MIPIM ASIA 2023 ONE BOOK by RX REAL ESTATE SHOWS

MIPIM Asia Summit

One Book 16 Creativity, innovation and ESG goals:

003v2_LINK_GDE_ASIA MIPIM Asia Awards 2023

December 2023

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19 The Road to Zero workshop helps real estate leaders in Asia tackle sustainability

33 From logistics to multifamily, Asia’s markets offer investment opportunities Advertisement

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Editorial

Christine Lam – Asia-Pacific Regional Director

Nicolas Kozubek – Head of MIPIM Markets

We are once again meeting at a time of macroeconomic headwinds and geopolitical turmoil. The MIPIM Asia Summit seeks to bring the latest thinking on these issues to the fore and share solutions and strategies for navigating the cycle. It’s also important to recognise that some real estate players flourish when the markets fluctuate, and we believe that there are plenty of positive stories to tell.

WARM welcome to the MIPIM Asia Summit 2023, as we gather a full delegation once again in Hong Kong to discuss the real estate issues of the day.

We’re delighted to announce that we will be joined this year by investors and industry players from more than 20 countries, broadly representing Asia Pacific as well as global real estate interests.

We look forward to showcasing excellence as we gather to hand out this year’s prestigious MIPIM Asia Awards. Don’t forget that you, too, play a part in deciding who wins Gold, Silver and Bronze, so do make your voices heard through the public vote.

While it’s satisfying to put pandemic restrictions behind us, MIPIM Asia never really went away. We continued to hold Summits in 2021 and 2022 in full support of the region, and in recognition of the power of networking and in-person connection.

Thanks as always to our trusted partners and delegates for supporting MIPIM Asia and making the effort to join us, to be a part of something that is bigger than the individual. Although the digital age can drive us into isolation at times, we continue to believe that together, we are stronger. n

Although business travel is rightly scrutinised today, we believe that by putting aside these dates in your diary, we can reward the time taken and the miles covered with a profoundly useful Summit. Even better, you can benefit from MIPIM Asia in the coming months by continuing to access our extraordinarily detailed contacts database. For the first time, Road To Zero — our key theme which launched at MIPIM in Cannes earlier this year — comes to Hong Kong in the form of a practical workshop on decarbonisation. Exchange ideas with industry peers and hear from the best on how to get ahead in matters of ESG, as climate change and the latest regulations trigger further urgency on the topic.

MIPIM Asia Summit

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kv poster_复制.pdf 1 2023/11/15 14:51:11 008_CUSHMAN full_GDE_ASIA

CMY

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2022, the firm reported global revenue of US$10.1 billion across its core services of valuation, consulting, project & development services, capital markets, project & occupier services, industrial & logistics, retail and others. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), Environmental, Social and Governance (ESG) and more. For additional information, visit www.cushmanwakefield.com.

Contents 9 News 16 MIPIM ASIA 2023 13

As delegates gather once again for APAC’s most important real estate summit, MIPIM Asia 2023 showcases opportunities for global actors in Asia’s diverse economies, characterised by resilient emerging markets and mature cities

16 The MIPIM Asia Awards 2023 19 The Road to Zero 23 Megatrends 27 Retail & Hospitality

30 Markets 19

Asia continues to attract overseas investors despite, or perhaps because of, the current macro-economic environment, with key markets offering entry points in alternative and established asset classes, while rewarding those that target diversification

28 41

30 Inbound investment 33 Investing in China & Hong Kong 37 Investing in Japan 39 Outbound investment

43 MIPIM ASIA Practical Guide Sponsors……………………………………………………………………… 44 Awards Finalists…………………………………………………………… 57 Participants List…………………………………………………………… 73 Conference & Event Programme………………………………… 93

MIPIM Asia Summit

One Book December 2023 mipim-asia.com

Director of Publications: Michel Filzi Editorial Department: Editor in Chief Isobel Lee Proof Reader Debbie Lincoln Editorial Management Boutique Media International Production Department: Publishing Director Martin Screpel Publishing Manager Amrane Lamiri Printer Chi Tak Hong Kong (China)

RX France, a French joint stock company with a capital of 90,000,000 euros, having its registered offices at 52 Quai de Dion Bouton 92800 Puteaux, France, registered with the Nanterre Trade and Companies Register under no410 219 364 - VAT number: FR92 410 219 364. Contents © 2023, RX France Market Publication, Publication registered 4th quarter 2023

MIPIM Asia Summit

One Book 2023

002_BRITISH CONSULATE_GDE_ASIA

Invest in the UK We have a range of attractive large capital and foreign direct investment opportunities to meet your needs. Discover more:

Scotland

Northern Ireland

Northern Ireland is a great place to invest thanks to its excellent infrastructure, competitive costs, and strong growth potential.

North of England

Known for football, music and culture, the North of England is a global hub with a diverse regional economy and strong pipeline of large capital projects.

Midlands Wales

With over 700 multinational companies established here, Wales is at the cutting-edge of technology and sustainability with new investments creating world-class infrastructure.

With valuable business opportunities and attractive investment returns, Scotland has the perfect blend of talent, innovation, and financial resources.

At the heart of the UK’s new high speed rail line (HS2) the Midlands is a leading location for logistics and has strong demand for private rental sector (PRS) housing.

London and the South

Home to 21 million people, economic growth in cities like Bristol, Oxford, and Cambridge is increasing the need for offices, homes and infrastructure.

To learn more about the latest UK investment opportunities, contact us at DBTHongKong@fcdo.gov.uk

News

UK offers great, green investment opportunities in dynamic sectors THE UK offers Asian investors more opportunities than ever to deploy capital, according to Lord Dominic Johnson of Lainston CBE, UK Minister of State for Investment. “The UK real estate market continues to be robust, with performance particularly strong in the industrial and logistics market, the residential and student sectors, as well as London and regional offices,” Lord Johnson said. “As international investors seek new avenues of returns, further market diversification is expected.” Factors such as low corporation tax, time zone, rule of law and language continue to support businesses, but innovatory aspects also

present an interesting case. “In 2019, the UK became the first major economy to adopt a legally binding obligation to reach net-zero greenhouse gas emissions by 2050,” he added, noting that the creation of some 68,000 green jobs and £22bn (€25bn) in private investment were “laying the foundation for a green industrial revolution”. “We have accelerated opportunities for investment across renewable energy, zero-emission vehicle technologies, sustainable consumption, infrastructure and green finance,” he said. Meanwhile, “freeports offer customs and tax benefits as well as government support for infrastructure and plan-

ning. By investing in an investment zone, businesses can benefit from other tax reliefs and flexible grants to support digital & technology, life sciences, creative industries, green industries and advanced manufacturing”. He added: “Changes to the ways we live and work offer opportunities for the repurposing and regeneration of existing property and the development of new communities. The introduction of new technology and sustainable development facilitates for new investment models, alongside more traditional ones. With the upward trend in office rental and returning demand in 2022, equity targeting the prime office market

UK Minister for Investment Lord Dominic Johnson of Lainston CBE

remains high and is driving recovery from the pandemic as uncertainties resolve.” The UK has also seen a strong bounce back in tourism numbers post-pandemic, creating demand for new hospitality assets, of which some 322 are already at the planning stage. “This is supported by unique redevelopment opportunities for heritage buildings being repurposed into hotels, providing customers with unique experiences.”

New economy assets and India among top investment picks INTERNATIONAL investors that are under allocated to Asia should take a fresh look at the region’s opportunities, according to Stuart Gibson, co-founder and co-CEO of ESR Group. “Asia is an economic powerhouse with some of the world’s fastest growing economies,” he said. “We offer capital partners and investors a fully integrated closedloop-solutions ecosystem for real estate in Asia.” From its origins, ESR has identified ‘new economy’ as-

MIPIM Asia Summit

sets as a key pillar of growth — those backing the shift to “new, high-growth industries like ecommerce, digital and biopharma that are on the cutting edge of digitalisation, science and technology”. While supporting demand for logistics, data centres and life sciences, such industries also highlight the need for cutting-edge infrastructure and renewables. “ESR has the region’s largest new-economy development workbook totalling $13bn (€12bn),” he said.

While ESR’s key markets include Australia, China, Japan and Korea, the firm has been scaling up its presence in Southeast Asia. “Rapid urbanisation, favourable demographics and rising incomes will continue to drive consumption and ecommerce in countries like Indonesia, Thailand and Vietnam, which will generate strong demand for high-quality logistics spaces and data centres,” Gibson added. “I would also mention India, being arguably

ESR’s Stuart Gibson

the world’s most populous nation. We expect the Indian economy to be a powerhouse in the years to come and have invested heavily on the new-economy space and are optimistic in the long-term growth prospects of tier-1 markets in the subcontinent.“

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News

Hines expands Asia platform with new value-add strategy GLOBAL real estate expert Hines has launched a diversified close-ended, value-add real estate strategy in Asia, called Hines Asia Real Estate Partners (HAREP). HAREP intends to leverage economic and secular growth trends as well as Hines’ management and operational skills to expand its investor platform in the region. The strategy complements Hines Asia Property Partners (HAPP), the firm’s flagship multi-sector, coreplus open-ended fund, which launched in May 2021. Chiang Ling Ng, Hines’ chief investment officer, Asia, said:

“Our proposed value-add strategy will generally be asset class agnostic. Given current trends, however, it’ll focus on industrial/logistics and office, while also opportunistically look at the retail and living sectors. “We’ll focus on major markets across Asia-Pacific, especially the developed markets of Japan, Korea, Australia and Singapore. The strategy will also look at specific emerging markets, such as India and Vietnam.” To boost its local team, Hines has appointed Caleb Shen as senior managing director with

oversight of HAREP, reporting to Ng. Shen was most recently head of Asia portfolio and asset management for GLP Capital Partners, following important roles at CapitaLand Investment and Apollo Global Management’s Asia real estate investment platform. Ng added: “Asia-Pacific is an incredibly diverse region. Its economy has rapidly evolved over the last 15 years, from one that served as a manufacturing base to one that is increasingly more intra-regional. That evolution has propelled the growth of developed Asia-Pacific econo-

Hines’ Chiang Ling Ng

mies — and it’s expected to drive the substantial expansion of the Asia-Pacific middle class, making the region the primary engine for global growth. “We see tremendous opportunities in Asia-Pacific. Asia-Pacific’s expected growth of 4.2% this year is ahead of global growth of 2.2%. The region continues to see resilient fundamentals.”

will therefore stay modDBS: Mainland China and Hong Kong CPI erate at 1.8% next year.” all in all, “Asia stands out present diversification opportunities Yet as the primary growth enMAINLAND China and Hong Kong are key markets for investors in Asia, with “a certain extent of diversification revealed by investing in both”, according to Sherman Hung, managing director, head of large corporate, institutional banking group, DBS Bank (Hong Kong). “Mainland China’s urbanisation drive and the demand for commercial and residential spaces in Hong Kong present investment options,” he added. “Hong Kong, which benefits from the integration of the Guangdong-Hong

MIPIM Asia Summit

Sherman Hung, DBS Bank

Kong-Macao Greater Bay Area, remains a vital gateway. It also stands as a beacon of diversification, offering astute investors a unique opportunity. Its status as the largest offshore RMB pool opens doors to the burgeoning Chinese market, while its

distinct legal systems foster a business-friendly environment.” However, in a time of global macro-economic headwinds, there are certain aspects to monitor. “Hong Kong’s economic growth will likely soften in 2024 in tandem with mainland China’s slowdown. Coupled with the high interest rates, consumer inflation is expected to stay low at 2% next year,” he added. “DBS expects the mainland China GDP growth to ease from 5% in 2023 to 4.5% in 2024.

gine for the global real estate market in the long term. Recognising this immense potential, DBS, headquartered in Singapore and actively engaged across diverse Asian markets, remains steadfast in its support for the region’s development. “Despite recent modest trends in Asia’s real estate market, we anticipate this stability to persist. We foresee multinational corporations expanding their presence in the region, consequently driving demand for additional commercial and residential spaces.”

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News

Ivanhoe Cambridge drives forward ESG and decarbonisation strategy “IN THE highly diverse Asia Pacific region, a consistent ESG priority for us is to continuously evaluate and manage climate risks with enhanced processes and tools,” said George Agethen, co-head Asia-Pacific, Ivanhoe Cambridge, underlining that both new and standing assets are rigorously monitored. “Our Risk Premium Model has integrated physical and transition risks into a holistic assessment process for our portfolio, taking inputs from climate risk and resilience analysis, as well as CRREM pathway assessment,” he added. Ivanhoe Cambridge is also applying a ‘green lens’ to

Ivanhoe Cambridge’s George Agethen

evaluate investments and help in value creation, in the shape of the newly launched Green IRR (Green Internal Rate of Return) metric. “This metric integrates risks and opportunities related to the transition to a low-carbon economy by internalising a

carbon price for the assets, thus capturing a green premium or a brown discount on the asset’s expected exit value according to its carbon performance at exit,” he said. The approach is complemented by a few related initiatives the firm has developed over the years, including a carbon transition fund, and a ‘brown to green’ strategy to pivot towards investing in decarbonisation. Agethen underlined that the S in ESG is not overlooked, with the firm signing up to the Institutional Limited Partners Association’s (ILPA) Diversity in Action (DIA) initiative. He said: “We have sought

to accelerate change in the real estate investment sector by actively encouraging our peers to make the same commitment. We will continue our effort in advancing DEI in the real estate space through promoting DIA while exploring other impactful social initiatives.” Looking more broadly at the region, he added: “Asia Pacific still offers growth opportunities for investors despite a slowdown in global trade and China’s economy. Asia Pacific is forecasted to outperform major economies such as the US and the European Union over the medium term. This relatively stronger growth is not limited to fast-growing economies such as India and Vietnam, but more developed economies such as Australia, Singapore and South Korea.”

Lululemon doubles down on record growth in APAC CANADIAN multinational athletic apparel retailer Lululemon will reach the end of 2023 with around 220 stores across Asia Pacific (APAC), according to Sandro Hinds, senior director, store development APAC. Including China, the firm is now present in 11 markets across the region. “The business has registered its fastest growth globally in China and APAC,” Hinds said. “We entered Thailand this year, in a 5,000 sq ft (464.5 sq m) store in Bangkok’s Central World, which has already seen enormous

MIPIM Asia Summit

success. In Thailand alone, we have another three stores planned for the coming year.” Hinds said that the brand’s focus remained on the opportunity for continued entry into new markets and expansion, through the strategy of delivering larger format stores in premium and luxury malls with high footfall. All this while supporting its star branches which already deliver impressive foot traffic, namely in Hong Kong, Tokyo, Macao Greater Bay Area and Sydney. “Winning local consumers in each market is key to success

Lululemon at ifc Hong Kong was recently refurbished and expanded

for us. Tourist spend forms a significant portion, however winning domestic consumption is the foundation to longterm success in any market,” Hinds added. “We want to deliver an experience that is irrefutably Lululemon from the moment you enter the store.

That means standardised, high quality fit-outs that support our product and allow it to shine. “The goal is building a physical retail environment that supports and enables our key asset, our staff — whom we call educators — to show up and enjoy working with us.”

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News

QuadReal plots stable course through cycles “PEOPLE will always need a place to live, students still need to physically attend

school and purpose-built housing to inhabit, and ecommerce continues to

Student accommodation in Auckland, New Zealand

grow in commercial importance and consumer usage,” said Peter Kim, managing director Asia at QuadReal Property Group, summarising the firm’s strategy. “Regardless of where we invest in the capital stack — whether it be senior secured loans or common equity — we continue to like the living and distribution space, and the tailwinds that drive demand for their applications.” As heightened volatility continues to characterise global markets, QuadReal is “focused on ensuring that our global portfolio is best equipped to weather such instability while continuing to deliver the best that we can for our customers and

Hong Kong gains first LEED Zero Carbon McDonald’s LINK Asset Management has welcomed McDonald’s Hong Kong’s first ever LEED zero-carbon restaurant, with a new opening at Tai Wo Plaza. While marking Link’s first LEED zero-carbon tenant, Link and McDonald’s also agreed on a green lease for the restaurant. This comprises a comLink’s George Hongchoy with Randy Lai, McDonald’s Hong Kong

MIPIM Asia Summit

our clients”, Kim added. “Our approach in Asia-Pacific is no different from our commitment elsewhere throughout the world: to deliver strong, stable returns and create exceptional communities to enhance the lives of the people we serve.” Yet the region is also interesting for specific pockets of dynamism and growth, backed by a lack of correlation with the rest of the world, Kim said. “If you look at the region’s second largest market, Japan, for example, average returns across all property classes were less correlated to Canada, US and UK over the past 10 years than those three countries to each other (according to MSCI). The diversification benefits that investing in Asia-Pacific provides is an important consideration for QuadReal, and frankly, for anyone else managing a global portfolio.”

mitment to share sustainability-related data, such as energy consumption and carbon footprint information; green and low-carbon fit-out and operational guidelines, and a pledge to reduce waste and energy consumption through other green operational measures. As of early August 2023, Link had signed over 1,800 green leases with its tenant partners, an increase of over 50% since March 2023. The group aims to achieve 50% green lease adoption in Hong Kong and Mainland China by 2026/2027.

