MIPIM ASIA 15th ANNIVERSARY ONE BOOK by RX REAL ESTATE SHOWS

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mipim® ASIA SUMMIT

Great Opportunities are opening up

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LOOKING BACK OVER 15 YEARS OF MIPIM ASIA

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December 2021

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a pioneer of sustainable premium urban communities. Hall of the Sun North Shanghai Life Center, Lighting Up Your Life

Over the past 50 years, Sino Group has been ‘Creating Better Lifescapes’ and building better communities - to build a better life together, where the community thrives in harmony by embracing green living and wellness, by engaging with all and pursuing meaningful designs, and by seeking innovation while respecting heritage and culture.

December 2021

www.sino.com

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We seek to promote sustainable living and wellness in our properties, and have integrated sustainability into building design and all aspects of our operations. Grand Central, the capstone project of the Kwun Tong Town Centre initiative, Hong Kong’s largest urban redevelopment scheme and core to the Energising Kowloon East and CBD2 initiatives, epitomises our ethos of Creating Better Lifescapes. Designed with sustainability in mind, we seek to create an urban oasis for residents and the public to enjoy and breathe new life into the well-established neighbourhood. With a greening ratio of over 30% and more than 400 trees, the planting scheme comprises ornamental trees that flower at different times of the year, enabling seasonal variations.

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The residents’ clubhouse is replete with green features, such as wind turbines that power lights, an automated irrigation system that saves water consumption and solar panels that harvest energy for phone charging, as well as paving and exercise equipment that can generate energy from motions. The project is also a showcase of innovations and technology. It is the first Hong Kong residential project with 5G-ready infrastructure, UV disinfecting and cleaning robots. It also features Hong Kong’s largest covered public transport interchange, Hong Kong’s first indoor airconditioned bus waiting area, AI-powered boarding gate system, air induction unit, providing users with a safer and more comfortable experience.

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We are fully committed to Creating Better Lifescapes with innovation, sustainability and best practices, creating value for our stakeholders and the community as we grow with it. Our commitment to excellence and community spirit will continue to guide us as we write new chapters of the Sino story for the next 50 years and more. – Daryl Ng, Deputy Chairman, Sino Group

In a context where real estate must reinvent itself to embody our futures cities, we believe we can join our forces and make a difference with a positive contribution to the urban change. The MIPIM 2022 edition promises to be rich in terms of learning, benchmarking, networking and trading during the 4-day event with 70% of the exhibition area already booked 6 months prior to the event & a programme of first-class talks exploring a new theme, ‘Driving Urban Change’. We are MIPIM, guiding and influencing the urban building landscape, everywhere.

To learn more:

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Sino Group has worked with acclaimed artist Paul Cocksedge to present Time Loop to the Kwun Tong community. The site-specific art installation is a mark of respect for Hong Kong’s history and energy.

Editorial

Christine Lam Asia-Pacific Regional Director

Ronan Vaspart Head of MIPIM Markets

WELCOME to the MIPIM Asia ONE BOOK, a publication which gathers thought leadership on the state of real estate in Asia-Pacific, while also opening the doors to this year’s MIPIM Asia Summit.

the first stone — to use a real estate metaphor — is often the most important step.

There’s been a sense of palpable excitement over the past few weeks in the offices of MIPIM Asia and MIPIM. Just three months after returning to Cannes for some in-person networking, we’re delighted to be back in Hong Kong for Asia Pacific’s premier face-to-face business event.

So it is that we’ll be once again hosting panels and addresses on the themes that matter to you — from ESG to investment prospects — plus exclusive closed-door events and networking opportunities, right here in Hong Kong. We will also celebrate the 33 winners of this year’s MIPIM Asia Awards — which represent some of the biggest achievements we’ve ever seen in the history of this competition.

It’s been a longer road to the Grand Hyatt Hong Kong than we might have hoped, but the two-year wait has only added to the sense of achievement. Despite the complicated times we live in, we are able to bring delegates together once again this December for two very special days — which feels a little bit like Christmas come early.

