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About Admiral Investment

Admiral Investment Limited is an Asia Pacific asset management company headquartered in Hong Kong and licensed by the Securities and Futures Commission.

Founded on April 17, 2013, Admiral Investment Limited is a Hong Kong based asset manager targeting opportunities across Asia Pacific.  We are a value investor with over 40 years of investment experience among the senior investment team. Admiral Investment is a private firm, owned 100% by the management team. We take pride in the depth of our knowledge and our ability to turn knowledge into actionable, alpha generating investment ideas.

Admiral Investment is licensed by the Hong Kong Securities and Futures Commissions for dealing in securities, advising on securities and asset management.  Please click here to see Admiral's license record



Admiral believes that sustainable investment performance is achievable from a disciplined and methodical investment approach.

All investment products of the firm are based on value investing.  Our investments are driven by investment themes that present opportunities and companies that are priced at a discount to their fair value.  We identify opportunities based on our proprietary in-house valuation models, which reflect the thorough research on a company and its industry by our specialist analysts.  Our pathway to investment success is to focus on generating investment decisions from specific niches, in which Admiral has developed and maintained a detailed level of knowledge.  Our disciplined investment process guides our investment team in performing the necessary research and valuation analysis, generating investment decisions while managing risks appropriately.



Our Team
Victor Yeung 2014-06

Victor Yeung 楊書健


Chief Investment Officer - 投資總監


Victor Yeung has over 15 years of experience in real estate investment.  He has served as the CIO of Admiral and the MD, Asia Pacific Securities for a global investment house.  He has a winning track record while managing over USD 2 billion of AP REITs.

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 our funds. 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, Victor has served as a lecturer for various industry and academic institutions, including the Asia Pacific Real Estate Association (APREA), Hong Kong Securities Institute (HKSI), Oxford Brookes University and The Institute, Hong Kong.

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.





  • 電子工程暨電腦科學系學士
  • 管理系學士
  • 政治科學系學士
  • 政治科學系碩士


自 2008 年開始,他亦擔任數間行業協會及專上院校的講師,當中包括亞太房地產協會、香港証券及投資學會、英國Oxford Brookes University以及香港 TheI。



Victor Yeung's Publication

Victor Yeung, Admiral’s Chief Investment Officer, writes for several news media regularly.  His Chinese book on REITs have also won a publishing award at the Hong Kong Publishing Biennial Awards 2017.

2015 - 投資房託全手冊
2014 - Impact of REITs on Asian Economies
2013 - Admiral's Field Notes: REITs and Rental Real Estate
2006 - Transforming Real Estate: A CMBS Primer

Mr Yeung also writes regular columns for publications in the United States, Australia, Hong Kong, Taiwan and Singapore.



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A Hong Kong Securities and Futures Commission licensed entity.  Click here for Admiral Investment's License Record.