China’s logistics market all set for long-term growth CHINA and its logistics market are primed to “sustain long-term growth”, according to Hank Hsu, co-founder and CEO of Forest Logistics Properties. Factors include the growth rate of high-tech manufacturing, central government support measures and vibrant third-party logistics, Hsu said, adding: “The logistics real estate sector in China has been the greatest beneficiary from the post-COVID consumption recovery, as most goods stored in warehouses are not big-ticket items. “We have seen occupancy rates across China’s key economic hubs continue to rise steadily, along with limited supply for the last two years. Consumer confidence is expected to come back higher

after a flurry of easing measures announced.” Forest Logistics, specialising in logistics real estate, emphasises active asset management to maximise returns while managing risks. Hsu added: “In terms of land ac-

Forest Logistics’ Hank Hsu

quisition, Forest manages to secure prime locations at costs below market entry prices, even in the face of government land supply restrictions. “This is achieved by developing premium-grade modern logistics facilities that align with local industrial planning and contribute to the economic development of the cities involved. And strong relationships with various modern logistics users, extensive geographical presence and corporate reputation are vital assets in gaining trust from both local governments for site acquisition and project development.” The business is currently focusing on logistics hubs and provincial capital cities located in metropolitan city clus-

ters at Yangtze River Delta, Pearl River Delta, Pan-Bohai Region, Southeast Coastal Region, Northwest, Southwest and Central China. “They are city clusters benefiting from high concentration of population and manufacturing bases with robust demand of modern logistics facilities. Post-COVID we are targeting further in areas near Shanghai, Beijing and Greater Bay Area,” Hsu added. As well as prioritising a customer-centric business model, ESG is key. From pre-cast offsite building techniques to digital, intelligent and automated management systems, Forest also explores “the impact of climate change, rainfall measurements, river flooding, soil conditions” during site selection. Hsu said: “Green buildings reduce day-to-day costs year-over-year, having lower maintenance costs than typical buildings.”

BEI Capital pilots projects combining hospitality and healthcare assets INTERNATIONAL investors who hope to enter Asia’s real estate markets need expert partners to understand its “regulatory and cultural diversity”, according to Collin Lau, founder of global real estate and alternative investment company BEI Capital. Said Lau: “It is critical to follow the evolving consumption and expenditure patterns, shifting to those strategies that benefit from aging demographics and dropping birth rates, ge-

ographical diversification of supply chain, and increasing number of discerning consumers who demand great operational value-add services.” Lau, whose firm is active in trending sectors including hotels and medical, said that “hospitality and healthcare are both differentiated by their service level and expertise. The customer experiences differ hugely and cannot be commoditised”. Yet as these asset classes are both set to

benefit from “technological and generational change”, he suggested that there would be opportunities to explore “innovation and new norms”. Lau added: “In addition to investing separately in hospitality and healthcare, we are developing pilot projects to combine the two into one blended with both components existing in the same project site. We label these projects as H2, our trade name. We have done a pilot

BEI Capital’s Collin Lau

in Beijing, and are looking for expansion in other tier-1 metropolitan cities in APAC. We are unique in having our own operating platforms, unique business processes and IT systems behind us to grow. These are all great projects for ESG and social impact purposes.”

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MIPIM Asia Awards 2023

Real estate that serves The president of the MIPIM Asia Awards jury, Chinachem Group’s Donald Choi, tips the real estate trends shaping investor strategies and improving the end-user experience

REATIVITY, innovation and ESG alignment are among the chief qualities sought in the projects under consideration for this year’s MIPIM Asia Awards, according to the

president of the MIPIM Asia Awards jury, Donald Choi, executive director and CEO of Chinachem Group. Choi said: “As in previous years, one of the critical qualities we are looking for is

Creativity, innovation and ESGalignment define future-proof properties, according to Choi

MIPIM Asia Summit

an emphasis on the ‘S’ in ESG, how the project development improves the user experience and the quality of life in the wider community. ‘So, it’s all about the integration of the development in the local environment. We are also looking for creativity and innovation, and the project needs to make economic sense.” First created in 2007, the MIPIM Asia Awards celebrate excellence and innovation across Asian real estate, awarding prizes in 11 categories. The competition honours the industry’s most useful, sustainable and visionary projects, completed or yet to be built, in Asia-Pacific. Prior to the MIPIM Asia Summit, the jury led by Choi selects the 33 winners, three for each category. Meanwhile, the ultimate recipients of the Gold, Silver and Bronze awards are decided in

part by the MIPIM Asia community who have the chance to vote both before and during the MIPIM Asia Summit for their preferred schemes. And there are lots of hot topics under discussion this year, Choi said. “The drastic changes caused by the climate emergency is something that developers need to address. The construction industry accounts for 36% of worldwide energy use and 40% of carbon emissions. “We are seeing increased momentum around the topics of sustainable construction and development, and all developers need to pay more attention and deploy the necessary resources.” He added: “Chinachem Group enrols in a range of assessment schemes, such as the LEED rating system we use in Hong Kong, and we were the first developer to use energy storage systems on our sites. We are also applying the Modular Integrated Construction (MiC) method, as we can fully address the sustainable aspects off-site, and this has helped us achieve a 75% reduction in construction noise and 68% fall in construction waste.” Another aspect Choi sees as fundamental for improving the sustainability of real estate is smart technology integration, from the construction phase to ongoing facility management. “This ensures that the whole lifecycle cost of the building can be transparent and controlled,” he said. Looking further at the communities that Chinachem serves, Choi identified “an urgent need for better senior housing developments that focus on quality of life”. He added: “Users want choice, some prefer rural housing with a garden, others want to be close to the city centre with different amenities. Our demographically mature society — and in particular the Baby Boomer generation — presents a lot of challenges and a lot of opportunities.”

The MIPIM Asia Awards Gala Dinner takes Chinachem’s Donald Choi

Choi also recommends that investors look more closely at new economy assets, like data centres and logistics. “Chinachem is building a highly sustainable data centre in Tung Chung which uses district cooling to lower its energy consumption. We are also making a significant investment in a logistics and cold storage facility in the Hong Kong port area. We are confident that Hong Kong remains a natural hub and super connector to the global market,” he said. n

place on Wednesday, 6 December, 2023, 18.30 at the Grand Hyatt, Hong Kong

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Connecting Exploring Growing Investing today. For tomorrow. Innovating Researching As one of the world’s leading real estate investment managers, LaSalle manages assets for a wide range of institutional investors, including pension plans, sovereign wealth funds, insurance companies and family offices. The investments we manage on behalf of our clients are designed to align with their long-term investment objectives and benefit the thousands of pensioners, investors and other stakeholders that they represent.

Learn more at lasalle.com Investment in the real estate sector is subject to risks and no investment strategy or risk management technique can guarantee return or eliminate risk in any market environment. Any information presented herein is for illustrative purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made available to certain qualified investors in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results or of any performance of services by LaSalle. GL0001/31DEC23

MIPIM Asia 2023

Link CentralWalk, located in Shenzhen’s Futian District, is an urban paradise infused with green

THE ROAD TO ZERO

ESG’s carbon challenge Although the real estate industry in Asia has been constructing ESG targets for a long time, firms with clear net-zero carbon goals are producing the most concrete results

NOTHER year of global macro-economic headwinds and geopolitical challenges has only convinced real estate’s most progressive firms that attention to environmental, social and governance (ESG)

MIPIM Asia Summit

matters is mandatory, not optional, according to industry leaders. “If anything, our clients are more determined to be clearer and more ambitious with regard to sustainability and ESG,” says Jonathan Waite, senior responsi-

ble investment manager, Asia Pacific, APG Asset Management. Across the region, the firm has been supporting the transition to net zero by advocating for the adoption of the CRREM pathways. This means both analysing its own portfolio, and requiring its investees to design new assets with the pathways in mind. Waite adds: “Having clients that consider responsible investment to be of the utmost importance is a privilege which creates momentum to make change internally, but most importantly to influence and encourage others.” Throughout Asia, ESG action is now crystallising around the best routes to net-zero carbon emissions. Hong Kongbased Link Real Estate Investment Trust unveiled its net-zero strategy in April 2021, setting a goal of achieving net-zero emissions for scope 1 and 2 by 2035. CEO George Hongchoy says: “We recognised we have minimal Scope 1 emissions footprint — the sources are mainly refrigerants, diesel, gasoline and natural

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MIPIM Asia 2023 gas usage in select properties. Our largest source of carbon emissions is electricity usage, which is reported under Scope 2 emissions. Hence, our decarbonisation strategy has largely focused on electricity-use reduction since the early years.” The firm’s interim targets of 5% and 25% reduction in electricity and car-

APG Asset Management’s Jonathan Waite

bon emissions intensity respectively across the portfolio by 2025/2026 — from a 2018/2019 baseline — allow it to chart its progress towards net zero. “We have also committed to upgrading our net-zero strategy to align with the SBTi (science-based targets initiatives) net-zero standard,” Hongchoy adds. “In September 2023, we achieved formal SBTi validation for our commitment to achieve net-zero emissions across scope 1, 2 and 3 by 2050.” Link’s net-zero pathway involves a practical approach to operational efficiency, on-site renewable energy generation and off-site renewable energy procurement with carbon offsets to tackle residual emissions given the lowest priority, Hongchoy explains. “Taking on-site renewable generation as an example, we are installing solar panels at over 40 sites in our Hong

“Good architecture is about people, place and time — and this involves multiple stakeholders” David Buffonge, Lead8 Kong portfolio in phases. Through adopting green power, energy attribute certificates and direct investment, we also aim to achieve 100% renewable energy adoption across our portfolio by 2035.” David Buffonge, co-founder & executive director of Hong Kong-based architectural firm, Lead8, sees a similar revolution taking place in the design industry. “Today it is so important that we design our built environment with ESG credentials. Good architecture is about people, place

New Central Harbourfront, Hong Kong

MIPIM Asia Summit

and time — and this involves multiple stakeholders, the wider environment, our communities and city integration.” He adds: “There is now a stronger focus for developments to function as ecosystems, where owners, operators and end users have more opportunities to collaborate. The investment being made in achieving ESG goals is changing the impact designers can have on our built environments.” Buffonge explains how Lead8-designed projects like Harbourloop Hong Kong encourage more walking, jogging and cycling as a means of getting around the city. Meanwhile, the Lead8-designed Site 3 of the New Central Harbourfront in Hong Kong “is a great example of how our cities are evolving to be more functional and future-proof”. He adds: “The central vision for this project is to create ‘a bridge’, between buildings, between people and nature, hinterland and harbour front, heritage and the future, commerce and community, and more.” Net-zero targets are also a part of conversations that Buffonge has with clients. “Net-zero goals are now at the forefront of design and development planning, which gives us more scope to make valuable contributions to our cities. Looking at strategies that cover both embodied and operational carbon informs the direction of any project,” he says. These firms are joined in the carbon crusade by many other businesses across the real estate spectrum. Ascott, a serviced apartments and hotels specialist owned by global real estate investment manager CapitaLand, has placed sustainability at the heart of its business through its Ascott Cares framework. Beh Siew Kim, chief financial & sustainability officer, lodging, CapitaLand Investment, explains: “Focus areas include local employment, mobilising staff for community outreach and developing partnerships, while engaging with the supply-chain network to make

Link REIT’s George Hongchoy

a positive impact through responsible procurement, among others. “In line with CapitaLand’s sustainability master plan, Ascott also focuses on low carbon transition, water conservation and resilience, sustainable accommodation as well as waste and circular economy solutions. Ascott has since implemented a series of supporting sustainability targets, with target completion by 2030. This also includes a commitment to net zero for scopes 1 and 2 by 2050.” While hotels and lodgings face myriad challenges when it comes to ESG alignment, Siew Kim says that Ascott has a wider vision for sustainable tourism and travel, which includes jointly training industry leaders alongside the Global Sustainable Tourism Council (GSTC). “Looking ahead, we will continue to extend our culture of care and hospitality to the people and environments we interact with, through our business and across our supply chain. We believe that our ESG journey is one that runs into the future of the business,” Siew Kim adds. Despite industry-wide examples of excellence, studies suggest there is still much to be done in the region. New research from JLL finds that there is now a shortage of net-zero carbon-ready office space across APAC despite an increasing commitment to ESG certifi-

cation. Sydney, Australia, for example, is expected to face a 79% undersupply of net-zero carbon-ready office space in the next five years. “Leasing office space in green-certified office buildings is becoming a non-negotiable for occupiers, but there is very little correlation between these certifications and a building’s energy performance,” says Kamya Miglani, head of ESG research, Asia Pacific, JLL. As corporate expectations shift gear and demand for net-zero carbon-ready assets grows, the demand-supply gap is likely to widen across Asian cities, presenting opportunities for visionary real estate firms to act.

MIPIM ASIA 2023 Tuesday, 5 December, 09.30-10.40 Road To Zero Workshop Tuesday, 5 December, 17.00-17.45 The Future Of Workplace

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MIPIM Asia 2023 The flying car by California startup Alef hints at how cities will be altered by tech

MEGATRENDS

Ready for take-off From the rise of artificial intelligence to the evolving future of work, technology and the digital age are shaping the real estate industry more than ever before

NVESTORS and landlords that seek out digital solutions are likely to be better placed to both survive and dominate secular change, experts in the property technology sector suggest. Despite current macro-economic headwinds, real estate leaders are still engaged in harnessing technology for a range of functions across the property lifecycle, according to Aaron Block, co-founder and managing partner of proptech venture capital firm MetaP-

MIPIM Asia Summit

rop. “We haven’t seen a wholesale reduction in spending in the cutting edge, innovation side of the property business. In fact, we’re in something of a super-cycle for proptech investments,” Block says. For Block, this is driven by three major trends. While research and development spending can sometimes dip when margins are tight, Block sees firms pushing ahead with digitalisation to drive financial and operational

improvements, which he notes “are always in style, particularly in challenging real estate cycles”. Another interesting trend is AI adoption, with the industry exploring its uses for investment decisions, portfolio management, customer and client interactions, as well as internal employee support functions. Finally, climate-related factors are inspiring the development of innovative solutions to cut carbon emissions and tackle issues of sustainability and liveability.

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MIPIM Asia 2023

MetaProp’s Aaron Block with co-founder Zach Aarons

While MetaProp has been active in Asia for almost a decade, it moved to accelerate its growth in the region last year with the appointment of industry leader Satoshi Murakami as APAC region director. According to Block, this has already helped the firm expand on the startup-investment side, as well as create an APAC scout programme to

MetaProp’s Satoshi Murakami

MIPIM Asia Summit

provide early-stage finance. The local presence helps the firm bring in even more co-investors to its funds and deals, and foster deeper relationships. “We are also helping the tech ecosystem flourish, by helping seed the innovation and startup community, while contributing to accelerators, university hubs and events like MIPIM Asia,” Block says. In Asia, the appetite for tech shown by businesses and consumers bodes well for the future of innovation in real estate, Block adds. “Asian real estate executives are oriented towards technology, they spend time with their international peers, and they expect and demand to benefit from the digital revolution. So, we spend a lot of time building the bridges to help link the proptech ecosystem around the world.” “Our group has found that investing in innovation and technology helps to

“Only investing into these areas during bull times is not enough; innovation and disruption take time and resources to nurture” William Hsu, Hon Kwok Land Investment Company create a defensible competitive advantage,” says William Hsu, director of venture capital and innovation, at Hong Kong-based real estate specialist Hon Kwok Land Investment Company. “Even though it is a very difficult time for the real estate industry, we feel that only investing into these areas during bull times is not enough; innovation and disruption take time and resources to nurture.”

Hsu explains that Hon Kwok Land has invested to date in solutions as diverse as digital aircraft control towers, and a business which is developing flying cars. “Digital airport towers integrate and harmonise all available data into the controller working position in the tower, hence increasing situational awareness and communications, leading to enhanced flight safety,” he says. Meanwhile, “Alef is a company that is developing one of the world’s first flying cars”, he adds, describing a scenario in which the car would be able to take-off vertically and fly over traffic or road accidents. “A use case with many lanes of flying cars will take some time, but is exciting because it solves the congestion issues in most large metropolitan areas.” Asia also boasts some of the most tech-ready citizens in the world. Asian end-users rule in terms of smartphone use, spending more time on their phones than the residents of other countries, according to a data.ai survey. They are also far more comfortable buying online, with China leading the global ecommerce market with an expected $2.2tn (€2.05tn) sales in 2023, according to GlobalData. Businesses that can capture and process the resulting data are better placed than their rivals to build successful models. Bernie Devine, senior regional director Asia Pacific at proptech solution Yardi, sees a world where “data is more important than ever”, and where amassing data in one place can supercharge insights and a strategic edge. “Investing in the right solutions is actually going to save you money,” he says. “While we still see real estate managers working with a phone and a spreadsheet, they are increasingly competing with a generation using AI to optimise rental levels and vacancies, and really get the most out of an asset.” Meanwhile, buildings themselves are increasingly complex and rely on an

Yardi’s Bernie Devine

intricate web of Internet of Things devices, Devine notes. “While the tenant expects a seamless experience, you may have 30 different apps in the background to create that overall sense of simplicity.” For both business and consumers, appreciating the exciting potential of AI without being sidetracked by too many urban myths will define the next decade of progress. “When a lot of the smart people that helped develop AI share some concerns about its capabilities, that is grounds to pay attention.” Devine says. “But I’d like to see the experts doing that, and not necessarily politicians.” Block adds: “AI is a very powerful and very scary technology. The good news is that there’s nothing so new here. Machine learning and AI has been an aspect of every tech business we’ve been investing in for several years. It’s been brought into the consciousness of the mainstream observer because ChatGTP was released a year ago, and large language models became relevant for the first time. “I’m more interested in getting beyond the hype and getting more use cases of value established, and seeing where companies can successfully use AI to make real decisions that drive operations.” “The potential applications are incredibly exciting,” Devine says. “The next

big game changer will be bringing the capabilities of AI to business processes. Instead of having to figure out which report to run to find clients, you just get AI to do it. A lot of the calls and the questions that an analyst tries to answer can be solved in the blink of an eye. Meanwhile, a lot of construction and fit-out decisions entrail long project-management meetings, which can be truncated or replaced.” Devine also suggests that AI will be able to answer the big questions of real estate, such as calculating if a building will be profitable — and how profitable — before you have even broken ground on the construction. “We are showing clients that you can prove or disprove a hypothesis using data and it’s an incredibly exciting time to be in the industry.” n

MIPIM ASIA 2023 Tuesday, 5 December, 11.10-12.00 AI Impact On Real Estate

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MIPIM Asia 2023 Ascott’s lyf one-north Singapore bids to be an unforgettable stay

RETAIL & HOSPITALITY

Crafting the unmissable The importance of unique and memorable in-person moments are driving the hospitality and retail industries to scale new heights in the experience challenge

HE LESSONS of the pandemic, when in-person contacts were curtailed and retail moved largely online has created a new impetus around the experience economy, according to experts in the sector. While this has implications for everything from office amenities to the way that residential complexes are designed, it perhaps most directly affects the success of retail and hospitality real estate.