That’s because many of this year’s award-winning projects were conceived — or taken forward — at the height of lockdown. The real estate community has displayed a remarkable resilience throughout this time, and its ability to construct a way out of this crisis is one of the key themes of our event.

And it’s not just any MIPIM Asia Summit. This year marks our fifteenth anniversary, and we’re simply thrilled to share this important birthday with you. We feel incredibly lucky to have such loyal partners and friends at MIPIM Asia, and the support of the Hong Kong administration. Better still, we are looking forward to welcoming all the Asian delegates to MIPIM in Cannes in March 2022 — so let’s call it a double date. In recognition of the challenges that still surround us, the MIPIM Asia Summit will be one of the safest conferences we have ever hosted. Although not all our friends from far and near can be with us, laying

Awards are one way of benchmarking achievement in real estate, and we have always believed that excellence inspires further innovation. That’s why our fifteenth anniversary has such resonance — it’s a chance to look back over the history of the MIPIM Asia Awards and realise how many of those projects laid the tracks for the industry’s future. The MIPIM Asia Summit remains committed to Hong Kong as the host city throughout this wonderful journey. Enjoy the magazine, enjoy MIPIM Asia, and join us on the exciting road ahead.

MIPIM Asia One Book 2021

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CONTENTS 7. News

INITIATING A NEW ERA

As delegates gather once again for APAC’s most important real estate summit, MIPIM Asia 2021 addresses the challenges and opportunities in the region – and looks back at 15 years of networking – and prizegiving – success 15. 15 years of the MIPIM Asia Awards 19. ESG 23. Inbound investments

MARKETS

With borders reopening, billions of dollars of global capital are studying how to return to Asia. In this climate of intense competition, what are the best investment strategies across its varied geographies and asset classes? 29. Investing in Mainland China 33. Investing in Hong Kong 35. Investing in Japan 37. Retail and F&B 41. Hospitality 45. Alternative Investments 47. Outbound investments

MIPIM ASIA 2021 PRACTICAL GUIDE 53. MIPIM Asia Summit Sponsors 61. MIPIM Asia Awards - Winners 2020 69. MIPIM Asia Awards - Finalists 2021 83. Participants list 89. Conference & Event Programme

One Book

DIRECTOR OF PUBLICATIONS Michel Filzi EDITORIAL DEPARTMENT: Editor in Chief Isobel Lee Sub Editor Isobel Lee Proof reader Debbie Lincoln Contributors Ben Cooper, Mark Faithfull, Paul Strohm Editorial Management Boutique Editions Head of Graphic Studio Herve Traisnel Graphic Studio Manager Frederic Beauseigneur Graphic Designer Carole Peres PRODUCTION DEPARTMENT: Publishing Director Martin Screpel Publishing Manager Emilie Lambert Printer Encre de Chine, 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 n°410 219 364 - VAT number: FR92 410 219 364. Contents © 2021, RX France Market Publications. Publication registered 4th quarter 2021.

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News

Shui On Land plans property spin-off for Shanghai district LANDMARK commercial properties developed by Hong Kong’s Shui On Land — including the iconic Xintiandi district in Shanghai — have been earmarked for flotation on the Hong Kong Stock Exchange. According to plans submitted to the bourse by Shui On Land, controlled by billionaire Vincent Lo, the developer hopes to spin-off and separately list 13 commercial investment properties located in cities across China. The assets span Wuhan, Nanjing, Foshan and Chongqing, as well as the popular mixed-use neighbourhood in Shanghai. Alongside the properties, the spin-off — dubbed Shui On Xintiandi — would include the firm’s commercial asset management busi-

