REPORT EDITOR & CONTRIBUTORS
EDITOR:
John F. Tsui, Managing Principal, Peninsula House, LLC
CONTRIBUTORS:
Hei-Ming Cheng, CEO, Kailong REI, LLC
Benjamin Fanger, Co-founder, Shoreline Capital
Mark Ho, Assistant Vice President (Research and Strategic Planning), Pacific Star
David Meredith, Corporate Finance Partner, Weil, Gotshal & Manges LLP
Richard Middleton, Managing Director, Greater China, Cushman & Wakefield
Kelvin Ng, CEO and Founder, Synergistic Real Estate and Network
Russell Platt, Managing Director and CEO, Forum Partners
Gregory Wang, Managing Director and Co-Head, Collins Stewart LLC
Andrew Yao, Chairman and CEO, Van Shung Chong Holdings Ltd
Elaine Young, Co-Founder and CEO, Shama
Dennis Yow, Senior Vice President, and Mark Ho, Assistant Vice President, Pacific Star
Esther Zhang, Head of Research, Kailong REI, LLC
EDITOR:
John F. Tsui
John F. Tsui is Managing Principal of Peninsula House, LLC, a cross-border alternative asset investment firm involved in structured direct investment of real estate assets and real estate operating companies, as well as distressed loans and securities in Asia/Pacific and in China. In addition, he is engaged in leveraged buy-in and buyout of high growth Asian middle market companies.
He previously held managerial positions with hotel chains in their corporate headquarter and regional offices including Marriott Corporation, Sheraton Hotels in the Pacific, Landauer Associates - a leading property counseling and valuation firm and Bankers Trust Company (real estate banking division). He also held managerial positions at Carvel Corporation and Sky Chefs (in-flight catering). He is a member of Appraisal Institute (MAI), American Bankruptcy Institute, Turnaround Management Association (TMA), Urban Land Institute (ULI) and Young President’s Organization (YPO). He was appointed by Mr. John C. Whitehead to serve on the Board of Directors of the Greater New York Council of the Boy Scouts of America. He is the founder and Chairman of the Executive Education program in distressed real estate investment at Columbia University.
He earned a Bachelors in Hotel and Restaurant Administration from Michigan State University and a Masters in Real Estate and Finance from Columbia University. He earned an Owner President Management (OPM) degree at the Harvard Business School. He is an Adjunct Visiting Professor of Global Distressed Debt Workouts and Investment Analysis at the Masters program at Columbia University. He is also a Visiting Lecturer at the School of Economics and Management (SEM) at Tsinghua University in Beijing, China.
Born in Taiwan and raised in Brazil, he is fluent in Portuguese, Spanish and Chinese (Mandarin).
CONTRIBUTORS:
Hei-Ming Cheng
Mr. Cheng is the Chief Executive Officer of Kailong REI Shanghai and a shareholder of Kailong REI, LLC and one of the key founding members of Kailong REI Shanghai. He has over 25 years of real estate, banking and consultancy experience in the Greater China Region.
Kailong REI is a China focused real estate investment and asset management firm founded in 2004 with offices in Shanghai, Beijing and Hangzhou. It has invested in 8 real estate projects on behalf of its non-Chinese institutional capital partners. Total value of asset under management is over RMB 5.0 billion as of January 2009. It has a team of 90 professionals covering acquisition, asset management and financial reporting functions.
Prior to joining KaiLong in 2004, Mr. Cheng was the General Manager of Shui On Land in charge of its business in Hangzhou City, Xi Hu Tian Di ( the Hangzhou version of Xin Tian Di), Shanghai Rainbow City, a 1.6 million sq.m. residential development with comprehensive retail, education and other community facilities.
Mr. Cheng also worked for Standard Chartered Bank holding various positions including Head of Finance and Risk, China/Macau and Taiwan.
Mr. Cheng completed his Bachelor Degree in Accountancy in Hong Kong and obtained his MSc degree in Management Science from the Imperial College, University of London. He attended an Advanced Management Program for Executives of the Wharton School, University of Pennsylvania. He is a fellow member of the Association of Chartered Certified Accountants and an associate member of the Hong Kong Institute of Certified Public Accountants.
Benjamin Fanger
Benjamin Fanger co-founded Shoreline Capital in 2004 to invest in distressed debt, troubled assets and special situations in China. The firm currently manages approximately $250 million, with principle balances on its distressed debt holdings totaling over $2 billion. Shoreline Capital has subsidiary offices in China with over 30 professionals on the ground. The firm engages in not only the sourcing and pricing of distressed deals, but also work-outs, restructurings, litigations, auctions, and all other aspects of entering and exiting distressed Chinese investments.
Mr. Fanger oversees much of the company’s sourcing and management of investments, as well as deal analysis and execution. He has engaged in negotiations with Chinese distressed asset sellers, borrowers and buyers, and has worked with Chinese judges in court dispositions. Prior to founding Shoreline Capital, Mr. Fanger was a founding member in the start-up and exits of several firms, with the majority of his career being China-focused. He has done work on Chinese non-performing loan and private equity deals with the field’s leading team of attorneys. Mr. Fanger is fluent in spoken and written Chinese and has spent three years living in Greater China. He also holds a JD and an MBA from the University of Chicago and is a licensed attorney in the State of California.