MIPIM Asia Summit

Globally, hotels have seen a resurgence of business since the return of international travel, and this has proved an ideal opportunity to reinforce brand loyalty by creating unforgettable experiences for guests. Beh Siew Kim, chief financial & sustainability officer, lodging, CapitaLand Investment, says that while the hotels industry has traditionally been “product-led”, portfolio growth should now

be about “understanding what experiences our guests are looking for”. CapitaLand’s wholly-owned hospitality subsidiary, Ascott, is aiming to double fee revenue to more than S$500m over the next five years through new property ownings and signings, while maintaining an asset-light model. The portfolio spans more than 190 cities across over 30 countries in Asia Pacific (APAC), Central Asia, Europe, the Middle East, Africa and the US. Recent initiatives from Ascott have sought to address the shifts in traveller expectations and preferences across its suite of brands. Notes Siew Kim: “For example, with flexibility at the fore since the pandemic changed the way individuals live and work, lyf, as our experiential-led social-living brand, offers the next-generation traveller an environment which allows them to connect meaningfully over social experiences during their stay.” The firm’s Crest Collection, meanwhile, is seeking to respond to travellers “in search of authentic experiences, seeking culture and wellness”, she says. Ascott’s Somerset brand focuses on family experiences, while Citadines combines “the best of city living while inspiring guests to live, work and play in infinite ways”. And the approach is already working. “These initiatives have successfully driven higher customer satisfaction rates, positive reviews, and increased loyalty, as guests are treated to curated experiences tailored to their evolving preferences,” she says. Dorsett Hospitality International is another Asian firm making its mark in experience-led hospitality. Dorsett’s brands include its global flagship, Dor-

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MIPIM Asia 2023 “Attention to detail ensures that our guests find the perfect fit within our portfolio of hotels, increasing the likelihood of their return and ongoing loyalty” Winnie Chiu, Dorsett Hospitality International

CapitaLand’s Beh Siew Kim

sett Hotels; a modern and flexible aparthotel concept Dao by Dorsett; the cost-efficient Silka; and d.Collection, a boutique brand. Winnie Chiu, president

& executive director, says: “Whether it’s a luxury experience, a budget-friendly stay, a boutique hotel, or a family-friendly environment, we have carefully crafted each brand to cater to specific market segments. This attention to detail ensures that our guests find the perfect fit within our portfolio of hotels, increasing the likelihood of their return and ongoing loyalty.”

Dorsett Melbourne

MIPIM Asia Summit

Dorsett also improves the in-person experience through its loyalty programme, offering incentives such as room upgrades, complimentary breakfast and room discounts with a flexible structure. “Our programme allows guests to choose between full-point prices or a combination of cash and points for their desired rewards. This flexibility

Lead8’s David Buffonge

of redemption set us apart in the industry,” Chiu says. “This ensures that no point goes unused, and no reward is left unredeemed, offering maximum value and satisfaction to our loyal guests.” On top of that, ESG efforts including those in the social-impact sphere help build brand reputation. From sponsoring student competitions to investing in renewable energy, such as solar panels and EV chargers, Chiu says the business is walking the talk especially by leveraging innovation. ”By harnessing technology, we aim to improve our environmental performance and make informed decisions regarding our operations,” she adds. Retail, meanwhile, has been about placemaking for some time, in efforts to combat the ease of ecommerce, which has gained a major foothold in Asian economies. But its importance is only set to grow, suggests David Buffonge, co-founder & executive director, Lead8. “Placemaking needs to lead the strategy for any successful retail real estate asset. A sense of place, and a connection to it, is very important, otherwise, we can feel that we are in ‘just another retail mall’. “What sets the leading retail developments apart is this unique identity, or IP, that fuses the essence of a place with the right programming and experiential qualities,” he adds.

For Buffonge, the ingredients of a vibrant retail asset are flexible and everchanging. “Places need to be connected and permeable, promote visibility and good sightlines, have an immersive mix of uses beyond retail, integrate art, sculpture, natural light and landscape, celebrate history and culture, and embrace local identity. All of these factors contribute to the curation of an exciting experiential and memorable retail destination.” This philosophy is reflected though Lead8’s portfolio of retail projects, from The Ring’s biophilic botanic gardens in Chongqing to the Far Eastern Department Store’s celebration of Hakka culture in Taiwan, to MixC Nanjing’s preservation of historical cultural buildings. “Each presents a distinctive identity and experiential environment for visitors,” he says. George Hongchoy. CEO of Link REIT, the name behind a raft of vibrant retail places, cites the importance of ‘third spaces’ for consumers, in addition to the ‘home and workplace’. “Only when shoppers consider a shopping mall their ‘daily companion’ will they repeatedly and frequently visit,” he says. Malls located in densely populated areas don’t automatically guarantee good footfall, he adds. “To win shoppers’ support, shopping malls must get both their hardware and software right, and the latter is far more important. The software of a mall primarily refers to trade mix, offering of products and services and the overall customer experience which includes the visual merchandising effect and emotional appeal to shoppers.” For Hongchoy, it is all part of wooing customers again who have continued to shop online out of force of habit. “Shopping malls need to constantly stay attuned to evolving consumer demands and market conditions and provide diversified and innovative customer experiences to thrive in this ever-changing

environment,” he says, citing interesting models in mainland China such as the first-store economy and night markets. Meanwhile, in a positive sign for the industry, customers in Hong Kong remain deeply loyal to shopping malls, when compared with their overseas counterparts. Approximately 40% of retail space in the city is comprised of shopping malls, which equates to more than 1.7 shopping malls per one million sq m. “It may be due to Hong Kong’s tiny homes, but it also indicates there are great demands for the ‘third space’ or an ‘extended living room’ in the city. This should be good news and an opportunity for mall operators,” Hongchoy concludes. n

MIPIM ASIA 2023 Wednesday, 6 December, 14.00-14.45 Towards An Experiential Retail Wednesday, 6 December, 14.45-15.30 Hospitality

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Markets INBOUND INVESTMENT

Under the world’s gaze

Nuveen’s One George Street in Singapore is located in the highly sought-after Raffles Place district

Global capital, in search of better returns amid macro-economic headwinds and tough financing conditions, is likely to explore AsiaPacific in ever greater volumes

N A world jolted by two wars, Asia is more appealing than ever to global real estate investors seeking geopolitical stability and assets backed by economic tailwinds. While the region is also coping with higher-for-longer interest rates after having recently recovered from the effects of the pandemic, Asia’s diverse blend of mature and emerging markets makes for a resilient prospect, says Richard Yue, CEO of Arch Capital Management. “Asia has always offered investors growth and diversification,” Yue says. “The growing and affluent middle class, the young and well-educated workforce, and heavy investment on infrastructure still appeal to international in-

MIPIM Asia Summit

vestors. In addition, investors can gain exposure to developed and developing markets within the same region.” He adds: “The market dislocations due to higher interest rates offer very attractive opportunities within the developed APAC markets like Hong Kong, Australia, Korea and Singapore. For investors looking for positive carry, it can still be found in relatively low-interest regimes in Japan and Taiwan.” Meanwhile, opportunistic or value-add investors are likely to be rewarded by market dislocation opportunities in developing countries in Southeast Asia and even in developed markets like Australia and Japan, Yue suggests.

James Young, head of EMEA & APAC investor services at Cushman & Wakefield, adds: “Asia has three of the five largest economies in the world in China, Japan and India, and is home to 60% of the world’s population — it’s simply too big to ignore. “However, currently commercial real estate transactions — excluding development sites — in Asia Pacific only account for less than one fifth of the global total. We see tremendous opportunities and room for growth in global CRE investment allocation to the region.” As well as the common theme of diversification, Young points to particular pockets of resilience. “While many markets elsewhere in the world are suffering from reduced office demand due to remote working, Asia Pacific overall has maintained positive office net absorption throughout the entire COVID-19 disruption to date,” he adds. Meanwhile, “sectors such as logistics, cold storage, data centres and rental housing are poised for strong long-term growth driven by a burgeoning middle class and a rapid-growing ecommerce market.” Another compelling aspect is the fact that inflation is much closer to target range in Asia than other parts of the world. “In addition, central banks in Asia — such as South Korea — have been tackling inflation since late 2021 and we are much closer to the end than the beginning,” Young says. “Therefore, Asia Pacific will likely be the first to recover from the current high interest rate environment, and investment activity will then follow.” All of these factors underpin a market rich in diverse opportunities, benefitting too from myriad secular trends. Louise Kavanagh, chief investment officer and head of Asia Pacific, Nuveen Real Estate, says that “investors should

“Investors should continue to keep an eye on demographic and technology trends driving the long-term use and demand for real estate” Louise Kavanagh, Nuveen

continue to keep an eye on demographic and technology trends driving the longterm use and demand for real estate”, suggesting that “urbanisation and declining household size will drive the rental demand for housing, especially smaller sized units”. This is already happening with multifamily in Japan and build-torent assets in Australia, she notes. Kavanagh adds: “The rise of the Asian middle class will continue to bolster demand for higher education, which in turn will benefit Australian student accommodation. The living sector will also continue to benefit from Asia’s aging population, with senior living in Japan an interesting market to look into given the ‘investability’ and growing liquidity for senior homes.” She also notes that tech adoption is likely to drive not only increasing ecommerce penetration and demand for logistics across many APAC markets, such as Seoul, Tokyo and the east coast of Australia, but will also back employment growth, in turn underpinning office-occupier demand in tech-driven cities such as Seoul and Singapore, where supply conditions remain highly supportive of improving medium-term rental growth prospects. She adds: “The adoption of technology and widespread use of mobile applications for everyday needs also point towards greater demand for data centres, where demand-supply imbalance will continue to drive higher market rent.”

Cushman & Wakefield’s James Young

Arch Capital’s Richard Yue

Yue notes similar themes, but advises investors seeking to enter the region to find the right market partners, in the light of the region’s complexities, characterised by a range of languages, currencies and cultures. He adds: “One underlying theme that flows with the growth towards new economy asset types is the importance of operating partners. We are seeing real estate becoming more of a service. This is the reason why Arch Capital has established partnerships with operators in logistics, data centres and co-living/residential for rent. As necessary, these partnerships can be locally focused — for assets like logistics — or regionally focused, for assets such as data centres and co-living.” While much has been said of the traditional growth drivers for distribution hubs in Asia’s major markets, Yue also highlights demand for logistics “in large but not easily accessible markets such as Philippines, Thailand and Taiwan”. He adds: “Similar supply-demand opportunities exist for data centres in these markets.” Meanwhile, “co-living demand is driven by housing un-affordability in urban areas like Hong Kong, Tokyo and Sydney and by poor infrastructure in developing markets like Philippines and Vietnam”. Against a backdrop of rapid market evolution, owner and occupier tastes for sustainable assets continue to grow, although market scenarios are again com-

plex. Says Young: “We see significant bifurcation across the region in sustainability accreditation. In part this is reflective of government legislation, though it is noted that government intervention has not yet occurred to the extent seen in Europe where minimum sustainability standards have been legislated. “According to our ReThinking the Office Sector report, Australia and Singapore lead with over 90% of prime office stock sustainability-rated, with Tokyo at over 70%. In contrast, less than 50% of prime stock across the rest of the markets in Asia Pacific (such as Hong Kong and Beijing) are sustainability-rated. Nevertheless, this then provides landlords and investors in these markets with tremendous opportunities in asset optimisation through sustainability accreditation to maximise their asset value.” n

MIPIM ASIA 2023 Wednesday, 6 December, 11.15-12.00 Inbound Investment: The Latest Hot Markets & Regions

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Vlinker homes in Shanghai’s Minhang district

INVESTING IN CHINA & HONG KONG

Finding myriad opportunities

Strong purchasing power, a mobile workforce, the expansion of C-REITs and the ongoing love affair with ecommerce make China and Hong Kong key markets to reckon with MIPIM Asia Summit

APID rates of urbanisation in China present ever more opportunities for real estate investors in the region, although trusted partners remain the ideal route of entry, according to experts on the ground. Notes Francis Li, head of capital markets, Greater China, Cushman & Wakefield: “China is currently facing some growth headwinds, but we must remember that it is still the second-largest economy in the world, with GDP growing at 4.9% in Q3. “In addition, and in contrast to many other global economies, China has lowered its one-year loan prime rate (LPR) to a record low of 3.45%, making it easier for RMB investors to raise capital.

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Furthermore, the recent expansion of C-REITs to include retail properties, via the Policy No. 236, provides investors an additional exit channel for mainland China retail assets, in addition to industrial and logistics assets.“ For Li, investment opportunities exist in almost all asset classes in China, although like other global economies, the situation is evolving. “In the office sector, although the overall market is facing supply pressures, China has an extremely high return-to-office ratio at nearly 95%, compared to 40% to 65% in the US. “Consequently, structural demand for office space in China remains strong, and this will eventually lead to a recovery once the current supply wave is concluded, we think by 2026. Hence, current conditions present a good window of opportunity for investors to pick up high-quality office assets at attractive prices.” One increasingly attractive sector is the multifamily market, which is still in its relative infancy, according to Craig To, vice-president, capital raising at rental housing investment manager Vlinker. “I would compare the Chinese multifamily market today to where logistics was at in China 10 years ago. In terms of liquidity and capital market movements, it’s a dynamic sector displaying important growth metrics,” To says. Vlinker initially approached the sector with an asset-light model on its launch in 2011, using a master-lease model, “to

Cushman & Wakefield’s Francis Li

gain operational experience” To says, and also because the associated costs made it a prohibitively expensive development market at first. “Land prices were high due to the booming residential-for-sale market, making it hard to turn a profit from build-to-rent schemes,” To says. “But as the Chinese government and Shanghai authorities started to perceive the need for rental housing, they moved to rezone land and support developers and operators in the sector.” Vlinker is now developing greenfield schemes and converting other asset classes to rental housing as the market matures and becomes more institutionalised. To notes that liquidity has increased as the sector gains momentum, with more frequent exit cases and its countercyclical fundamentals boosting investor confidence. To identifies a young Chinese workforce increasingly focused on ‘making

it’ in the country’s tier-1 cities, and in desperate need of suitable housing to back migratory movements. Based in Shanghai, a dynamic economy with considerable housing demand, Vlinker plans to use its local know-how to grow initially in Shanghai for the next few years, before bringing its business model to other cities. Now in “asset-heavy” mode, the business has two operational assets and another seven in development. An interesting brownfield conversion of a massive dormitory over six blocks in the outskirts of Shanghai, originally developed for factory workers, is proving a hit with young people. Providing a total of 3,000 units, To says that they have been leasing up micro-apartments at a rate of 200-300 per month in the complex, all of which bodes well for the future. Hong Kong, meanwhile, remains a dynamic, mature market for investors and developers despite incremental increases in interest rates. “Nevertheless, we believe Hong Kong possesses specific investment opportunities that are rarely found in other global markets,” says Cushman & Wakefield’s Li. Here, multifamily housing is also in growth mode amid broader tailwinds for the living asset class segments. “The government’s ongoing efforts to actively attract incoming talent will continue to provide strong demand fundamentals for the rental housing

“I would compare the Chinese multifamily market today to where logistics was at in China 10 years ago” Craig To, Vlinker

Vlinker’s Craig To

MIPIM Asia Summit

The recently completed phase I refurbishment of Link Plaza Tianhe in Guangzhou

market to boom, encouraging more operators to partner with investors to hunt for suitable assets in the market, including hotel and student housing assets and mixed-use buildings,” says Li. “This trend has already been evident in Q3, with combined investment of hotel, student housing and rental apartment assets accounting for 24% of the quarter’s total investment volume.” Like many other markets, the logistics sector in Hong Kong remains robust, here particularly due to the limited available stock and a premium on land. Cushman & Wakefield data shows that the overall prime warehouse space vacancy rate stood at a low 3% in Q3, amid long-term demand prospects remain driven by the growing ecommerce and pharmaceutical industries. Office markets in Hong Kong are suffering from the headwinds affecting the sector worldwide, with high availability placing power in the hands of tenants. Li thinks that further landlords will seek to sell in the current environment. The fortunes of retail real estate in