CBC Group launches APAC healthcare platform with APG CBC GROUP, Asia’s largest healthcare-dedicated investment firm, has partnered with Dutch pension provider APG Asset Management to launch an Asia-Pacific healthcare platform, CBC Healthcare Infrastructure Platform (CBC HIP). The platform has in turn created a China-focused life science venture, CBC China Life Science Infrastructure Venture (CLSIV), which has held a first close of $500m ( 437m) with a hard cap of $1.5bn. “Healthcare infrastructure provides compelling risk-adjusted returns which are underpinned by strong secular

ness, plus its commercial and residential property management arm. The initiative is expected to create two independent publicly traded companies with distinct business models. Shui On Land intends to continue its focus in the master planning and development of mixed-use communities and proper-

ties, as well as their subsequent sale. Lo said: “As we celebrate the 50th anniversary of Shui On Group and the 20th anniversary of Shanghai Xintiandi this year, we also look towards the future with enthusiasm. We have always been committed to long-term sustainable growth for our commu-

nities, and this proposed spin-off is a major step to create value for our many stakeholders.” The group recently announced robust interim results for 2021, reflecting a strong recovery post COVID-19 and significant improvement in overall profitability. Morgan Stanley and UBS have been appointed as joint sponsors in the proposed spin-off, with Standard Chartered Bank named as financial advisor.

Redevelopment scheme Shanghai Xintiandi is a city landmark

PGIM RE selects head of China

tailwinds as healthcare is a necessity,” said Hans Kang, CBC HIP CEO. “With ageing populations and an ever-changing global environment, healthcare is an increasingly important sector around the world and nowhere is this more so than in China,” added Graeme Torre, APG’s head of Asia-Pacific real estate.

PGIM Real Estate, the property arm of Prudential Financial’s investment management business, has appointed Matthew Yao as head of China. In this new role, Yao will oversee the Shanghai-based investment team that currently supports the deployment of PGIM Real Estate’s pan-Asian investment funds in China. Benett Theseira, PGIM Real Estate’s head of Asia Pacific, said: “China has always been an important market within our regional strategy, and we expect to expand our investment activity as well as grow our capital relationships there. We see strong potential in the Chinese economy’s growth, as it contributes increasingly

APG’s Graeme Torre

MIPIM Asia One Book 2021

to a major portion of the global economy and investment-grade real estate pie.” Yao joins from CBRE Global Investors where he headed its China business. PGIM Real Estate has a track record of investing in China since 1999 across all major asset classes.

Yao’s mandate includes new investment vehicles

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News

Oxford sells stake in Sydney office scheme to Mitsubishi CANADA’S Oxford Properties and its office platform

Investa have agreed to sell Mitsubishi Estate Co

(MEC) a 25% stake in the Parkline Place scheme in Sydney. The planned commercial project, which is located above Sydney Metro’s new Pitt Street station, will comprise 47,800 sq m of office space plus 1,290 sq m of retail. Upon completion in 2024, the 39-storey property is expected to accommodate upwards of 4,500 daily occupiers and will boast smart building features including a digital twin model for real-time operations insight. Its sustainability features include a Gold target minimum for WELL Rating Core and Shell. It has been designed by architects Foster + Partners. Under the terms of the joint-venture agreement, Oxford will retain the re-

Parkline Place in Sydney welcomes a new investment partner

Dai-Ichi Life launches €380m ESG fund JAPANESE insurer Dai-Ichi Life and Samurai Capital have launched a JPY50bn ( 380m) fund targeting assets in line with environmental, social and governance (ESG) principles. The fund plans to acquire around 30 properties in the next three years which have a degree of social significance. Assets will include child day-care centres and student housing, and feature carbon-friendly LED lights, solar panels and other renewable energy sources. While Dai-Ichi will supply the equity, Samurai Capital will source deals and asset manage the properties. Dai-Ichi has a track record in nursery facilities, having already amassed 33 childcare assets in the country. Ken Aoyama, founder and

maining 75% interest in the project. Alec Harper, head of Australia, Oxford Properties, said: “Partnership is in Oxford’s DNA, so we’re proud to be working alongside Mitsubishi Estate to deliver a project that we believe will redefine the modern workplace in Australia. Mitsubishi Estate’s investment in the project is another demonstration of the strong appetite among global institutional capital for high-quality office product, that Oxford is seeing play out in key gateway markets around the world.” Added Yuzo Nishiyama, head of Australia, Mitsubishi Estate Asia: “We are truly excited to be a part of such a transformational project for Sydney and look forward to expanding our relationship with Oxford and Investa as we work together to deliver Parkline Place.”