Mark Ho
Mark Ho is an Assistant Vice President (Research and Strategic Planning) at Pacific Star, covering the Greater China market across major property asset classes. Trained in Electrical Engineering and Economics, he graduated from the University of Pennsylvania with honors under a scholarship granted by the Government of Singapore. Since graduation, Mark has been in the real estate industry in both the public and private sectors, engaged in policy formulation, research, investment and project development.
David Meredith
Based in Hong Kong, David Meredith is a corporate finance partner at Weil, Gotshal & Manges LLP, an international law firm of over 1,300 lawyers headquartered in New York, with offices throughout the U.S. and Europe. In late 2008, Weil Gotshal added a Beijing office to complement its practice in Shanghai and Hong Kong. Weil Gotshal and its attorneys have been consistently top-ranked by the most authoritative legal and financial industry publications such as Chambers USA and Chambers Global, IFLR, and The Lawyer. In 2007, after regular appearances on The American Lawyer’s A-List, the firm was ranked #2 in this elite ranking.
David Meredith primarily represents hedge funds and investment banks in cross-border transactions. David’s practice includes mezzanine debt financings, more than 20 high-yield debt trades, hybrid securities, subordinated debt, and structured equity financings such as convertible notes, exchangeable notes and debt-like preferred stock. These transactions involve primary issuance for financings, as well as workouts and debt exchange offers and consent solicitations, in industries ranging from telecommunications, media and technology, to real estate, hospitality, energy, health care and life sciences.
David practiced law for nine years in New York before moving to China to help establish Weil Gotshal’s offices in Shanghai in 2004 and Hong Kong in 2007. He has appeared as an invited speaker at regional conferences on distressed debt and insolvency and restructuring matters. He obtained his B.A. and J.D. degrees from The George Washington University.
Richard Middleton
Richard Middleton is Managing Director, Greater China, Cushman & Wakefield. Richard has over 15 years’ real estate experience and has been with Cushman & Wakefield in Hong Kong since 1997. Prior to this, Richard spent six years with Jones Lang Lasalle, both in Hong Kong and London. He started his career at Property Market Analysis, the leading independent real estate research consultancy in the UK. Richard holds an MA from Cambridge University.
Cushman & Wakefield is the world's largest privately held commercial real estate services firm. Founded in 1917, it has 227 offices in 59 countries and more than 15,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within four primary disciplines: Transaction Services, including tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property sales, investment management, valuation services, investment banking, debt and equity financing; Client Solutions, including integrated real estate strategies for large corporations and property owners, and Consulting Services, including business and real estate consulting. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at www.cushmanwakefield.com.
Kelvin Ng
Kelvin Ng is CEO and Founder of Synergistic Real Estate and Network, Singapore.
Synergistic Real Estate Management & Network Pte. Ltd. (SRE) is a retail and mixed-use development consultant and manager. Its core services include retail and mixed-used property development, investment planning/acquisitions, management, marketing & leasing, retail operation development and operations management. Along with our business partners and strategic alliances, we also provide other value added services like mall management IT solutions and commercial real estate planning in township planning
SRE’s directors and team have since then accumulated more than 20 years of commercial real estate experience in over 50 cities across eight countries. Projects which SRE’s directors were involved in include Marina Center, Junction 8 and Plaza Singapore (Singapore); Gurney Plaza and Great Eastern Mall (Malaysia); Wuhan People’s Parade and Raffles City Shanghai (Shanghai), Exchange Square and TaiMall (China & Taiwan).
Clients include local and international developers, property funds, REITs and property investors.
Russell Platt
Russell Platt is Managing Director and Chief Executive Officer of Forum Partners. Mr. Platt enjoys a 26-year career in real estate finance and investment in Europe and North America. He served as Managing Director of Morgan Stanley & Co., where from 1982 to 1999, he was involved in all aspects of its real estate business. He founded and managed the global real estate department of Morgan Stanley Asset Management which managed over $2 billion in private real estate and listed real estate securities worldwide on behalf of institutional and individual investors. Prior to that, he served as Director of the Morgan Stanley Real Estate Funds and, for 12 years, as a member of Morgan Stanley's real estate investment banking team. Immediately prior to founding Forum Partners, he served as Managing Director of Security Capital Research & Management where he was responsible for the firm's private equity and international investment businesses, and, before that as president of JER Partners - International. He earned a bachelor's degree in economics from Williams College, magna cum laude, and a master's in business administration from Harvard Business School. He is a member of various real estate industry associations, as well as the Young President's Organization.