Hong Kong, meanwhile, look relatively resilient for vibrant assets which respond to customer needs for a ‘third place’. “Hong Kong has witnessed a strong recovery in retail sales, at +19% Y-O-Y for the January to August period, since the border reopening. Community malls with high occupancy rates and stores in neighbourhood areas with stable rental returns are sought-after by investors,” Li says. Local player Link REIT remains focused on discretionary retail and logistics, although CEO George Hongchoy emphasises that the firm’s criteria for deals remains “stringent, including attractive pricing or distress; low cost of funding; yield-accretion; and strategic location/positioning of assets”. While Hong Kong remains a focus due to the firm’s local expertise, he says that “opportunities, particularly in the non-discretionary retail space, are limited. At present, we are pushing ahead with full steam in our retail development project at Anderson Quarry”. Retail also remains an interesting sec-

tor in China, where purchasing power is strong. “Total household deposits in China are equivalent to more than 30 months of retail sales, as of June figures, according to the World Bank. Therefore, once China’s economy regains momentum and consumer confidence improves, the retail and logistics market will quickly benefit,” Li concludes. n

MIPIM ASIA 2023 Wednesday, 6 December, 10.00-10.45 Realigning Strategies To Face Risks And Uncertainties

One Book 2023

018_ANDALUSIA HEALTH_GDE_ASIA

I N V E S T I N L I V E S S C A N

T O

C O N N E C T

Markets INVESTING IN JAPAN

Dynamic and diversified While inflation and interest rates remain stubbornly high in key global markets, countercyclical Japan offers a range of benefits to the investor seeking diversification

LTHOUGH Japan is not entirely shielded from the effects of global inflation, the Bank of Japan’s (BOJ) divergent monetary policy in recent years has kept the country’s macro-economic markets on a stable course. True, the yen’s strength has been challenged in the last few months, while geopolitical threats cloud the outlook. Yet, all signs suggest that Japan’s interest rates — and thus borrowing costs — should remain low for the foreseeable future, which is incredibly refreshing for the global investor looking to strike deals, says Laurent Jacquemin, head of Asia-Pacific at AXA IM Alts. “Banks are still very active in Japan,” he says. “They are all sitting on major deposits and remain keen to lend, while financing terms are very good. There is a small question mark around interest rates but the consensus is that any rise would be minimal. Inflation is hovering between 3% and 4%, due to the phenomenon of imported inflation, but it’s still very low compared to other parts of the world. All in all, the outlook and atmosphere are still

MIPIM Asia Summit

AXA IM Alts recently secured a healthcare platform in the Hokkaido region

very positive, and the economy is holding up well. Global investors are rightly confident about Japan and there’s a lot of liquidity in the market.” AXA IM Alts has expanded its interest in Japan’s residential markets to other subsectors of the living asset class in the past year, Jacquemin says. “We’re now looking more at student housing and senior care, the latter reflecting the country’s aging demographic and greater acceptance of the use of nursing homes. Both these sectors capture key trends in Japanese culture, with young people increasingly needing appropriate facilities as the number of international students rises. Universities

are teaching more courses in English which has expanded their user base.” Demographics and aging metrics are also influencing the firm’s investment strategies around offices and industrial. “The expansion of life science occupiers is in its infancy in Asia compared to the US and Europe, but with the focus on the aging population and its vital healthcare system, the sector is set to grow,” he says. “We are exploring how to leverage on our successful Kadans platform in Europe to replicate the model in APAC. Logistics is still interesting too, with an opportunity to develop

“Global investors are rightly confident about Japan and there’s a lot of liquidity in the market” Laurent Jacquemin, AXA IM Alts

AXA IM Alts’ Laurent Jacquemin

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Markets

multi-storey warehouses, sometimes as high as eight or nine storeys.” SC Capital Partners is another firm performing well in Japan, excelling in the hospitality sector, as explained by the firm’s founder, Suchad Chiaranussati. ”Our decision to enter the Japan hospitality market stemmed from fundamental analysis conducted around 2010 on the industry’s potential as well as Japan’s need for tourism to counter its demographic headwinds,” Chiaranussati says. “Tourism in Japan is expected to yield high propensity income for the country’s economy as their tourism infrastructure is already well established.” For Chiaranussati, some of the factors that make Japan so appealing also characterise the wider APAC markets. “APAC’s overall demographic profile provides strong support for the region’s economic expansion,” he adds. “While some countries may already have relatively mature demographic profiles, the continual institutionalisation of the region’s real estate market bodes well for the industry. The savings pool in APAC is increasing at a rapid rate, and over time, this will reduce reliance on external capital sources for the region’s growth.” As elsewhere in the region, SC Capital Partners continues to develop real estate projects with ESG targets in mind, while improving standing assets across its full range of property types, from data centres to logistics, independent retirement villages to renewables. For this, and other reasons, the firm remains a trusted partner for international capital. “We have been serving institutional investors well for over 19 years, and we take our fiduciary responsibilities very seriously,” he adds. Japanese investment volumes for 2023 confirm the positive trend identified by funds active in the region. JLL data, in fact, suggests that real estate activity in Japan has been among the strongest in the world over the past year due to its almost unique interest rate policy. Investors deployed $8.9bn into the country’s commercial real estate sector

MIPIM Asia Summit

SC Capital Partners’ Suchad Chiaranussati

Nuveen Real Estate’s Louise Kavanagh

in the first quarter of this year, up 43% from the year earlier. Of this, nearly 25% of transactions by volume were deployed by foreign investors. Even the office market has continued to perform robustly, not least because small residential units make remote working less attractive in cities like Tokyo. Add to that a traditional outlook that pervades the corporate world, and offices attendance has almost returned to pre-pandemic figures. Notes Koji Naito, research director, capital markets, Japan, at JLL: “Foreign investors have been actively trying to enter Japan because of its favourable interest rate differentials over other key markets.” While the weak yen has supported investment dynamics, “Japan’s strong fundamentals remain the primary appeal for investors injecting capital into the country.” For Louise Kavanagh, chief investment officer and head of Asia Pacific, Nuveen Real Estate, there is no reason why Japan shouldn’t remain a compelling investment proposition in the medium term. “Higher rates will broadly drive global capital towards higher yielding currencies, the so-called ‘search for yield’; the carry trade on the Japanese yen is a good example,” she says. “In the event of rising global risks — for instance the recent conflict in the Middle East — then flows will return to safe haven currencies like the yen in place of riskier currencies such as the Australian dollar.”

She adds: “Lower inflationary expectation for Asia Pacific potentially provides more leeway for central banks to ease monetary policy, boost economic conditions and drive better real estate fundamentals.” However, for global core investors, the key metrics to watch will be the yield spread, and consequently, the income yield. “Pricing across many markets has stayed relatively firm over the past year, reflecting strong holding power among domestic investors and better medium-term economic outlook,” Kavanagh says. “Investors therefore should be focused on investing into markets/sectors that can provide long-term tailwinds in order to mitigate short-term economic and monetary policy risks.” n

MIPIM ASIA 2023 Tuesday, 5 December, 14.00-14.45 Unlocking Asian opportunities: Japan, China and beyond?

One Book 2023

Markets

OUTBOUND INVESTMENTS

Cross-border champions Asia Pacific is now the largest source of international capital into real estate, as its powerful players explore opportunities for geographical diversification

SIAN capital is going further than ever before to secure real estate deals, according to new research from Colliers International. The APAC region tops the ranking of global cross-border capital for the first half of 2023, with Singapore in first place, closing deals worth $21.84bn (€20.45bn), followed by the US and Canada at some distance. Hong Kong and Japan are the fourth and fifth largest sources of cross-border capital, spending $6.5bn and $5.1bn respectively in the same period. The region came out equally strong as an investment destination. Japan, China, Australia and Singapore are among the top 10 investment destinations globally with healthy investment growth seen across each of these markets. Chris Pilgrim, Colliers managing director, global capital markets Asia Pacific, says: “Asia Pacific continues to dominate as the major source of global capital into real estate, with Singapore and Japan at the forefront and increased interest from the Australian superannuation funds.”

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Chinachem acquired One New Street Square in London this year as part of its risk management strategy

He adds: “Diversified investors in the region have successfully deployed capital, targeting growth sectors including healthcare, senior living and student housing.” It’s a strategy backed by leading voices in Asia, with Donald Choi, executive director and CEO of Hong Kongbased Chinachem confirming the rationale. “Despite the current geopolitical tension, geographical diversification is

still a very prudent risk management approach. Cycles usually happen in one location. If we can diversify geographically, we can mitigate our risks,” Choi says. Chinachem, which invests in a diverse range of assets across has now made two moves into London offices, after entering the market in 2022 with the purchase of Kaleidoscope from London-listed Helical, leased to video app TikTok. Choi says: “We invested again in Lon-

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Markets The Ritz-Carlton Tenerife, Abama, owned by HIP

don this year, buying the Deloitte London headquarter building to ensure a stable, recurring income stream while also exploring investment opportunities in gateway cities of other major developed markets, as well as the Greater Bay Area.” The £349.5m (€403m) deal for One New Street Square comprises 25,688 sq m of office space leased with a remaining term of 14 years. Chinachem isn’t alone in focusing on London. Singapore’s City Developments Limited (CDL) completed the £395m acquisition of Central London marina estate St Katharine Docks in March of this year. The 50,000 sq m mixed-use estate comprises grade A office, F&B, retail and residential

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across four main buildings and complementary ancillary space, including a 185-berth marina. Lai Sun Development, the real estate arm of Hong Kong conglomerate, Lai Sun Group, has incrementally increased its exposure in the UK capital over more than two decades, and is today known as the developer behind what will be the third highest skyscraper in the city, The Diamond. Designed by Skidmore, Owings & Merril, initial plans underwent a sustainability overhaul last year to align with the ongoing debate about the need for low-carbon office space. Construction is now due to start in 2024, with the project completing in 2028 at a total cost of around £720m. Meanwhile, Hong Kong-based CK As-

set Holdings has been investing for some time in residential developments in the capital, and is currently bringing forward a development at Chelsea Waterfront. This scheme comprises two glass residential towers of 37 and 25 floors, both situated by the entrance to Chelsea Creek. The development has three riverside residential addresses next to a garden, all of which is complemented by new shops, restaurants and bars. CK Asset Holdings’ executive director Justin Chiu says: “We are looking at where we can contribute to what the city needs, as well as make a profit. That means understanding how the market works.” But the UK isn’t the only destination at-

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Markets

tracting Asian capital. For Singapore’s sovereign wealth fund, GIC, the US has provided rich pickings for its industrial strategy, with a trio of North American REIT buyouts over the past 12 months. In February, GIC partnered with Oak Street on a $14bn take-private deal for Store Capital, with over 3,000 commercial and industrial properties across the US. This was followed by another joint deal with Canada’s Dream Industrial REIT, acquiring Summit Industrial Income REIT for CAN$5.9bn (€4bn) with 160 warehouse assets. Finally, in June, the $868m buyout of INDUS Realty Trust alongside Centerbridge Partners and the Abu Dhabi Investment Authority added exposure to another 42 US industrial assets. GIC also partnered with Barzel Properties to acquire five distribution centres and four retail stores through a sale-leaseback contract with Carrefour Brazil Group, in a transaction valued at approximately R$1.2bn (€230m). The deal is supported by a 20-year renewable lease contract. “Despite uncertainties in the global macro-economic environment, this transaction serves as a testament to GIC’s confidence in

top-tier assets backed by robust companies with good credit ratings,” says Adam Gallistel, head of Americas real estate, GIC. GIC, which has invested in property since the 1980s, upped its real estate exposure to 13% this year, demonstrating its faith in the asset class even while other property investors struggle to strike deals. What is notable is not only its geographical diversification, but also the range of asset types it targets. At the end of October, GIC unveiled its latest investment, a capital injection into Hotel Investment Partners (HIP), an owner of resort hotels in Southern Europe. HIP was founded in 2015 and was acquired by funds managed by Blackstone in 2017. GIC will become an approximately 35% shareholder, with funds managed by Blackstone continuing to be a majority shareholder in HIP, with approximately 65% ownership of the company. Lee Kok Sun, chief investment officer, real estate, GIC, says: “We are delighted to be partnering with Blackstone and invest in one of the most established Mediterranean Europe hospitality platforms. We look for-

ward to working with Blackstone and HIP’s management team as they continue to deliver on HIP’s strategy to enhance existing assets, while capitalising on the growing global and domestic demand for high quality Mediterranean resorts.” Today, HIP partners with major global hotel operators including Ritz-Carlton, Barceló, Melia, Hyatt, Hilton, Ledra and Marriott, and boasts a portfolio of 72 hotels, totalling over 21,000 keys across Spain, Greece, Italy and Portugal; 54 of its hotels are certified BREEAM Very Good. n

MIPIM ASIA 2023 Tuesday, 5 December, 14.45-15.30 Outbound Investments

A Carrefour Brazil Group asset

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2023

Practical Guide Sponsors Awards Finalists Participants List Conference & Event Programme

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Chinachem Group Since 1960, Chinachem Group has been a leading property developer in Hong Kong, with a portfolio covering residential, commercial, retail and industrial buildings for sales and investment, in addition to operating hotels, property management as well as healthcare and elderly services. The Group actively

seeks to make a positive contribution to society through its adherence to the ‘Triple Bottom Line’, a commitment that its activities will benefit People, bring Prosperity to the community and preserve the Planet. Please visit www.chinachemgroup.com/en

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ARCH Capital – Your Preferred Partner in Asia ARCH Capital has consistently capitalized on industry cycles, opportunities and challenges to deliver superior risk adjusted returns for its clients. Our business spans core/core plus, value-add and opportunistic strategies for funds, separate accounts and joint ventures across Greater China, Southeast Asia and Australia. The depth of our seasoned professionals, market knowledge, industry networks and track record positions us well as your preferred partner in Asia.

Our management-owned/operated platform emphasizes strong alignment with stakeholders through rigorous corporate governance, responsible investment practices (ESG) and a strong culture of discipline and operational transparency.

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About the UK’s Department for International Trade For businesses expanding to the UK

We are here to help Hong Kong investors and companies successfully do business in the UK.

We help you in every aspect of expanding your business to the UK. Our wide range of services and digital tools are designed to help you save time and reduce cost

For investors allocating capital in the UK From family offices to sovereign wealth funds, we work with investors of all kinds to support the investment journey with tailored advice, insight and introductions.

Find out more at great.gov.uk

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Cushman & Wakefield Cushman & Wakefield is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries., a network of 23 offices serves local markets in Greater China. In 2022, the firm reported global revenue of US$10.1

billion across its core services of valuation, consulting, project & development services, capital markets, project & occupier services, industrial & logistics, retail and others. It receives numerous industry and business accolades for its award-winning culture and commitment to DEI and ESG, etc.

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Andalusia Health Andalusia Health, a regional leader seamlessly integrating a diverse healthcare enterprise, has developed into a dynamic ecosystem of companies dedicated to redefining the healthcare landscape. With a 40-year legacy, we have become a beacon of progress, positioned at the forefront of transformative healthcare excellence. Our continued expansion initiatives created a comprehensive portfolio of healthcare entities that extend from designing and constructing cutting-edge facilities to delivering and maintaining state-of-the-art techno-medical solutions. As a progressive force in the Middle East, we excel in cultivating human resources, software integration, and advanced digital solutions.

andalusiagroup.net

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Chongbang Group Founded in 2003, Chongbang Group is an investor, developer and manager of retail-anchored mixed-use projects in Shanghai and major cities in the Yangtze River Delta. Since its inception, Chongbang has embarked on nine retail-anchored mixed-use projects, branded Life Hubs, meaning centres of living. the 300,000 square meter Life Hub @ Bund Central, located on Sichuan North Road, one of Shanghai’s three major traditional commercial precincts, and Phase 2 of Life Hub @ Anting.

To date, seven of the nine projects have been completed, namely the 250,000 square meter Life Hub @ Daning, the 180,000 square meter Life Hub @ Jinqiao, the 80,000 square meter Sinan Mansions, the 190,000 square meter Life Hub @ Anting, and the 80,000 square meter Life Hub @ Upbund, all in Shanghai, as well as the 800,000 square meter Life Hub @ Kunshan (Suzhou) and the 400,000 square meter Life Hub @ Hangzhou. Under construction are

Chongbang’s highly focused business strategy, holistic approach to property development and proven ability to compete on innovation and differentiation are well recognized by the industry and the investment community.

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City Developments Limited City Developments Limited is a leading global real estate company with a network spanning 143 locations in 28 countries and regions. Listed on the Singapore Exchange, CDL is one of the largest companies by market capitalisation with a portfolio comprising residences, offices, hotels, serviced apartments, student accommodation, retail malls and integrated developments. Since 2010, CDL has been listed on the Global 100 Most Sustainable Corporations in the World and has been ranked as the world’s most sustainable real estate management and development company and Singapore’s most sustainable company for the fifth consecutive year.

Newport Plaza: Singapore’s first BCA Green Mark Platinum Super Low Energy mixed-use integrated development.

www.cdl.com.sg www.cdlsustainability.com

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DBS Bank (Hong Kong) Limited DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world. DBS has been named the “Best Real Estate Bank” in Asia Pacific, Singapore and Hong Kong in 2023 by Euromoney, as well as the “Safest Bank in Asia” by Global Finance for 15 consecutive years from 2009 to 2023.