Blackstone buys Fort Knox Self Storage

CEO of Samurai Capital said: “Although ESG is a growing theme globally, most Japanese investors are still not ready to sacrifice return for ESG investments.” Aoyama added that the firm had already secured the fund’s first five properties.

PRIVATE equity giant Blackstone has expanded its alternative assets portfolio with the acquisition of Fort Knox Self Storage, an owner of self-storage assets in Melbourne, Australia. According to Blackstone, the transaction marks one of the largest self-storage transactions in the country. Chris Tynan, head of real estate Australia, Blackstone, said: “Self-storage is a rapidly growing trend in Australia, underpinned by its rising population particularly in urban areas like Melbourne and the country’s e-commerce boom.” Australia is currently the 11th largest e-commerce market in the world. This transaction marks Blackstone’s second self-storage investment in Australia, following its deal for the KeepSafe portfolio in Perth, Western Australia, earlier this year. In Hong Kong, Blackstone owns a majority stake in two self-storage assets.

Fort Knox owns 11 self-storage facilities in Victoria

Samurai Capital’s Ken Aoyama

MIPIM Asia One Book 2021

News

Korea’s NPS and Tishman target life sciences in the US THE NATIONAL Pension Service of Korea (NPS) and global real estate owner Tishman Speyer have formed a $1.5bn ( 1.3bn) separately-managed account to invest in innovative assets across the US. The newly established venture will pursue opportunities in emerging sectors including life sciences real estate and proptech companies. Tishman Speyer said that the initiative would explore the creation of additional funds and platforms, and bankroll the development of new properties. “For more than a decade, the National Pension Service has been a strategic partner and sophisticated co-investor with us. I am excited to build on our relationship and recent successes,” said Tishman Speyer president and CEO Rob Speyer. “This new platform leans into our collec-

tive experience in emerging asset classes and global markets. The most intriguing part is the new builtin ability to move quickly based on disruptive technologies and market shifts.” The NPS-Tishman Speyer tie-up will devote capital to the development of life sciences properties through Tishman’s joint venture with Bellco Capital. Dubbed Breakthrough

Properties, the JV is currently advancing a number of investments in the largest life sciences clusters in Boston and San Diego. The platform will make investments in promising proptech companies, especially at nascent stages in their growth cycles. NPS and Tishman Speyer will specifically target investments in disruptive technologies that are trans-

forming how all stakeholders experience real estate. NPS will become the anchor investor in Tishman Speyer’s newly established affordable housing platform which focuses on supply-constrained neighbourhoods. In addition, the partnership will seed the creation of a new mezzanine lending arm within Tishman Speyer that will originate and acquire high-yield loans tied to various sectors of real estate in gateway cities and growing innovation markets.

A Tishman Speyer life sciences asset in Boston

Hilton checks in to SE Asia GLOBAL hotel group Hilton has revealed plans to open 15 DoubleTree by Hilton hotels in South East Asia over the coming years across key and emerging destinations. The new properties will target markets including Sri Lanka, Malaysia and Indonesia. “Following the re-opening of domestic and international borders, the surge in travel demand we’ve observed across international markets after an extended period of disconnect shows that travellers are eager to hit the road, reconnect and seek out new experiences

once more,” said Paul Hutton, area vice-president, head of South East Asia, Hilton. Over the past year, Hilton has launched DoubleTree hotels in new destinations, such as its Weerawila Rajawarna Resort in Sri Lanka and DoubleTree by Hilton Surabaya, which marked Hilton’s entry into Indonesia’s second-largest city. Most recently, the Hilton brand made its debut in Putrajaya, Malaysia’s administrative capital. Hutton added: “The launch of DoubleTree by Hilton Putrajaya Lakeside brings

us to our third DoubleTree by Hilton hotel to open in South East Asia in under a year. Joining our portfolio of four DoubleTree by Hilton hotels in Malaysia as the 12th hotel in our

operating estate in Malaysia, the launch of the resort during this period is a testament to the commitment of Hilton to establishing our presence in new destinations across the country.”

