The Housing Authority has appointed Victor So and Alfred Li as the respective Chief Executive Officer and Chief Financial Officer of the new management company for the divestment of its retail and car-park facilities.

Mr So will join the company in mid-July while Mr Li will take up his post in early May. The authority said both have extensive experience in their respective fields.

The authority's Supervisory Group on Divestment headed by Walter Chan approved the recommendation made by a three-member search committee. Mr Chan is confident they will effectively shape the future business strategy and direction of the new company given their complementary skills and background.

"They will work with the authority and other professional advisers towards a successful re-structuring of the operation and divestment of the retail and car-park facilities," he said.

Last year the Supervisory Group on Divestment agreed in principle to pursue the divestment plan through a real estate investment trust, which is tentatively proposed to be listed on the Stock Exchange before the end of 2004/05. The management company is currently a wholly owned subsidiary of the authority.

The plan to divest its retail properties of some one million square metres and about 100,000 car-parking spaces was approved by the authority last July to enable it to focus on its primary mission to provide rental housing to people in need.