George Hongchoy Kwok-lung has announced his retirement as CEO and executive director of Hong Kong-based Link Asset Management, weeping in an emotional farewell in which he expressed his reluctance to leave his team after a 16-year tenure, despite mounting controversy over his pay package and recent lay-offs.

Hongchoy, 63, would ensure a smooth transition at Link as it embarked on a search for his successor, Asia’s largest real estate investment trust (Reit) said early on Tuesday, hours ahead of its annual shareholder meeting. He will leave both positions by the end of June next year.

Following the annual meeting, Hongchoy spoke with the press with tearful eyes and a choking voice, deeply moved by Link tenants who shared how the property upgrades had helped them make more money.

“I do not want to part with my team,” he said as he took out a tissue to wipe his tears.

He denied that his departure was related to the pay package controversy, saying it was an annual exercise to look for his successor since the day he was appointed.

“It was not a decision made overnight,” he said. “I have worked for 40 years, it is time to retire and spend more time with my mother and hobbies.”