The Putrajaya hotel is close to Kuala Lumpur

MIPIM Asia One Book 2021

News

Australia’s Third-i develops London housing scheme AUSTRALIAN developer Third-i has unveiled its second major scheme in London, situated in the Vauxhall, Nine Elms & Battersea Opportunity Area. Graphite Square, covering 279,900 sq ft (26,000 sq m), has received planning permission for 160 new oneto three-bedroom private homes, 50 of which will be affordable, as well as over 80,000 sq ft of workspace and 400 sq ft of retail. The affordable housing units have already been sold and the office space has been pre-let on a 12-year lease. In addition to aiming for a BREEAM rating of Excellent and EPC rating of A, the scheme will include solar PV panels, air source heat pumps, cycle storage, green spaces and a children’s play area. The affordable homes will

have the same access to the scheme’s amenities as the market-rate homes, to create an inclusive community across the development. Ron Dadd, global managing director at Third.i, said:

“We’ve been looking for exciting opportunities in London for some time, and Graphite Square is the perfect embodiment of our belief in creating better places to live, work and play. We

instantly fell in love with the architecture and place making of the project, seeing it having an ageless appeal that will become a legacy project, one we all can be proud of.” Alternative investment fund manager Cheyne Capital Management has agreed a £103m ( 120m) senior loan to finance the acquisition and development of the scheme.

Lambeth Council has greenlit plans for Graphite Square

UK Investment Council targets Asian capital A recently formed UK expert council, formed by the government to maximise inward investment, is inviting overseas capital to participate in the country’s economic growth. Says Nick Heath, director general trade & Investment for Hong Kong & Macao at the Department for International Trade (DIT): “I think Asian investors know the UK well, whether in real estate or other sectors. We remain a hugely attractive and innovative market, with the highest projected growth rates of any advanced economy next year.” Heath said that interesting UK investment opportuni-

ties included its proptech segments, citing UK leadership in areas such as “geospatial data solutions, integrated building and property management software, digital tenant management and leasing solutions, 3D visualising and streamlined processes, and tokenisation in property investment”. He added: “The UK is becoming a centre of the property innovation ecosystem and there are an exciting range of startups in proptech which could offer investment opportunities to Asian investors, including to export the technology back to Asia and the world.”

Heath also suggested that investors might be interested in the UK regions, current targets of a “levelling

Nick Heath, director general trade & Investment, Hong Kong & Macao, DIT

MIPIM Asia One Book 2021

up” strategy including significant state infrastructure drives. “Those government investments make property in places like Scotland, Northern Ireland and the North of England look under-priced and I think there are real opportunities for Asian investors in areas of the country they might not know as well as London.” With the UK having recently hosted COP 26, Heath said that there were also “major opportunities to invest in offshore wind generation” as well as opportunities in “hydrogen technology” and “sustainable construction technologies and techniques”.

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MIPIM ASIA AWARDS 2021 The future is already here thanks to projects like the Alibaba Central China Headquarters in Wuhan

MIPIM Asia protagonists assemble! With the MIPIM Asia Awards now in its 15th year, Isobel Lee tracks the evolution of Asia Pacific real estate through some of its most pioneering projects

ON SEPTEMBER 26, 2006, the doors of the Hong Kong Convention and Exhibition Centre opened to a newly assembled crowd of delegates. Local real estate investors and fund managers from much further afield joined city representatives, brokers, architects and marketing experts for the pre-opening of the first ever MIPIM Asia. Little did they know that they would be paving the way for years of high-level networking as they gathered to discuss the region’s outstanding fundamentals — and pick up prizes for a slate of prestigious projects.