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ESR Hong Kong Limited ESR Group is APAC’s largest real asset manager powered by the New Economy and the third largest listed real estate investment manager globally. With approximately US$150 billion in total AUM, our fully integrated development and investment management platform extends across key APAC markets, representing over 95% of GDP in APAC, and expanding in Europe and U.S. We provide a diverse range of real asset investment solutions and New Economy real estate development opportunities across our private funds business. ESR is also the largest sponsor and manager of REITs in APAC. .

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Forest Logistics Properties Forest Logistics Properties is a modern logistics property development and operating platform established in 2018, focusing on long-term asset operation and management. To date, Forest has developed and acquired around 2.0 million square meters of premium logistics facilities in core gateway cities in China.

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Hon Kwok Land Investment Company Ltd. Incorporated in 1965 and listed on the Hong Kong Stock Exchange (00160) in 1972, Hon Kwok is a reputable property developer in Hong Kong engaged in various property development and investment projects. In 1997, the company began to explore the property market in Mainland China and through years of development, Hon Kwok is now a well-known property developer in both Hong Kong and Mainland China with a vast range of commercial and residential property projects span across Hong Kong, Chongqing, Guangzhou and Shenzhen.

https://honkwok.com.hk/

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LaSalle Investment Management LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages over $78 billion of assets in private and public real estate property and debt investments as of Q1 2023. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments.

Investing today. For tomorrow.

For more information please visit www.lasalle.com. ®

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Lead8 Lead8 is an international design studio with awardwinning expertise in architecture, interior design, masterplanning, branding and signage design. With a team of over 200, the firm works on projects in more than 50 cities around the world from studios in Hong Kong, Shenzhen, Singapore, Kuala Lumpur and London. Since its inception, Lead8 has partnered with some of the world’s leading property developers, owners and operators to transform ambitions into inspiring, resilient and meaningful built environments. .

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Link Asset Management Limited Link Real Estate Investment Trust, managed by Link Asset Management Limited, is the largest REIT in Asia, and a leading real estate investor and asset manager in the world. Since its listing in 2005 as the first REIT in Hong Kong, Link REIT has been 100% held by public and institutional investors. It is a constituent of the Hong Kong securities market benchmark Hang Seng Index, as well as a component of the Dow Jones Sustainability Asia Pacific Index, the FTSE4Good Index Series and the Hang Seng Corporate Sustainability Index.

Resilience. Strength. Scale.

Your Trusted Partner in APAC

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Vlinker Founded in Shanghai in 2011, Vlinker is one of China’s largest rental housing asset managers and investors aimed at younger tenants. An industry pioneer, Vlinker developed its first project in 2011, earlier than major competitors. By 2018, the company was among the largest rental home operators in Shanghai with more than 40master-leased projects and 25,000 apartments undermanagement through its asset-light operating platform. With 8 projects acquired and 32,000 apartments undermanagement by its asset-heavy business, Vlinker now is the leading asset-heavy multifamily platform in Shanghai.

https://global.vlinker.com.cn/

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Warburg Pincus Warburg Pincus LLC is a leading global growth investor. The firm has more than $84 billion in assets under management. Warburg Pincus has been investing in Asia real estate companies and platforms for over 15 years. lt is one of the largest and most active investors in

Asia real estate, with over US$8 billion equity invested in more than 70 real estate ventures, including some leading platforms which Warburg Pincus co-founded alongside best-in-class entrepreneurs such as ESR, Vincom Retail, BW Industrial, Princeton Digital Group, and DNE.

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Yardi Yardi is a leading provider of software solutions for the real estate industry. With offices in Singapore, Hong Kong, Shanghai and Tokyo, we’ve been supporting companies across Asia for over 20 years. Our solutions help clients manage their “end to end” investment, asset and property management functions more efficiently. By bringing process to real estate through a single, Cloud-based platform, our clients are connected to their data on any desktop, tablet or mobile device. They can access the information they need to run their business any time, any place, and know that the data they’re seeing is secure, real time and accurate. We support portfolios across all real estate verticals, including REITs, office, retail, logistics, coworking and residential.

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The MIPIM Awards celebrate the most useful, visionary and sustainable projects in the world. Thursday 14 March 2024

Palais des Festivals, Cannes, France

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27/11/2023 12:38

MIPIM Asia Awards 2023

MIPIM Asia

Awards

2023 The competition Led by MIPIM Asia Awards chairman, Donald Choi, CEO of Chinachem, the jury shortlisted 33 winners from accross Asia Pacific. Now it’s your turn to decide who wins Gold, Silver and Bronze in the following 11 categories!

• Best Alternative Project • Best Hospitality, Tourism and Leisure Project • Best Infrastructure, Community & Civic Project • Best Mixed-Use Project • Best Office And Business Project • Best Refurbished Building • Best Residential Project • Best Retail Project • Best Urban Regeneration Project • Best New Development

Help choose this year’s Gold, Silver and Bronze winners! The final vote The final ranking of the winners will be determined by the votes of the MIPIM Asia Community and the jury selection. From mid-November, MIPIM Asia Community members have been able to choose their preferred winners online in each category from the 33 finalists. Right here at the MIPIM Asia Summit, the onsite ballot is already opened at the Awards Gallery and waiting for you to cast your vote. So don’t delay, come and choose your favourites! Both the online and on-site vote will end on Day 2 of the MIPIM Asia Summit at noon, HKT.

The jury meeting In October, the jury comprising real estate thought leaders and chaired by Donald Choi debated fiercely over the wide-ranging entries to shortlist the stand-out projects in each of the 11 categories. The jury-selected projects represent this year’s 33 winners – but who receives the Gold, Silver and Bronze MIPIM Asia Awards 2023 is still to be revealed!

• Best New Mega Development

The Awards Gala Dinner The winners’ final ranking will be announced at the MIPIM Asia Awards gala dinner to be held on Wednesday 6 December. In addition to the 33 winners, a “Special Jury Award” which goes to the jury’s overall favourite among all the projects will be unveiled. Don’t miss this dazzling event – a unique opportunity to reconnect with your peers and see how much the industry has achieved over the past year.

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MIPIM Asia Awards 2023

President of the jury

Donald CHOI

Chinachem Group CEO Hong Kong

George AGETHEN

Henry CHENG

Stanley CHING

Chris CHOW

Harvey COE

Alison COOKE

George HONGCHOY

Dr Charles LAM

Ivanhoe Cambridge Co-Head of Asia-Pacific Singapore

Chongbang Group CEO & Executive Director China

CITIC Capital Holdings Senior Managing Director, Managing Partner & Head of Real Estate Hong Kong

LaSalle Investment Management Senior Managing Director Hong Kong

Ernst & Young Senior Advisor Hong Kong

Starr International Investment Advisors (Asia) Managing Director - Real Estate Hong Kong

Link Asset Management Limited Executive Director & CEO Hong Kong

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EQT/Exeter Co-Head of APAC Diversified Funds Hong Kong

Special thanks to our 16 expert judges

Nicholas J. LOUP

Laurent JACQUEMIN

Ellen NG

Joseph TANG

Shuji TOMIKAWA

Richard YUE

Chelsfield Group Vice Chairman, CEO Asia Hong Kong

AXA IM Alts Head of Asia Pacific, Real Assets Japan

Warburg Pincus Head of China Real Estate Hong Kong

Townsend Group Partner Hong Kong

Mitsui Fudosan Investment Advisors , Inc. (MFIA) President Japan

ARCH Capital Management Company Limited CEO & CIO Hong Kong

Jing ZHOU

Nuveen Senior Director Alternatives and Strategic Transactions Hong Kong

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MIPIM Asia Awards 2023 Best Alternative Project HKUST Shaw Auditorium Hong Kong SAR, China

Architect: Henning Larsen Architects Hong Kong Limited Developer: Hong Kong University of Science and Technology (HKUST) Other: Wong Tung & Partners (Executive Architect), WSP (Building Services Engineer, Civil & Structural Engineer Sustainable Design Consultant), Inhabit (Façade Engineer & Lighting Design), Urbis (Landscape Architect), Marshall Day (Acoustic Consultant),Build King (Main Contractor)

Petronas Leadership Centre Kuala Lumpur, Malaysia

Architect: VERITAS Architects Developer: Petronas

Pujiang Center Community Shanghai, China

Architect: VLINKER Developer: VLINKER

MIPIM Asia Summit

Best Hospitality, Tourism and Leisure Project

Hotel Indigo Nanjing Garden Expo Shanghai, China

Architect: Jian Zhang, HKS Architects & Designers Developer: Jiangsu Yuanboyuan Construction and Development Co., Ltd Other: Interior Designer: YANG & ASSOCIATES GROUP

New Bund 31 Shanghai, China

Architect: Palmer and Turner Consultants (Shanghai) Ltd. Developer: Shun Tak Qiantan (Shanghai) Cultural and Real Estate Company Limited Other: Neri & Hu Design and Research Office (Interior Designer),Jerde (Master Planning),Theatre Projects (Theatre Design)

Shanghai Panlong Tiandi Shanghai, China

Architect: BenWood Studio Shanghai BWSS Developer: Shui On Land Other: Shui On Xintiandi (Operator), BWSS (Overall planning & new buildings design),TIANHUA (Construction drawing design for new buildings), ECADI (Consultant, planning and construction drawing design of protected buildings)

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MIPIM Asia Awards 2023 Best Infrastructure, Community & Civic Project Hong Kong University of Science and Technology, Guangzhou (HKUSTGZ) Guangzhou, China

Architect: Kohn Pedersen Fox Associates (Design Architect), Developer: Hong Kong University of Science and Technology Other: SCAD (Architectural Design & Research Institute of South China University of Technology Co., Ltd.), Arup, Ayers Saint Gross, James Corner Field Operations, Jacobs, MVA, SCAD, GZPI, 中铁广州工程局集团有限公司 (China Railway Guangzhou Engineering Group Co., Ltd.), 中铁一局集团有限公司 (China Railway First Group Co., Ltd.), Fisher Marantz Stone, RWDI, SMW, Field Management Services, Cambridge Environmental Research Consultants

New York University Shanghai Shanghai, China

Architect: Kohn Pedersen Fox Associates Developer: Lujiazui Properties Other: Shanghai Construction Group, AOR and Construction

Pragati Maidan Integrated Exhibition & Convention Centre New Delhi, India Architect: Aedas Developer: India Trade Promotion Organisation (ITPO) Other: Arcop Associates Pvt. Ltd. (Local Architect) Shapoorji Pallonji E&C (Contractor)

MIPIM Asia Summit

Best Mixed-Use Project AIRSIDE

Hong Kong SAR, China Architect: Ronald Lu & Partners Developer: Nan Fung Development Limited Other: Snøhetta Overseas Architecture (Design Architect), Urbis Ltd. (Executive Landscape Architect), Ove Arup & Partners HK (Structural, Geotechnical & Civil /Building Sustainability/Traffic/ Façade & BMU/ Fire Consultant: Planning /ICT), Ove Arup & Partners HK & J. Roger Preston (Building Services Engineer), Colliers International HK (Land Consultant), Arcadis HK (Quantity Surveyor)

Hangzhou Winland Center Hangzhou, China

Architect: Farrells, Arquitectonica Developer: Winland Group Other: Architecture Design: Farrells, Arquitectonica Structure Design: Arup, UAD, Landscape Design: Adrian L. Norman Limited, Interior Design: CL3, Kinetices Interior Decoration Ltd, Revery Architecture Inc., Lighting Design: Georges Berne & 8’18’,Leox, MEP: WSP Norge, WSP, UAD

Otemachi One Tokyo, Japan

Architect: NIKKEN SEKKEI LTD, KAJIMA CORPORATION Developer: MITSUI & CO., LTD. , Mitsui Fudosan Co., Ltd. Other: Skidmore, Owings & Merrill facades and office common area design, office ma (landscape design), Uchihara Creative Lighting Design Inc.(lighting design), Rian Ihara Design Office (sign design), DENNISTON (hotel interior design), DESIGN STUDIO SPIN (hotel restaurant interior design), ILYA CORPORATION (commercial facility design)

One Book 2023

MIPIM Asia Awards 2023 Best Office Project AIRSIDE

Hong Kong SAR, China Architect: Ronald Lu & Partners Developer: Nan Fung Development Limited Other: Snøhetta Overseas Architecture (Design Architect), Urbis Ltd. (Executive Landscape Architect), Ove Arup & Partners HK (Structural, Geotechnical & Civil /Building Sustainability/ Traffic/Façade & BMU/ Fire Consultant: Planning /ICT), Ove Arup & Partners HK & J. Roger Preston (Building Services Engineer), Colliers International HK (Land Consultant ), Arcadis HK (Quantity Surveyor)

HD Hyundai Global R&D Center Seongnam City, Republic of Korea

Architect: NIKKEN SEKKEI LTD in collaboration with Heerim Architects & Planners Co., Ltd. Developer: HD Hyundai Global R&D Center (GRC) Other: Hyundai Engineering & Construction Co., Ltd. (Main Contractor)

Makati Commerce Tower Makati, Philippines

Architect: Woods Bagot Developer: EQT Exeter Other: Esteban Tan & Associates (Local Project Arch)Barone International (LEED Consultant) Goudie Associates (ID) Meinhardt (Lighting + Structural, M&E, Façade Engineer) Roy Barry (Vertical Transportation Consultant) RLB (QS) Colliers (Exclusive Leasing Agent & Property Mgr) Vitamin B (Branding Consultant) Datem (General Contractor), Spectacon Design and Construction Management (Construction Mgt).

MIPIM Asia Summit

Best Refurbished Building

Beijing High-Tech Landmark Ding Hao 3 Reborn Project Beijing City, China

Architect: NIKKEN SEKKEI LTD in collaboration with Victory Star Developer: ZHAOTAI GROUP

GRiD

Singapore, Singapore Architect: SPARK Developer: GAW Capital / Manful Wings Pte Ltd Other: Interior, Graphic, Wayfinding & Branding Design: SPARK, Branding, Logo Design & Marketing Collaterals Collaborator: TRIPPLE, Project Manager: Arcadis Pte Ltd, Structural + M&E Engineers: ARUP, Lighting Consultant: Brandston Partnership Inc., Quantity Surveyor: Arcadis Singapore, Builder: Gennal Industries Pte Ltd, Photo Credits: Fabian Ong, Khoo Guo Jie, Studio Zeros

Lok Fu Place – One Centre – One Place Hong Kong SAR, China

Architect: AGC Design Ltd. Developer: Link Asset Management Co. Ltd. Other: Architect: AGC Design Ltd. / Ronald Lu & Partners Conceptual Masterplan & Landscape Design: Aedas Ltd. Structure: APT Engineering Consultant Ltd. M&E: TAP Consulting Engineers Ltd. QS: WT Partnership Contractor: Ka Shun Contractors Ltd. / Jetline Contractors Ltd. / Tactful Building Co.

One Book 2023

MIPIM Asia Awards 2023 Best Residential Project

Charm Premier Grand Gotenyama 2nd & 3rd Tokyo, Japan

Architect: NIKKEN HOUSING SYSTEM LTD Developer: Mitsubishi Estate Residence Co., Ltd. Other: Charm Care Corporation (Operator)

Garden Crescent

Hong Kong SAR, China Architect: Ronald Lu & Partners Developer: Easyknit International Holdings Limited Other: PineBridge Consulting Limited (M & E Consultant) JMK Consulting Engineers Limited (Structural Engineer) AECOM Asia Company Limited (Quantity Surveyor) CTA Consultants Limited (Traffic Consultant) Meinhardt Façade Technology (HK) Limited (Façade Consultant), Savills Property Management Limited (Land Consultant), Bills Design Limited (Interior Consultant)

Parksuites Singapore

Architect: DP Architects Developer: Far East Organization Other: KCL Consultants Pte Ltd (C&S Engineer), KTP International Pte Ltd (M&E Engineer), AECOM Cost Consulting and Project Management (Quantity Surveyor), Sitetectonix Pte Ltd (Landscape Architect), Index Design Pte Ltd (Interior Design Consultant), Woh Hup (Private) Limited (Main Contractor)

MIPIM Asia Summit

Best Retail Project

MixC Nanjing Nanjing, China Architect: Lead8 Developer: China Resources Land

MOHO

Shanghai, China Architect: N/A Developer: Hopson Other: Benoy Limited (Interior Designer)

Shanghai Panlong Tiandi Shanghai, China

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MIPIM Asia Awards 2023 Best Urban Regeneration Project

ESR Higashi Ogishima Distribution Center Higashi, Japan

Architect: Tokyu Construction Developer: ESR Group Limited

The Exchange TRX Kuala Lumpur, Malaysia

Architect: Grimshaw Architects LLP Developer: Lendlease Development Malaysia in partnership with TRX City Sdn Bhd. Other: GDP Architects, DP Architects, Leonard Design Architects, OCULUS, Pentago

Tianjin Jinmao Plaza Shanghai, China

Architect: Woods Bagot Developer: Jinmao Group Other: Tianjin University Research Institute of Architectural Design & Urban Planning(LDI) Jo-Ron Sofron (Façade Consultant)

MIPIM Asia Summit

Best New Development

K11 Shanghai, Huaihai Middle Road Shanghai, China Architect: Lead8 Developer: New World China Land Limited Other: Leigh & Orange (Executive Architect and Tower Designer), PLA (Landscape Designer), ECADI (Local Design Institute), BIG (Cultural Building Architect)

Proposed Composite Development at 28 Tonkin Street Hong Kong SAR, China

Architect: Ronald Lu & Partners (Hong Kong) Ltd. Developer: Chinachem Group & Urban Renewal Authority Other: Structural Engineer: Ben Tse & Associates Ltd. Building Services Engineer: Aurecon Hong Kong Ltd. Interior Designers: Bill’s Design Ltd.Environmental Consultant: Beexergy Consulting Ltd. Main Contractor: Gammon Construction Ltd.

