the business itself is already rather mature in Hong Kong, we need to strengthen other lines where we are not yet number one and – like other sectors – look at the growth potential from mainland-based customers or occupiers.”
As one of four siblings, Siu lived until the age of six in a 200-square-foot flat on a public housing estate in Shek Kip Mei, before a move closer to his school in Tsz Wan Shan. Looking back, he recognises an interest in property was perhaps “inborn”, clearly recalling a visit with his father, a residential real estate broker who ran his own small business, and his mother, a housewife, to see the new show flats on Broadcast Drive when he was not yet 10.
“They were like dream homes; I was very impressed with the decoration,” he says. “My parents were aiming to buy a bigger flat, and that started me thinking.”
However, plans for a possible career took time to coalesce. Siu’s first job, the summer after leaving school, was a two-month stint as night shift manager in a neighbourhood 7-Eleven store. During one university vacation, he taught English and Chinese history to Form 1 to 3 students in a Sai Kung secondary school, but didn’t want to repeat the experience. But the advice he received from a businessman when returning by train from a trip to Guangzhou set him on the right course.
At the time, Siu was studying English linguistics and history at the University of Hong Kong, in large part because he’d won a place and, in the late 1980s, there was little chance of switching faculty. The friendly advice, though, was to take charge of his own future by finding a sales-related job to get experience, meet people, and pave the way to non-sales roles later on.
So, after a brief false start as an administrative assistant in a garment manufacturing company, Siu landed a job in mid-1989 as a broker in the office leasing department of the then Jones Lang Wootton and soon found his feet.
“It was tough to start with, making personal visits and cold calls to sell myself and the service we could deliver to clients,” he says. “But I learned the basics of doing a transaction and how to interact with different types of people and, overall, had a good seven years there.”
Even so, with ambitions to get ahead, he saw the sense in joining Cushman & Wakefield in 1996, attracted by a fresh challenge, not to mention a more senior position, broader responsibilities and better pay. A year on, he stepped up to run the office department and, in 2007, became general manager of the whole Hong Kong operation.
“I didn’t expect it to happen so fast, but I had been aiming at that position since I first joined the firm,” he says. “In terms of my career path to date, I’m satisfied, but I realise that for the company, there’s still some way to go.”
One key issue at present is the phased adoption of mobile apps and other smart technology. For instance, self-developed platforms and big data can track energy efficiency and evaluate the performance of high-grade facilities, while prospective investors can log on to take a VR tour of a luxury property.
“Technology is becoming more popular, but it won’t completely change the industry,” Siu says. “I believe real estate still has to be ‘felt’ physically before you can make a decision to buy or lease.”
As a leader, he extols openness, engagement, and giving clear direction. He encourages debate and discussion of ideas with all team members and makes a point of learning about their outside interests.
“We have experts in different areas, including qualified surveyors, engineers and accountants, so I need to understand what they do and make best use of their talents,” he says. “Business is good, with revenue growth of 23 per cent in 2017, but the job gets tougher. Recruitment and retention are key elements, and it takes time and resources to bring everything together.”
When off duty, family time with his two sons is a priority, but Siu also plays tennis twice a week, for the physical and mental challenge, and likes to photograph architecturally distinctive buildings.
His general advice is to anyone eyeing a career in real estate is to get a relevant professional qualification and to work on their interpersonal skills.
“There are no short cuts in our industry,” he says. “You must be hard-working, and persistence is very important. Some young people like to jump around, but that’s no good for the individual or the company. You should spend at least three years in one place before moving on – unless you really loathe it.”
(Photo: Chungy Wong)