MIPIM Asia One Book 2021

MIPIM ASIA AWARDS 2021

“MIPIM Asia Awards is a truly pan-Asia contest. Like the MIPIM Asia conference, it fulfils a need to bring together players from all over the APAC region” François Trausch Some 15 years on, MIPIM Asia is back in Hong Kong after a brief hiatus, with delegates eager to meet once again. As well as the usual mix of panels, conferences, stands and networking opportunities, one of the jewels in the summit’s crown will once again be the MIPIM Asia Awards, representing an opportunity for the industry to spotlight trends, talent and innovation. This year’s jury chair, François Trausch, global CEO of Allianz Real Estate, says: “MIPIM Asia Awards is a truly pan-Asia contest. Like the MIPIM Asia conference, it fulfils a need to bring together players from all over the APAC region. While the majority of submissions still come from China, we see a regular flow of projects from ASEAN, Japan, India, Australia, Korea and Singapore. For the Chinese submissions, MIPIM Asia Awards also provides a ‘window to the world’ and an opportunity to showcase the projects internationally.”

For the MIPIM Asia Awards 2021, 33 property developments have been recognised by a jury comprising prominent property leaders across Asia-Pacific. Under Trausch, the jury panel of 16 industry experts studied close to 100 entries. The final winners come from 10 countries, and spotlight not only architectural excellence: key trends such as environmental, social and governance (ESG) concerns have also been acknowledged, as well as the originality of the concept. “ESG is increasingly prevalent in the submissions whether in the ‘green category’ or outside of it with emphasis on recycling, water, re-usage of materials and operational sustainability,” Trausch says. “The projects are also more sustainable as they try to better fit in the immediate surrounding and environment.” For Dr Ping Xu, founder and design director of PH Alpha Design, awards have an important place in real estate. “We always appreciate recognition from the industry and the MIPIM

Benoy designed the magical Seazen Suzhou Wuyue Plaza in Suzhou, China

MIPIM Asia One Book 2021

François Trausch, global CEO of Allianz Real Estate

Asia Awards are simply iconic,” she says. As the architect behind Hongkong Land’s Yorkville – The Ring, one of this year’s best retail developments, Xu sees awards as architectural benchmarks. “Awards encourage the industry to move forward and to innovate; to uncover new ideas, and push the boundaries of what is possible in the world of design.” Awards also track the evolution of the built environment in its service to society. The workspaces of today are unrecognisable in comparison to a clas-

MIPIM ASIA AWARDS 2021 sic office block from 15 years ago, as evidenced by another winning project this year — the Alibaba Central China Headquarters in Wuhan. Spotlighted as one of the best Futura Mega projects, this innovative design covers a massive 300,000 sq m, combining two eco office towers and a new retail commercial hub. “The project aims to implement Alibaba’s concept of building a hybrid digital ecosystem, and to enhance Alibaba’s presence in the central region of China by driving the transformation of its brick-and-mortar businesses,” says Qin Pang, director, head of Shanghai Studio for Benoy, the architects behind the Alicampus concept. Benoy has picked up three awards this year, receiving recognition as well for the refurbishment of the David Jones flagship in Sydney, Australia, as well as for the design of the Seazen Suzhou Wuyue Plaza, in Suzhou, China. Gregory Kovacs, design director for Benoy responsible for the latter scheme, says that it was conceived as a “quality micro-resort” and is inspired by the town’s heritage. He adds: “The indoor retail street, inspired by the Old Town, provides a year-round destination to experience the unique urban qualities of Pinjiang Road under any weather condition.” The project takes the fight to the e-commerce trend, Kovacs says: “Shopping centres are the key to offline basic consumption and an

integral part of the urban fabric.”