Tung Chung East 21st Century Business Hub Hong Kong SAR, China

Architect: SKIDMORE, OWINGS & MERRILL Developer: Chinachem Group Other: Executive Architect: Andrew Lee King Fun & Associates Architects Ltd Design Landscape Architect: Morphis Executive Landscape Architect: URBIS Limited Structural Engineer: AECOM E&M and Sustainability Engineer: WSP (Asia) Limited Façade Engineer: Arup

One Book 2023

MIPIM Asia Awards 2023 Best New Mega Development

GLP ALFALINK Sagamihara Sagamihara City, Kanagawa, Japan Architect: Takenaka Corporation Developer: GLP Japan Inc. Other: Creative director: Kashiwa Sato (SAMURAI)

The Exchange TRX Kuala Lumpur, Malaysia

Architect: Grimshaw Architects LLP Developer: Lendlease Development Malaysia in partnership with TRX City Sdn Bhd. Other: GDP Architects, DP Architects, Leonard Design Architects, OCULUS, Pentago

Westlake 66

Hangzhou, China Architect: Kohn Pedersen Fox Associates Developer: Hang Lung Properties Other: Wong & Ouyang (Hong Kong) Ltd (Executive Architect) Zhejiang Province Institute of Architectural Design and Research (Local Design Institute) ALT Group (Façade Consultant) Arup International Co Ltd (Structural Engineer) J. Roger Preston Ltd (MEP Engineer) Adrian L. Norman Ltd (Landscape Designer)

MIPIM Asia Summit

One Book 2023

Participants List

Check out our up to date participants list here

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Website: www.anrev.org Email: info@anrev.org

Participants List 31VENTURES, MITSUI FUDOSAN JAPAN Takeshi KODAMA Executive Manager

AIA HONG KONG Parkes LEE Head of Real Estate Investment, Group Investment

AIDEA INC. PHILIPPINES Mary Anne NICOLAS Business Cluster Head Abelardo Jr. TOLENTINO President AL MARJAN ISLAND UNITED ARAB EMIRATES Khaled ASSAF Commercial Director Harshendra GOYAL Regional Sales Director

AB CAPITAL INVESTMENT LIMITED HONG KONG Alan KAM Founder and CEO Bryan LEE Founder and CFO

ALTANGOBI GROUP MONGOLIA Enkhgerel JARGALSAIKHAN CEO

ABCI HONG KONG Terence CHAN Director

ALTUS GROUP SINGAPORE Jan LAU Sales Director, Asia

ABU DHABI INVESTMENT AUTHORITY (ADIA) UNITED ARAB EMIRATES Mansour ALSHAMSI Senior Associate Harry IP Senior Portfolio Manager Josh WONG Senior Investment Manager

ANDALUSIA HEALTH SAUDI ARABIA Imane HASSAN GROUP PR and Communications Manager Basant RAMADAN Finance and Investment associate - CEO office Hazem ZAGZOUG Deputy Chairman and CEO

ACHMEA REAL ESTATE NETHERLANDS Henk PORTE Portfolio Manager

AP HOSPITALITY ADVISORS HONG KONG Dan VOELLM CEO

ADRIATIC MARINAS D.O.O. MONTENEGRO Hugues JANNET Sales and Marketing Director Kate PARSHINA Sales Manager

APG ASSET MANAGEMENT HONG KONG Jonathan WAITE Senior Responsible Investment Manager, Asia Pacific

AEDAS HONG KONG Rafael ACOSTA Principal

MIPIM Asia Summit

One Book 2023

Participants List APG ASSET MANAGEMENT ASIA HONG KONG Dominic DORAN Director Brian HUNG Director Joelin MA Director Graeme TORRE MD

AROMA PACIFIC CHINA FAMILY OFFICE HONG KONG Raymond PUN CFO ASIA GREEN REAL ESTATE CHINA Augustine CHIN Partner Andrew GOODRIDGE Managing Partner

APPLE HONG KONG Gregor PRATTLEY Head of Real Estate, Asia Pacific

ATELIER PACIFIC LTD HONG KONG Nicholas A H BANKS Founding Director

APPLEGARTH PARTNERS UNITED KINGDOM Ed WARRICK Managing Partner

AUSTRADE HONG KONG Kevin CHAN Senior Investment Director

APRIROSE REAL ESTATE INVESTMENT UNITED KINGDOM Manish GUDKA CEO

AXA INVESTMENT MANAGERS JAPAN Laurent JACQUEMIN Head of Asia-Pacific, Real Assets

ARCH CAPITAL MANAGEMENT COMPANY LIMITED HONG KONG Julie FOK Analyst Jeffrey KUO Senior Analyst Karen KWOK Managing Director Terence LO Managing Director Jonathan UMALI Chief Investment Officer Alexandra YUE Junior Analyst Richard YUE CEO

B BALICH WONDER STUDIO ITALY Simone MERICO Founding partner & Chief Business Officer BEI HONG KONG Collin LAU Founder and CEO

AREIM AB SWEDEN Dietrich HEIDTMANN Global Head of Capital Formation

BENOY LIMITED HONG KONG Kali CHAN Design Director

ARES MANAGEMENT HONG KONG Bryan SOUTHERGILL Partner, Head of Asia Real Estate

MIPIM Asia Summit

BGO HONG KONG Yi-Shan HUANG Managing Director

BROOKFIELD AUSTRALIA Leonie WILKINSON Senior Vice President

BIPROXI UNITED STATES Ember HANSEN COO Gordon SMITH CEO

BROTHERTON REAL ESTATE LTD UNITED KINGDOM Richard FINE Managing Director Daniel UZAN Managing Director

BIRD & BIRD AUSTRALIA Vince BAUDILLE Partner, Head of Real Estate Australia/Asia, and Global Co-Head of Real Estate BLACKSTONE HONG KONG Pak Man YUEN Managing Director

C C LAND HOLDINGS LIMITED HONG KONG Eva CHAN Head of Investor Relations

BLOOMBERG LP HONG KONG Patrick WONG Senior Analyst - APAC Real Estate & Head of Bloomberg Intelligence

CALZEDONIA SHANGHAI CO. LTD CHINA Andrea MEONI Country Manager - Greater China

BLUE POOL CAPITAL LTD HONG KONG Wei ZHANG Principal

CARLTON PROPERTY LTD. HONG KONG Guy FULTON Director

BOTTEGA VENETA HONG KONG Brian TAAM Business Development Director, Greater China

CARNOT INNOVATIONS LIMITED HONG KONG Ashish JUSTIN CEO & Co-Founder

BRITISH CONSULATE-GENERAL HONG KONG Sydney LEWIS Head of Investment Services Stephen MCLEAN Deputy Director, Trade & Investment Lewis NEAL His Majesty’s Trade Commissioner for China and Hong Kong Tony YU Associate Director, Construction & Infrastructure

CBRE LIMITED HONG KONG Callum YOUNG Executive Director, Capital Markets Asia Pacific CENTALINE INVESTMENT ADVISORY CO. LTD HONG KONG Kavis IP CEO Josephine KONG Managing Director / CIO

One Book 2023

Participants List CHANEL HONG KONG Holly HU Senior Real Estate Manager Lori OROSAN Head of Real Estate CHANEL LIMITED HONG KONG Danny HUI Senior Real Estate Manager - Asia Pacific

CIC INTERNATIONAL (HONG KONG) CO., LIMITED HONG KONG Vivian HUANG Senior Vice President Jinuo LU President Executive Wei SU Director, Head of Business Development Shirley YAU Assistant Levy ZHANG Vice President

CHARLES RUSSELL SPEECHLYS LLP HONG KONG Jasper YEUNG Associate

CITIC CAPITAL HOLDINGS LIMITED HONG KONG Stanley CHING Senior Managing Director / Managing Partner CITY DEVELOPMENTS LIMITED SINGAPORE Allen ANG Head, Green Building, Decarbonisation and Safety

CHELSFIELD ASIA HK LTD. HONG KONG Nicholas James LOUP Group Vice Chairman and CEO Asia

CK ASSET HOLDINGS LIMITED HONG KONG Justin CHIU Executive Director

CHINA MERCHANTS BANK CHINA Yan DAI Deputy General Manager Nanlan XU Director

CONSORT ASIA JAPAN Si CLANCY Founder

CHINACHEM GROUP HONG KONG Donald CHOI Executive Director and Chief Executive Officer Susanna LUI Special Projects Manager Marcus TANG General Manager - Overseas Investments Jenny TSE Senior Architect Damien WU Managing Director of Corporate Development Ray ZEE Deputy Director - Special Projects Ricky ZHANG Advisor - Corporate Development

CONTINENTAL PROPERTIES LIMITED HONG KONG Arthur POON Director CPPIB (CANADA PENSION PLAN INVESTMENT BOARD) HONG KONG Gilles CHOW GLT-Managing Director Rebecca LAM Managing Director Chi Hua LEI Managing Director Jimmy PHUA Managing Director, Head of Real Estate Investments Asia Pacific

CHINA Henry CHENG CEO / Executive Director Simon CHOW Senior Director - Investment & Development

MIPIM Asia Summit

CRANE CAPITAL HONG KONG Wai TANG CEO

CUSHMAN & WAKEFIELD HONG KONG Andrew CHAN Managing Director, Valuation and Advisory Services, Greater China Francis LI International Director, Head of Capital Markets, Greater China Stephen QIU Managing Director, Capital Markets, China Rosanna TANG Executive Director, Head of Research Jason ZHANG Executive Director, Head of China Outbound Investment, Greater China

CRYSTAL INVESTMENT LIMITED HONG KONG Andrew CHAN CIO Nick LO CEO CUSCADEN PEAK INVESTMENTS PRIVATE LIMITED SINGAPORE Chi Boon CHUA SVP, Portfolio Management Janice WU EVP, Corporate Development Gerald YONG Chief Executive Officer

SINGAPORE Gordon MARSDEN Head of Capital Markets, Asia Pacific James YOUNG Head of Investor Services, EMEA & APAC

015_DBS_GDE_ASIA

One Book 2023

Participants List CYPRIAN CAPITAL HONG KONG Calvin LEE Managing Director

DUAL ASSET UNDERWRITING UNITED KINGDOM Chris HAMMOND Head of APAC

DUBAI WORLD TRADE CENTRE UNITED ARAB EMIRATES Ayca APAK Head of Conferences, Digital & Tech Cluster DUTA GROUP MALAYSIA Sean YAP Executive Vice Chairman

DBS BANK (HONG KONG) LIMITED HONG KONG Sherman HUNG Managing Director, Head of Large Corporate

DCW CONSULTANCY LTD UNITED KINGDOM Dean WARD CEO DELTA GLOBAL HOLDINGS LTD. HONG KONG Marcel DIMENSTEIN Managing Director

EQT EXETER HONG KONG Malcolm LAI Head of APAC Development & Construction Charles LAM Co-Head of APAC Diversified Funds

DEPARTMENT OF TOURISM PHILIPPINES Thelma GESTOPA Chief Tourism Operations Officer Ma. Cristina OCHANGCO Tourism Operations Officer II

EQUIEM AUSTRALIA Jon LESQUEREUX Head of APAC

DEPLOY. HONG KONG Jordan KOSTELAC Founder

ERNST & YOUNG HONG KONG Harvey COE Senior Advisor

DFDL LEGAL & TAX THAILAND Paul VOLODARSKY Partner

ERNST & YOUNG LLP SINGAPORE Seng-Leong TEH Partner

DLA PIPER HONG KONG HONG KONG Susheela RIVERS Office Managing Partner

ESR CHINA Dennis GU VP

MIPIM Asia Summit

ESR GROUP LIMITED HONG KONG Rui Hua CHANG Managing Director, Business Management and Investment

Roderick LAI Partner Dickson NG Head of Corporate, Hong Kong | Partner UNITED KINGDOM Gurjit ATWAL Partner, Real Estate Sector Head Lee JACKSON Partner - Head of Real Estate Private Capital Stewart WOMERSLEY Partner

ESR SINGAPORE PTE LTD SINGAPORE Joshua DAITCH Group Chief Investment Officer EUROBA HONG KONG Veronique GUILLOTON Founder & CEO

EY UNITED KINGDOM Angela LI Partner Chantal VAN STIPRIAAN Partner

FUND MANAGEMENT

EVERSHEDS SUTHERLAND HONG KONG Samuel CHAU Partner Will DENSHAM 011_ESR_GDE_ASIA Partner

DEVELOPMENT

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APAC’S LEADING REAL ASSET MANAGER POWERED BY THE NEW ECONOMY With our industry-leading efforts ranging from capital raising to green initiatives and sustainable operations, ESR has set benchmarks in the industries we serve.

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One Book 2023

Participants List

GIC SINGAPORE Hwee Chin HAN Managing Director GLP CAPITAL PARTNERS HONG KONG Ricky TSE Senior Vice President, Investment Management

FAR EAST ORGANIZATION SINGAPORE Garnett CHUNG Account Executive Yvette POH Corporate Affairs Executive

GOLDEN TICKET INVESTMENTS PORTUGAL Charlie MAGGI Founder & CEO

FOREST LOGISTICS PROPERTIES CHINA Hank HSU Co-Founder and Chief Executive Officer

GOODMAN ASIA LTD HONG KONG Hugh BAGGIE Managing Director, Data Centres & Capital Raising, Asia

FORTUNE REIT HONG KONG Justina CHIU Chief Executive Officer

GREAT EAGLE HOLDINGS HONG KONG Debby WONG General Manager - Development

GREEN GENERATION UNITED STATES Bradford DOCKSER CEO & Co-Founder Debra DOCKSER President

GARDE CO., LTD JAPAN Shaun JALLEH Business Development Manager

GAW CAPITAL ASSET MANAGEMENT (SG) PTE LTD SINGAPORE Ariel TSE Senior Director - Projects

HANG LUNG PROPERTIES HONG KONG Peter LEUNG Director

GAW CAPITAL PARTNERS HONG KONG Christina GAW Managing Principal Kenny GAW President and Managing Principal

MIPIM Asia Summit

HCP SPAIN Jesus RUIZ GILIBERT Asia Pacific-Operations Manager

HEITMAN HONG KONG Sang Yoon PARK Acquisitions Raymond ZHANG Senior Vice President, Head of Greater China and Southeast Asia - Client Service & Marketing

HSBC HONG KONG David CHANG Global Head of Real Estate Strategy HYSAN DEVELOPMENT COMPANY LIMITED HONG KONG Ricky LUI Chief Operating Officer & Executive Director

HENGLI INVESTMENTS HONG KONG Ian CHAN Managing Director

HENNING LARSEN ARCHITECTS HONG KONG Elva TANG Partner, Managing Director of Architecture & Urbanism, APAC

I.T LIMITED HONG KONG Rosa TAM Property Director

HENRY BUTCHER MALAYSIA (PENANG) SDN. BHD MALAYSIA Grace KHOO Manager Jason TEOH Director

INDOCHINA CAPITAL VIETNAM Michael Paul PIRO Chief Operating Officer Lucas Le RYDER Investment Senior Associate

HKS INC CHINA Bin CAO Partner, SVP, Managing Director of East Asia

INVESTMENT CORPORATION OF DUBAI UNITED ARAB EMIRATES Othmane JABRI Principal - Real Estate & Hospitality (Investment) Meenali KHANCHANDANI Manager - Real Estate & Hospitality

HON KWOK LAND INVESTMENT CO., LTD. HONG KONG David MA Director James WONG Chairman

IVANHOE CAMBRIDGE SINGAPORE PTE LTD. SINGAPORE George AGETHEN Co-Head Asia Pacific

HONG KONG MONETARY AUTHORITY HONG KONG Janis KWOK Associate Portfolio Manager Lawrence LOK Associate Portfolio Manager Samson WONG Chief Investment Officer, Private Markets Richard YUE Associate Portfolio Manager HONGKONG LAND LIMITED HONG KONG Clement LAU Director & Head of Development & Valuations, Commercial Property

One Book 2023

Participants List

K KAFD SAUDI ARABIA Sharaf ALSALIM Sr. Manager Sales and Leasing

JAPAN VALUERS CO., LTD. JAPAN Teruo HASEGAWA Manager Takashi NAKAZAWA Head of International Relations Thazin OO Associate

KING SALMAN PARK FOUNDATION SAUDI ARABIA George TANASIJEVICH CEO KKR ASIA LIMITED HONG KONG John PATTAR Partner

003_LINK_GDE_ASIA

MIPIM Asia Summit

KOHN PEDERSEN FOX ASSOCIATES PC UNITED STATES Florence CHAN Director Bernard CHAN Principal Rebecca CHENG Principal

LEE KUM KEE GROUP HONG KONG John NG CFO LENDLEASE DEVELOPMENT MALAYSIA SDN BHD MALAYSIA Trevor HILL General Manager - The Exchange TRX Mitch WILSON Project Director - The Exchange TRX & Head of Retail

KROLL HONG KONG Stacey LAU Managing Director

LHT CAPITAL HONG KONG Vivian CHAN Managing Director

KWAP MALAYSIA Aiman AB RAZAK Investment Analyst Nadiah HAMID Assistant Vice President Ahmad Shakir MOHD ASRI Director Real Estate