Gregory Wang
Gregory Wang is Managing Director and Co-Head of Collins Stewart LLC's China banking group in New York. Collins Stewart is a full service investment bank, publicly listed and headquartered in London. The firm employs approximately 700 professionals globally in investment banking, research, sales & trading and asset management. Over the last two years, Mr. Wang has completed profile transactions for Chinese clients such as: Fuqi International ($73M IPO), American Oriental Bioengineering ($115M PIPE), General Steel Holdings ($40M PIPE) and China Housing & Land Development ($20M and $25M PIPEs).
Prior to Collins Stewart, Mr. Wang held senior positions in the investment banking groups of Merriman Curhan Ford & Co. and Cantor Fitzerald & Co. where he focused on advising middle market Chinese companies seeking to participate in the US capital markets. Prior to joining Cantor Fitzgerald & Co., Mr. Wang was a Senior Associate in the mergers & acquisitions group at Peter J. Solomon Company. In 1998, he founded and served as Chief Financial Officer of RetailCo Inc., a leading sports retailer based in Shanghai with 50 stores across China. RetailCo's retail assets were subsequently acquired by Belle International Holdings Limited (SEHK: 1880). Mr. Wang began his career in restructuring in New York with Arthur Andersen LLP. He earned his M.B.A. at Columbia Business School, and received a B.S. in Accounting from Georgetown University.
Andrew Yao
Mr. Andrew Yao Cho Fai is the Chairman and Chief Executive Officer of the Van Shung Chong Holding Limited Company. Mr. Yao graduated from the University of California, Berkeley and Harvard Graduate School of Business. He is responsible for the VSC Group's overall corporate strategy and objectives. He serves as a member of Hong Kong Housing Society. He also sits on the Shanghai People's Political Consultative Conference, deputy chairman of Shanghai Youths Federation, chairman of the Hong Kong United Youth Association Limited, deputy chairman of China Young Entrepreneurs' Association, director of the Shanghai Fudan University and court member of the University of Hong Kong. Mr. Yao is also an executive director of North Asia Strategic Holdings Limited which is a company listed on GEM and an independent non-executive director of Grand Investment International Limited and Kader Holdings Company Limited which are companies listed on main board.
Van Shung Chong Holdings Limited is a leading distributor and processor of quality construction and industrial materials, playing a significant role in the building, the infrastructure development and the manufacturing industries in Hong Kong and Mainland China.
Elaine C. Young
Elaine Young is Chief Executive Officer, Shama. The Shama brand has become the leading provider of boutique serviced apartments in the Hong Kong real estate market, with a varied portfolio of properties across prime commercial and residential districts. Elaine completed Commercial Management with Marks and Spencer PLC in London in 1986 and spent subsequent years gaining first-hand experience in real estate sector, working with a firm of surveyor and developing a highly profitable residential sales and leasing agency in Hong Kong.
She created her own successful sourcing and trading company in 1990 in Hong Kong and co-founded a serviced apartment business in 1996, beginning in London, then continuing in Hong Kong, and developed the Shama brand in January 2001. In 2006 Morgan Stanley Real Estate Fund and Gaw Capital became shareholders.
Dennis Yow
Pacific Star is a real estate investment house specialising in investment management, fund management, development, REIT management, asset management and private equity, for a premier global investor base spread across Asia, Europe, North America and the Middle East. It has advised and managed multi-billion dollar real estate transactions since its inception in 2001.
The Group manages a suite of funds, namely, the €1.2 billion Asia Real Estate Income Fund, the US$600 million Baitak Asian Real Estate Fund (a joint venture between Pacific Star and Kuwait Finance House) and the US$650 million Asian Real Estate Prime Development Fund which invests in prime development projects in key Asian cities.
Headquartered in Singapore, the Group has offices in key cities such as Kuala Lumpur, Bangkok, Hong Kong, Beijing, Shanghai, Seoul, Tokyo, Sydney, Munich and New York. For more information, please visit www.pacificstargrp.com."
Dennis Yow is a Senior Vice President at Pacific Star, responsible for sourcing and executing real estate investments across Asia. He has successfully executed more than US$800 million worth of investments and has worked on a wide range of transactions covering direct, mezzanine and private equity investments. Prior to joining Pacific Star, he was an engagement manager with the financial services consulting arm of the Oliver Wyman Group.
Dennis started his career with the Singapore Civil Service where he was a member of the elite Administrative Service. Dennis studied at Princeton University on a full merit scholarship and graduated with a Bachelor of Science in Engineering, Phi Beta Kappa. He has a Master of Science in Financial Engineering from the National University of Singapore, and is a CFA charterholder.
Esther Zhang
Esther Zhang is Head of Research, Kailong REI Project Investment Consulting (Shanghai) Co. Ltd. Ms. Zhang has over 11 years of experience in Chinese real estate market research and consultancy.
Prior to joining KaiLong in 2006, Ms. Zhang worked for Chesterton Petty and CB Richard Ellis conducting property market research and investment consultancy assignments by prestigious institutional investors, foreign and local developers.
Ms. Zhang graduated from Shanghai Jiaotong University with Bachelor Degree in Civil and Industrial Engineering (minor degree in Economics), and obtained her MSc degree in Real Estate Management from the same university.
She is a member of the Association of Chartered Certified Accountants.