“We always appreciate recognition from the industry and the MIPIM Asia Awards are simply iconic. Awards encourage the industry to move forward and to innovate” Dr Ping Xu For Edwin Chan Chi Wai, senior project director, project management at New World Development Company, awards drive industry cohesion. “It’s not just about us winning something. They’re an opportunity for the whole industry to share innovative ideas. Whenever we have a new idea, we take it through R&D and then share the results with our peers. It’s about taking the industry forward as a whole.” New World’s King Lam Commercial Development, an ambitious scheme in Lai Chi Kok, an old industrial district in Kowloon, Hong Kong, is also one of this year’s best Futura projects. Chan says: “Hong Kong is an extremely dense city so your neighbours are extremely close. With the King Lam Street project, we focused on placemaking in one of the few remaining industrial districts in Hong Kong.” He

MIPIM Asia celebrates its 15th anniversary this year

MIPIM Asia One Book 2021

adds: “We didn’t want it to just be a lone office building, we wanted to relate to the primary school next door, the office blocks on the other side, and the second-generation shopping centres nearby.” Trausch adds: “Like the previous year, we are seeing a bigger focus on qualitative projects, as well as urban rehabilitation projects — such as former industrial sites - as well as re-tooling of shopping centres. Thinking of China again, people in the country do not have the luxury of doing things slowly and they are already onto generation two or generation three of previously built office and retail complexes.” Above all, for Trausch, this year’s awards represent a triumph in the face of adversity after a complicated couple of years. “What struck me this year is the large number of submissions coming from China,” he says. “One would have thought that in a year of COVID, with border closures and restricted international travel, a lot of the projects, many of which require international co-operation, would have stopped. On the contrary, many developers and architectural offices have switched to remote cooperation and, at least for the Futura and Mega Futura categories, might have used the ‘idle’ time in terms of execution to work on planning future projects.”

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ESG Landlords across Asia Pacific are studying all the shades of ESG compliance

Green is the colour Stark warnings from the COP26 conference and numerous global summits place the APAC region on the frontline of the climate crisis, both in terms of risks and potential solutions. Ben Cooper investigates how investor and government ESG policies can play their part IF ANY doubts remain about the role that real estate can play — and the onerous duty it has — in tackling the climate crisis, figures released this year by the Global Alliance for Buildings and Construction (GlobalABC), part of the UN Environment Programme (UNEP), should put them to rest. Far from falling — despite years of insights into the problems, and despite COVID — CO2 emissions from the buildings around the wor-

ld went up in 2020, to their highest ever level. Between the operation of buildings and construction industry activity, real estate contributed 38% of global emissions in 2020, and 35% of energy consumption. And perhaps most depressing of all — given how intensively construction emits carbon and consumes energy — the total floor space of buildings worldwide will double between now and 2060. Unveiling GlobalABC’s Global Sta19

MIPIM Asia One Book 2021

tus Report, in November 2020, Inger Andersen, executive director of the UN Environment Programme (UNEP), said: “Rising emissions in the buildings and construction sector emphasise the urgent need for a triple strategy to aggressively reduce energy demand in the built environment, decarbonise the power sector and implement materials strategies that reduce lifecycle carbon emissions. “Green recovery packages can provi-

ESG

Daryl Ng, deputy chairman, Sino Group

de the spark that will get us moving rapidly in the right direction. Moving the buildings and construction sector onto a low-carbon pathway will slow climate change and deliver strong economic recovery benefits, so it should be a clear priority for all governments.” Of these governments, the APAC region accounts for many of those which have as much of an incentive to act as any — by 2040 Asia will account for around half of all new development and construction in the world. China, by far the world’s biggest producer of carbon emissions, is embarking on a huge state-led programme of urbanisation and development, from roads to airports to energy-intensive tech and data centres. Other developing nations like Vietnam are transforming themselves through urban development and construction. The government of the city-state of Singapore has its own major challenges to face — the island has already faced extreme weather threats in the form of flooding and an above-average rate of temperature increase. China and Hong Kong are painfully susceptible to typhoons, heavy rains and coastal