LIFESTYLE FEDERATION LIMITED HONG KONG Wai Yan Louis PONG Chairman

LINK ASSET MANAGEMENT LIMITED HONG KONG Gary FOK Managing Director - Leasing (HK) George HONGCHOY Executive Director & Chief Executive Officer Calvin Lee KWAN Managing Director, Sustainability and Risk Governance Thomas WAN Director - Strategic Investment

LASALLE INVESTMENT MANAGEMENT HONG KONG Chris CHOW Senior Managing Director Claire TANG Co-CIO Asia Pacific and Head of Greater China

LIU CHONG HING INVESTMENT LIMITED HONG KONG Jonathan LAW Vice President - Mainland China and Overseas Projects

LASVIT (APAC) LTD. HONG KONG Vojtech HAVRDA Associate General Manager

LIVESTATE ASSET MANAGEMENT JAPAN Eric AU Founder

LEAD8 HONG KONG David BUFFONGE Co Founder and Executive Director Simon CHUA Co Founder and Executive Director Christine HAU Co Founder and Executive Director

LIVRICHY REAL ESTATE UNITED ARAB EMIRATES Natalia ILINA Real estate broker Yevgeniya NEGRIY Real estate broker

One Book 2023

Participants List LULULEMON HONG KONG Sandro HINDS APAC Head of Real Estate and Store Development

MITSUI FUDOSAN INVESTMENT ADVISORS, INC. JAPAN Shuji TOMIKAWA Chair

MJ&CIE UNITED STATES Alberto HADDAD Member of the Board MK EQUITY KFT HUNGARY Murat KAYA Investor

MACQUARIE ASSET MANAGEMENT SINGAPORE Charles GRIFFITH Associate Director, Real Estate APAC

MADISON INTERNATIONAL REALTY, LLC UNITED STATES Yichao MARK Head of Asia MAJID AL FUTTAIM PROPERTIES UNITED ARAB EMIRATES Mohammed HMEID Head of Sales and Sales Operations Muhye MANSOUR Managing Director

NAN FUNG DEVELOPMENT LIMITED HONG KONG Steven AU Deputy General Manager of Project Department

MANULIFE INVESTMENT MANAGEMENT HONG KONG Kenneth TSANG Senior Managing Director, Head of Asset Management, Asia

NAN FUNG GROUP HONG KONG Raymond KWOK Senior Director - Head of Global Property Research & Data Analytics Clement YEUNG Senior Project Manager

MAUCHER CONSULT GMBH GERMANY Michael MAUCHER Managing Director

NARAI HOSPITALITY GROUP THAILAND Tam Nithida NITHIVASIN CIO

MERCER INVESTMENT SOLUTIONS (SINGAPORE) PTE. LTD. SINGAPORE Johnny ADJI Alternatives Investment Leader, Asia

NATIVE LAND UNITED KINGDOM Finn CAREW Managing Director - Investment NEW WORLD DEVELOPMENT COMPANY LIMITED HONG KONG Eric HUANG Director-Business Planning Jeff TUNG Head of Special Projects - Project Management

METAPROP UNITED STATES Aaron BLOCK Co-founder and Managing Partner

MIPIM Asia Summit

OXFORD PROPERTIES UNITED KINGDOM Hala EL AKL Senior Director of ESG

NEWMARK UNITED STATES Frederick WONG Executive Managing Director

NIKKEN HOUSING JAPAN Naoki TAKAMOTO Architect NIKKEN SEKKEI LTD JAPAN Tadahiko MURAO Principal, Head of Europe Ashida TOMOYUKI Principal, Executive Officer Lu ZHONG Principal, Head of China

PAG HONG KONG Horst GEICKE Founding Partner PARK CAPITAL GROUP LIMITED HONG KONG Wendy LAW Executive Director Sin Cheung Samuel LUK Investment Manager

NIRVANA CAP HONG KONG Thomas LEUNG Partner

PARTNERS GROUP SINGAPORE Paige KOH Head of Business Development, Real Estate APAC Tianqi WU Asset Class Expert

NOMURA REAL ESTATE HONG KONG HONG KONG Masaki MIYAZAWA Managing Director NUVEEN REAL ESTATE HONG KONG Jing ZHOU Senior Director - Alternatives Investment and Strategic Transactions

PEMBROKE REAL ESTATE JAPAN LLC JAPAN Akira SHIMIZU Vice President, Head of Asia Pacific

PETRONAS MANAGEMENT TRAINING SDN BHD MALAYSIA Masalina UJANG Senior Manager PKF HOSPITALITY GROUP HONG KONG Robin WATTINGER Managing Director

OASE CHINA Joâo BRANCO Business Developer Julia ZHU Business developer

PLP ARCHITECTURE UNITED KINGDOM Lee POLISANO President Tina QIU Director

OPPORTUNITY LONDON UNITED KINGDOM Jace TYRRELL Chief Executive

One Book 2023

Participants List POLARIS HOLDINGS LTD HONG KONG Oscar CHOW Managing Director

RDAI ARCHITECTURE ASIA HONG KONG Mathieu ALFANDARY RDAI Architecture Asia Director

PRADA ASIA PACIFIC LIMITED HONG KONG Andrew OLSON Legal Counsel

REALTERM APAC MANAGEMENT PTE LTD SINGAPORE Paul UNDERWOOD Head of International Funds Bastian VAN HALDER Managing Director Asia Pacific

PROFESSIONAL PROPERTY SERVICES LIMITED HONG KONG Margaret BROOKE CEO Nicholas BROOKE Chairman

RICHEMONT HONG KONG Patsy CHAN patsy.chan@richemont.com

PUBLIC INVESTMENT FUND SAUDI ARABIA Geoffrey LAI Executive Project Director

ROAD KING INFRASTRUCTURE AND DEVELOPMENT HONG KONG Juliet LI Head of investments

QUADREAL HONG KONG Max GOLOPOL Vice President Peter KIM Global Head, Strategic Partnerships Nat MILLER QuadReal Ryan CHAN Vice President

SAINT LAURENT HONG KONG Simon LUK Business Development Director, APAC SANDS CHINA LTD HONG KONG Gloria SIU Assistant Vice President, Head of Leasing, Retail Development

SC ASSET CORPORATION PLC. THAILAND Pitchakorn MEESAK Head of SC Global Network Sornsajee SRISIAM International Marketing Manager Vichada TA-IN International Sales Manager

RAHLFS IMMOBILIEN GMBH GERMANY Dirk Wilhelm RAHLFS Managing Director and Owner

MIPIM Asia Summit

SCHINDLER MANAGEMENT AG SWITZERLAND Michael DOBLER Senior Vice President Global Account Management Zafer KABADAYI Group NI Sales Director Karl SCHOTTLER Head Large Project Center for Asia Pacific

SMCP ASIA HONG KONG Stella CHUNG Regional Business Development Director SOW CAPITAL LTD. HONG KONG Kun To Philip WONG CEO

SECURITIES FUTURES COMMISSION HONG KONG Fook Aun CHEW Non Executive Director

SPECTRUM RESEARCH ASIA MALAYSIA Elkie YIP Managing Director

SHINHAN BANK HK BRANCH HONG KONG David LEE Managing Director

SQONEPROPERTYPARTNERS LTD CYPRUS Antonis COSTA Director

SHUI ON XINTIANDI CHINA Carol CHEN CHUN Commercial Director of Panlong Tiandi Han Jie FENG Manager Luna FONG WAN LUN GM of Investor Relations

STANDARD ASIA THAILAND Angelica CHOY Assistant Director Business Development Florian LINDER VP Business Development

SHUN TAK QIANTAN (SHANGHAI) CULTURAL & REAL ESTATE CO LTD CHINA Sung Tak James CHOW Head of Commercial Real Estate

STARR INTERNATIONAL INVESTMENT ADVISORS (ASIA) LIMITED HONG KONG Alison COOKE Managing Director, Real Estate

SIAM SINDHORN CO., LTD. BRANCH 00014 THAILAND Krid KUSUMAWALEE Director of Business Development, Asia Region (excl. China), Kempinski Hotels

STARWOOD CAPITAL GROUP, ASIA PACIFIC JAPAN Kevin LEE Managing Director, Head of Asia Real Estate Jun Kang - JK TAN Vice President

SINO GROUP HONG KONG Andrew YOUNG Associate Director (Innovation)

STEPHENSON HARWOOD HONG KONG Janice Yau GARTON Partner

SIR ELLY KADOORIE & SONS LIMITED HONG KONG Alex HENDERSON Director, Property Investments

STERLING PRIVATE MANAGEMENT LIMITED HONG KONG Sofia WANG Investment Director

One Book 2023

Participants List

SUMITOMO MITSUI TRUST BANK JAPAN Daisuke NAOI Associate General Manager SUN HUNG KAI PROPERTIES HONG KONG Theo CHENG Director - Investment Jane DING Director’s Office Tasos KOUSLOGLOU CEO - Hotel Division

TAIPING SECURITIES (HK) LTD HONG KONG David CHAN Head of Research Dept THE ASCOTT LIMITED SINGAPORE Siew Kim BEH Chief Financial & Sustainability Officer

SUNLINK HOLDINGS (HK) LIMITED HONG KONG Angus CHAN COO/CFO

THE CHU FAMILY FOUNDATION HONG KONG Stephen CHU Director

007_VLINKER_GDE_ASIA

MIPIM Asia Summit

THE EXECUTIVE CENTRE HONG KONG Chelsea PERINO Managing Director, Global Marketing & Communications

UNIVERSITY COLLEGE OF ESTATE MANAGEMENT HONG KONG Tim BENNETT Dean (International) | Head of APAC | Director of UAL Dione TSE Business Development Manager

THE WING ON DEPARTMENT STORE (HONG KONG) LIMITED HONG KONG Gareth KWOK Director

UOL GROUP SINGAPORE Shirley NG Chief Investment Officer

TMF SINGAPORE H PTE. LTD SINGAPORE Winson LEUNG Commercial Director - Funds services Patrick NA Market Head of Business Development Singapore and Malaysia Kosaku YOSHIOKA Market Head of Business Development Kam YUEN Head of Fund services

V VERVAIN RESOURCES LTD. HONG KONG Owen HO Chief Executive

TOWNSEND GROUP HONG KONG Joseph TANG Partner

VICTORINOX HONG KONG LIMITED HONG KONG Dauphin CHAN General Manager, APAC

VLINKER CHINA Craig TO VP, Head of Capital Raising

ULI ASIA PACIFIC HONG KONG Zoe AUCLAIR-BOISSONNAT Head of Events, APAC ULI ASIA PACIFIC HONG KONG May LEE Director Corporate Partnerships, APAC

WANG ON PROPERTIES LTD HONG KONG Nick TANG CEO & Executive Director

UNDIVIDED VENTURES HONG KONG Ariel SHTARKMAN Founder

WARBURG PINCUS ASIA LLC HONG KONG Ellen NG Managing Director, Co-Head of Asia Real Estate

One Book 2023

Participants List

WAYFARER JAPAN Winston CHU CEO WEMAINTAIN SINGAPORE Byron FULLER COO & MD Asia

YARDI SYSTEMS LTD HONG KONG Alan LEE Senior Regional Manager Kenneth LI Regional Manager Damien TEO Account Executive

WING TAI PROPERTIES LTD HONG KONG Kar Wai Kenneth NG Executive Director & Managing Director - Properties WINGATE AUSTRALIA Mark HARRISON Managing Director - Property Nick JACOBSON Managing Director - Property

YUEXIU REIT ASSET MANAGEMENT LTD. HONG KONG Michael ZENG Investment Manager

WONDERBRICKS LIMITED HONG KONG Annie LIANG CEO and Founder WOODS BAGOT CHINA Pearl HUANG Director / Woods Bagot Shanghai Studio Chair

ZAHA HADID ARCHITECTS HONG KONG Bianca CHEUNG Senior Associate Sara KLOMPS Director Simon YU Director

ZURICH INSURANCE HONG KONG William SHAW Head of Real Estate, Asia Pacific

XILAN GROUP LIMITED HONG KONG Clarence Chun Kit LING Chairman

MIPIM Asia Summit

One Book 2023

Conferences & Events Programme

Check out our up to date speakers’ directory here

MIPIM-Asia-Guide_Confs.indd 1

Check out our up to date conferences’ directory here

29/11/2023 17:30

Speakers

George Agethen

Co-head of Asia-Pacific Ivanhoe Cambridge Singapore Pte Ltd

David Buffonge

Co Founder and Executive Director Lead8

Rui Hua Chang

Managing Director, Business Management and Investment ESR Hong Kong

Simon Chua

Co Founder and Executive Director Lead8

Guy Fulton

Director Carlton Property Ltd.

MIPIM Asia Summit MIPIM-Asia-Guide_Confs.indd 2

Anson Bailey

Siew Kim Beh

Head of Consumer & Retail, Asia Pacific KPMG

Chief Financial & Sustainability Officer The Ascott Limited

Andrew Chan

Angela Chan

Managing Director, Head of Valuation and Advisory Services, Greater China Cushman & Wakefield

Global Investment Lead Swire Properties

Bella Chhoa

Justin Chiu

Executive Director CK Asset Holdings Limited

Director - Asset Management Sino Group

Josh Daitch

Brad Dockser

Group Chief Investment Officer ESR Group Limited

CEO & Co-Founder Green Generation

Christina Gaw

Dietrich Heidtmann Head of Global Capital Formation AREIM AB

Managing Principal Gaw Capital Partners

Aaron Block

Co-founder and Managing Partner MetaProp

Cary Chan

Executive Director Hong Kong Green Building Council

Donald Choi

Executive Director and Chief Executive Officer Chinachem Group

Hala El Akl

Senior Director of ESG Oxford Properties

Sandro Hinds

APAC Head of Real Estate and Store Development Lululemon

94 29/11/2023 17:30

George Hongchoy

Executive Director & Chief Executive Officer Link Asset Management Limited

Sherman Hung

Head of Asia-Pacific, Real Assets AXA IM Alts

Alan Kam

Takeshi Kodama

Tasos Kousloglou

CEO, Hotel Division Sun Hung Kai Properties Ltd

Rebecca Lam

Managing Director, Real Estate Asia CPP investments

Co-Founder & CEO Forest Logistics Properties 瀚溥

Laurent Jacquemin

Managing Director, Head of Large Corporates DBS Bank Hong Kong

Founder & CEO AB Capital Investment Limited

Hank Hsu

Edmund Ho

Board Director APREA, Hong Kong Chapter

Lee Jackson

Chief Executive Officer Carnot Innovations Limited

Paige Koh

Jordan Kostelac

Calvin Lee Kwan

Managing Director, Sustainability and Risk Governance Link Asset Management Limited

Clement Lau

Director & Head of Development and Valuations, Commercial Property Hongkong Land Limited

95 MIPIM-Asia-Guide_Confs.indd 3

Ashish Justin

Partner, Head of real estate private capital Eversheds Sutherland International

Head of Business Development, Real Estate APAC Partners Group

Executive Manager 31VENTURES, Mitsui Fudosan

Eric Huang

Director - Business Planning New World Development

Samuel Kwong

General Manager ESG Chinachem Group

Collin Lau

Founder and CEO BEI

Founder deploy.

Dr. Charles Lam

Co-Head of APAC Diversified Funds EQT Exeter

Francis Li

International Director, Head of Capital Markets, Greater China Cushman & Wakefield

One Book 2023 29/11/2023 17:30

Speakers

Annie Liang

CEO & Founder Wonderbricks Limited

Michelle Mak

Head of ESG and Enterprise Learning Dun & Bradstreet

Chelsea Perino

Managing Director, Global Marketing & Communications The Executive Centre

Gloria Siu

Assistant Vice President, Head of Leasing-Retail Development Sands China

Nick Tang

CEO Wang On Properties

MIPIM Asia Summit MIPIM-Asia-Guide_Confs.indd 4

Nicholas James Loup

Stephanie B. Y. Lo

Group Vice Chairman Chelsfield

Executive Director Shui On Land Limited

Gordon Marsden

Head of Capital Markets Asia Pacific Cushman & Wakefield

Stephen Qiu

Nat Miller

Susheela Rivers

Ariel Shtarkman

Nigel Smith

Bryan Southergill Partner, Head of Asia Real Estate Ares Management

Rosanna Tang

Lewis Neal

His Majesty’s Trade Commissioner to China and Hong Kong UK Department for Business and Trade

Office Managing Partner DLA Piper Hong Kong

Craig To

Executive Director, Head of Research Cushman & Wakefield

ED & COO Hysan Development Company Limited

Senior Vice President QuadReal Property Group

Managing Director, Capital Markets, Greater China Cushman & Wakefield

Founder / CEO Nigel Smith Associates

Ricky Lui

Vice President, Head of Capital Raising Vlinker

Founder Undivided Ventures

Claire Tang

Co-CIO, Asia Pacific and Head of Greater China LaSalle Investment Management

Patrick Tu

CEO & Co-founder Dayta AI

96 29/11/2023 17:30

Jonathan Umali

Chief Investment Officer ARCH Capital Management Company Limited

James Wong

Chairman Chinney Hon Kwok Group

James Young

Head of Investor Services, EMEA & APAC Cushman & Wakefield

Raymond Zhang

Senior Vice President, Head of Greater China and Southeast Asia Client Service & Marketing Heitman

Jon Waite

Dan Voellm

Senior Responsible Investment Manager, Asia Pacific APG

CEO & Founder AP Hospitality Advisors

Patrick Wong

Head of Bloomberg Intelligence Hong Kong & Senior Analyst APAC Real Estate Bloomberg L.P.

Johnny Yu

Advisor to Chairman Henderson Land Development Company Limited

Pak Man Yuen

Managing Director Blackstone

Andrew Young

Associate Director (Innovation) Sino Land

Hazem Zagzoug

Deputy Chairman and CEO Andalusia Health

Jing Zhou

Senior Director Alternatives Investment and Strategic Transactions Nuveen Real Estate

97 MIPIM-Asia-Guide_Confs.indd 5

Elkie Yip

Managing Director Spectrum Research Asia

Leonie Wilkinson

Senior Vice President Brookfield

One Book 2023 29/11/2023 17:30

At a Glance Programme Tuesday 5 December GRAND BALLROOM CONTENT

GRAND ROOM

NETWORKING

08.30 | Registration counter opens 08.30 > 09.30 |

Networking Breakfast

09.30 > 10.40 Road To Zero Workshop 10.40 > 11.10 |

10.00 > 12.00

Coffee Break

INVESTORS FORUM (Closed-door Investors Forum by Invitation only)

11.10 > 12.00 AI Impact on Real Estate 12.00 > 13.15 |

Networking Lunch

13.15 > 14.00 The Leaders’ Perspective 14.00 > 14.45 Unlocking Asian Opportunities : Japan, China, And Beyond? 14.45 > 15.30

15.30 > 16.15

Outbound Investments

Business Showcase – The Rise of Chinese Capital: A Discussion on the Growing Importance of Domestic Investors in Mainland China and the Burgeoning C-REIT Market

15.45 > 16.15 |

Coffee Break

Organised by

16.15 > 17.00 Housing Trends For The Future 17.00 > 17.45 The Future Of Workplace 17.45 > 18.15 Leaders’ Perspective: The Winning Circle From 18.15 |

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Opening Dinner Party

98 29/11/2023 17:30

Wednesday 6 December GRAND BALLROOM

08.30 > 09.30 |

GRAND ROOM

Networking Breakfast

10.00 > 10.45 Realigning Strategies To Face Risks And Uncertainty: Inflation, Interest Rates, World Economics 10.45 > 11.15 |

Coffee Break

11.15 > 12.00 Inbound Investments: The Latest Hot Markets & Regions 12.00 > 12.45 Alternative Investments: How To Diversify Portfolios For A Better Resilience? 12.45 > 14.00 |

Networking Lunch

14.00 > 14.45 Towards An Experiential Retail 14.45 > 15.30 Hospitality 15.30 > 16.00 |

Coffee Break

16.00 > 17.00 Meet The Chairmen: Restart 17.00 > 18.30 | Networking Break 18.30 | Registration counter opens 19.00 > 21.30 |

MIPIM Asia Awards Gala Dinner (separate registration required)

Programme as of November 28, 2023

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Tuesday 5 December

08.30 | Registration counter opens 08.30 > 09.30 |

Networking Breakfast

09.30 > 10.40 | Grand Ballroom Road To Zero Workshop Open to all, this workshop is an opportunity to share views with industry peers about how innovation, technology, and greater collaboration can help real estate meet the challenges of decarbonisation, and improve the resilience of Asian cities to natural disasters. 9.30 > 9.45

Introduction

9.45 > 10.10 Get moving on net zero for a better resilience: 3 top key challenges & opportunities 10.10 > 10.40 How can innovation accelerate road to zero? (Pecha Kucha)

Closed Door Event

Master of Ceremony

10.00 > 12.00 | Grand Room

Aaron Block Co-founder and Managing Partner MetaProp

The Investors Forum By invitation only

Moderator

The Investors Forum provides a unique and exclusive opportunity for sovereign wealth, pension and insurance funds, family offices and other capital owners to exchange views on their investment strategies for real estate in Asia. Key topics for the industry such as providing affordable housing, reimagining city centres and ESG investment will be discussed. They will also assess how the built environment is currently navigating its way in a post pandemic and global warming world, with rising cost of living, inflation and interest rates. The Investors Forum will debate these challenges and share innovative solutions for the real estate industry and the investment community.

Brad Dockser CEO & Co-Founder Green Generation

Speakers David Buffonge, Co Founder and Executive Director, Lead8 • Cary Chan, Executive Director, Hong Kong, Green Building Council • Hala El Akl, Senior Director of ESG, Oxford Properties • Ashish Justin, Chief Executive Officer, Carnot Innovations Limited • Takeshi Kodama, Executive Manager, 31VENTURES, Mitsui Fudosan • Calvin Lee Kwan, Managing Director, Sustainability and Risk Governance, Link Asset Management Limited • Samuel Kwong, General Manager ESG, Chinachem Group • Ariel Shtarkman, Founder, Undivided Ventures • Jon Waite, Responsible Investment Manager, APG AM Asia

10.40 > 11.10 MIPIM Asia Summit MIPIM-Asia-Guide_Confs.indd 8

Speakers George Agethen, Co-head of Asia-Pacific, Ivanhoe Cambridge Singapore Pte Ltd • Justin Chiu, Executive Director, CK Asset Holdings Limited • Rebecca Lam, Managing Director, Real Estate Asia, CPP investments • Collin Lau, Founder and CEO, BEI

Coffee Break 100

29/11/2023 17:30

11.10 > 12.00 | Grand Ballroom AI Impact on Real Estate AI has become a part of our daily lives, and should be integrated into the suite of solutions used by real estate players to manage the industry’s transformation and meet market expectations. This session will explore how AI, blockchain and other technologies are revolutionising real estate in Asia. From architecture to valuations, construction to marketing, tools like ChatGPT and Google’s Bard can streamline tasks and improve efficiency. With advancements in virtual reality, products integrating 3D scanning, 360-degree cameras and relevant software solutions are allowing developers to build more quickly and cost effectively, for a more sustainable construction cycle. How can real estate owners and occupiers evaluate the right technology for their business and incorporate it into their operations and portfolios, and what will the digital transformation of society and industry bring next? 11.10 > 11.40

Panel

11.40 > 12.00

Start-up pitchs

Moderator

Speakers

Jordan Kostelac Founder deploy

Anson Bailey, Head of Consumer & Retail, Asia Pacific, KPMG Angela Chan, Global Investment Lead, Swire Properties Annie Liang, CEO & Founder, Wonderbricks Limited Patrick Tu, CEO & Co-founder, Dayta AI Andrew Young, Associate Director (Innovation), Sino Group

12.00 > 13.15 |

Networking Lunch

13.15 > 14.00 | Grand Ballroom Leaders’ Perspective Compelling insights from regional industry leaders on the most important themes in Asian real estate, including the zero-carbon challenge. Moderator

Speakers

Patrick Wong Head of Bloomberg Intelligence Hong Kong & Senior Analyst, APAC Real Estate Bloomberg L.P.

Rui Hua Chang, Managing Director, Business Management and Investment, ESR Hong Kong Donald Choi, Executive Director and Chief Executive Officer, Chinachem Group Nicholas James Loup, Group Vice Chairman, Chelsfield Ricky Lui, ED & COO, Hysan Development Company Limited

Programme as of November 28, 2023

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Tuesday 5 December

14.00 > 14.45 | Grand Ballroom Unlocking Asian Opportunities : Japan, China, and Beyond? Opportunities for investment in Asia, particularly in countries like Japan and China, increasingly represent a compelling diversification play amidst global macroeconomic headwinds. Japan’s low interest rate environment provides cheaper debt and a more liquid market, while China’s evolving market dynamics also presents unique investment opportunities. Real estate insiders discuss prospects and competing for assets in the Asia markets. Moderator

Speakers

Rosanna Tang Executive Director, Head of Research Cushman & Wakefield

Justin Chiu, Executive Director, CK Asset Holdings Limited Laurent Jacquemin, Head of Asia-Pacific, Real Assets, AXA IM Alts John Pattar, Partner and Head of Real Estate business in Asia Pacific, KKR

14.45 > 15.30 | Grand Ballroom Outbound Investments This session will address which countries are currently attracting significant cross-border investment within the region, why and how Asian investors are executing deals. How do global economic trends and the evolving geopolitical landscape influence Asian investors’ strategies, and which asset classes are most interesting? What are the preferred destinations for Asian investors, and why? How does the evolving geopolitical landscape and global economic trends influence Asian investors’ strategies? Moderator

Speakers

Lee Jackson Partner - Head Of Real Estate Private Capital Eversheds Sutherland International

Dietrich Heidtmann, Head of Global Capital Formation, AREIM AB Paige Koh, Head of Business Development Real Estate APAC, Partners Group Lewis Neal, His Majesty’s Trade Commissioner to China and Hong Kong, UK Department for Business and Trade Hazem Zagzoug, Deputy Chairman and CEO, Andalusia Health

15.30 > 16.15 | Grand Room

Organised by

Business Showcase - The Rise of Chinese Capital: A Discussion on the Growing Importance of Domestic Investors in Mainland China and the Burgeoning C-REIT Market Speakers Andrew Chan, Managing Director, Head of Valuation and Advisory Services, Greater China, Cushman & Wakefield Francis Li, International Director, Head of Capital Markets, Greater China, Cushman & Wakefield Stephen Qiu, Managing Director, Capital Markets, Greater China, Cushman & Wakefield James Young, Head of Investor Services, EMEA & APAC, Cushman & Wakefield

15.45 > 16.15 MIPIM Asia Summit MIPIM-Asia-Guide_Confs.indd 10

Coffee Break 102 29/11/2023 17:30

16.15 > 17.00 | Grand Ballroom Housing Trends For The Future A discussion tackling the major trends across the living asset class, including the evolving outlook for Asian residential in a post-pandemic context. What are the supply and demand dynamics like around multifamily, Build-to-Rent, and affordable housing? What developments are occurring in student housing, co-living and senior residences? This panel will address the winning strategies for succeeding in this booming asset class, including investor positioning and the leading geographies. Moderator

Speakers

Nigel Smith Founder / CEO Nigel Smith Associates

Nick Tang, CEO, Wang On Properties Craig To, Vice President, Head of Capital Raising, Vlinker Leonie Wilkinson, Senior Vice President, Brookfield Raymond Zhang, Senior Vice President, Head of Greater China and Southeast Asia Client Service & Marketing, Heitman

17.00 > 17.45 | Grand Ballroom The Future Of Workplace While the pandemic altered how and where people work, office real estate still plays a central role in city development and business strategies. But what will office demand look like in the new normal, and which kinds of assets are best placed to meet the evolving needs of modern occupiers? This session will explore which cities are displaying resilience in terms of office occupancy, pipeline and development dynamics, and the challenges of ESG for the sector. Moderator Speakers Guy Fulton Director Carlton Property Ltd.

Clement Lau, Director & Head of Development and Valuations, Commercial Property, Hongkong Land Limited Michelle Mak, Head of ESG and Enterprise Learning, Dunn & Bradstreet Hong Kong Chelsea Perino, Managing Director, Global Marketing & Communications, The Executive Centre Johnny Yu, Advisor to Chairman, Henderson Land Development Company Limited

17.45 > 18.15 | Grand Ballroom Leaders’ Perspective: The Winning Circle The past winners of the prestigious MIPIM Asia Awards share the secrets of their success, and best practices for resilient and future-proof real estate, with an eye on sustainability. Moderator Speakers Edmund Ho Board Director APREA, Hong Kong Chapter

From 18.15

Adriel Chan, Vice Chair, Hang Lung Properties Limited Stephanie Lo, Executive Director, Shui On Land Limited

Opening Dinner Party Programme as of November 28, 2023

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Wednesday 6 December

08.30 > 09.30 |

Networking Breakfast

10.00 > 10.45 | Grand Ballroom Realigning Strategies To Face Risks And Uncertainty: Inflation, Interest Rates, World Economics How are real estate markets in Asia impacted by inflation, interest rates and other macroeconomic markers? In a region characterised by significant diversity, with territories at different points in the economic cycle, this session will address which geographies are most interesting for the investor today. To what extent has pricing already adjusted in current market conditions, and what is the likelihood of distress emerging? Moderator

Speakers

Susheela Rivers Office Managing Partner DLA Piper Hong Kong

Eric Huang, Director - Business Planning, New World Development Sherman Hung, Managing Director, Head of Large Corporates, DBS Bank Hong Kong Collin Lau, Founder and CEO, BEI Bryan Southergill, Partner, Head of Asia Real Estate, Ares Management

10.45 > 11.15

Coffee Break

11.15 > 12.00 | Grand Ballroom Inbound Investments: The Latest Hot Markets & Regions Asian real estate markets continue to attract significant volumes of foreign investment from institutional investors and private funds pursuing opportunities for diversification and attractive returns. Which cities, countries and asset classes are most appealing for overseas capital, and how can Asian firms connect with global funds? This session will also address the best strategies for selling into the global marketplace and the importance of data and transparency to drive cross-border deals Moderator

Speakers

Gordon Marsden Head of Capital Markets, Asia Pacific Cushman & Wakefield

George Agethen, Co-head of Asia-Pacific, Ivanhoe Cambridge Singapore Pte Ltd Nat Miller, Senior Vice President, QuadReal Property Group Claire Tang, Co-CIO, Asia Pacific and Head of Greater China, LaSalle Investment Management Jonathan Umali, Chief Investment Officer, ARCH Capital Management Company Limited

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12.00 > 12.45 | Grand Ballroom Alternative Investments: How To Diversify Portfolios For A Better Resilience? The emergence of alternative real estate segments in recent years have added diversity and resilience to property portfolios. Owning operational real estate, with a potential for greater value extraction, has become a key investment play to hedge against macroeconomic headwinds. This session will explore dynamic sectors such as logistics, data centres, healthcare assets, life sciences and flexible offices, that all tap into global megatrends and the needs of the digital economy. Moderator

Speakers

Dr. Charles Lam Co-Head of APAC Diversified Funds EQT Exeter

Josh Daitch, Group Chief Investment Officer, ESR Group Limited Hank Hsu, Co-Founder & CEO, Forest Logistics Properties 瀚溥 Pak Man Yuen, Managing Director, Blackstone Jing Zhou, Senior Director Alternatives Investment and Strategic Transactions, Nuveen Real Estate

12.45 > 14.00 |

Networking Lunch

14.00 > 14.45 | Grand Ballroom Towards An Experiential Retail The polarisation of retail has continued in recent years, with prime assets in great locations set to remain successful in the long-term. However, with online shopping habits becoming more entrenched around the region during and after the pandemic, how can retail assets capture greater footfall and dwell time? Shopping centres, highstreets and retail parks will all have to provide more compelling experiences to attract and retain shoppers, with leisure and F&B playing a key role. This session will cover best practices and inspiring examples from global retail players. Moderator

Speakers

Elkie Yip Managing Director Spectrum Research Asia

Bella Chhoa, Director, Asset Management, Sino Group Simon Chua, Co Founder and Executive Director, Lead8 Sandro Hinds, APAC Head of Real Estate and Store Development, Lululemon Gloria Siu, Assistant Vice President, Head of Leasing-Retail Development, Sands China

Programme as of November 28, 2023

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Wednesday 6 December

14.45 > 15.30 | Grand Ballroom Hospitality The hospitality sector has begun to bounce back post-pandemic, with those investors that displayed foresight during the years of distress starting to reap the rewards of this dynamic sector. As travel reopens, markets like Thailand, Singapore, Australia, India, and Japan are in focus. Will business hotels return to full occupancy, or should investors focus on leisure and resort destinations? This session will present the latest opportunities and evaluate their risks and returns. Moderator

Speakers

Dan Voellm CEO AP Hospitality Advisors

Siew Kim Beh, Chief Financial & Sustainability Officer, The Ascott Limited

15.30 > 16.00

Alan Kam, Founder & CEO, AB Capital Investment Limited Tasos Kousloglou, CEO - Hotel Division, Sun Hung Kai Properties Ltd

Coffee Break

16.00 > 17.00 | Grand Ballroom Meet The Chairmen: Restart The real estate industry is preparing for the start of a new cycle, with the markets of Asia under the spotlight as the world’s countries defend themselves against economic, geopolitical, and environmental shocks. Asia’s diverse economies offer a wealth of opportunity to global actors in real estate, drawn by its emerging markets, mature cities and macroeconomic markets. Where do the most resilient opportunities lie and how can ESG targets be achieved? Moderator

Speakers

Francis Li International Director, Head of Capital Markets, Greater China Cushman & Wakefield

Christina Gaw, Managing Principal, Gaw Capital Partners George Hongchoy, Executive Director & Chief Executive Officer, Link Asset Management Limited James Wong, Chairman, Chinney Hon Kwok Group

17.00 > 18.30 | Networking Break 18.30 | Registration counter opens 19.00 > 21.30 |

MIPIM Asia Awards Gala Dinner (separate registration required)

Programme as of November 28, 2023

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106

One Book 2023 29/11/2023 17:30

The Global Urban Festival Housing Matters! on Monday 11 March

12-15 March 2024

Palais des Festivals, Cannes, France Through a unique, urban festival lasting 4 days in Cannes, MIPIM influences and accelerates the transformation of the built environment, welcoming diverse individuals and businesses. MIPIM connects and inspires the real estate community, investors, end users, tech innovators and civic leaders to help forge more sustainable, liveable, and prosperous places for all. To catalyse concrete solutions, MIPIM combines face-to-face discussions, networking events and thought-leadership with development opportunities and access to global capital. Be a part of MIPIM

mipim.com

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27/11/2023 15:08

Notes

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