and river flooding. Australia, as we saw this year, is vulnerable to extreme temperatures and intense and ravenous bush fires. In a report released by Cushman & Wakefield this year, Climate Risk: Real (E)state of Emergency, Rebecca Jinks, head of Sustainability Australia at Cushman & Wakefield, laid out the problem. “By 2025, 410 million people are predicted to be threatened by coastal flooding and sea-level rise. The combination of sea-level rise, soil subsidence and rapid urbanisation are lead contributors to the phenomenon of sinking cities, especially throughout Asia.” George Agethen, senior vice-president, Ivanhoe Cambridge Asia-Pacific, says that as a region APAC is fully aware of the need to act. “ESG in Asia is a super high priority. Now everybody in the market is very much focused on our contribution to global warming. There is almost nobody in the market that’s not focused on this topic. Agethen adds: “There is no reputation partner or developer that wouldn’t have a clear statement of their intentions. It’s par for the course here. It’s not a fad.” The governments of the region have laid out their respective commitments to climate change, of varying levels of satisfaction to the climate science community: China with a net-zero target by 2060, though detailed steps are hard to see; Japan pledging to be net zero by 2050; India with a target to partially reduce emissions by 2030; Singapore aiming to halve emissions by 2030. Pledges are one thing. Acting on them is a far bigger challenge, according to Matthew Ulterino, co-ordinator of the United Nations Environment Programme Finance Initiative’s Property Working Group. Ulterino says that part of the group’s work is to educate primarily institutional real estate investors that financial 20

MIPIM Asia One Book 2021

“ESG in Asia is a super high priority. Now everybody in the market is very much focused on our contribution to global warming. There is almost nobody in the market that’s not focused on this topic” George Agethen and environmental goals should not be “seen as distinct”. “It’s an effort to try to align financial decision-making in a way that creates these other benefits or gains,” he says. “A lot of institutions are focused on how they can decarbonise their portfolios. That process requires both a very good understanding of the ways in which buildings are responsible for carbon emissions, and what the institution can do to drive those emissions down.” While a future property development boom presents a daunting challenge to emissions-reduction challenges, on a construction and development level, Agethen says that Ivanhoe Cambridge has learnt that there are important reforms that can make a difference. He says: “From 2025 all of our development will be done in a sustainable way to be carbon neutral through the development and ownership phase. “There are multiple ways to do that; it’s in how you source your materials, how you design the building, how you use or reuse materials on site, your energy source, and how you use that. Do you have access to renewable energy in the city? Can you put renewable energy on site as well? To a large extent tech continues to be an enabler to improving processes as well as materials.” On a broader scale, GlobalABC’s report, Regional Roadmap for Buil-

ESG

Sino Land’s Grand Central project in Hong Kong has a 30% green ratio

dings and Construction in Asia 2020-2050, identifies seven key areas for Asian governments, developers and investors to address: urban planning, new buildings, existing buildings, appliances and systems, building operations, materials, resilience and clean energy. There are many initiatives already in place which can help inform firms’ approaches to ESG and climate action, such as the UN-led Business Ambition for 1.5°C, launched in May 2020. One APAC firm to have signed up to this is Hong Kong developer Sino Land. The company’s deputy chair-

“A lot of institutions are focused on how they can decarbonise their portfolios. That process requires both a very good understanding of how buildings are responsible for carbon emissions, and what institutions can do to drive them down” Matthew Ulterino

man, Daryl Ng says: “In May 2021, we joined the Business Ambition for 1.5°C, becoming one of the first five real estate developers in Asia to join this global pledge. We will collaborate with the Hong Kong University of Science and Technology to set science-based targets and develop a holistic approach towards net zero carbon by 2050.” Adds Ulterino: “For institutions that want to take the next step, whatever part of the journey they’re on... there is enough information and enough resource available to support these institutions that are willing to do that.”

CONFERENCES & EVENTS AT MIPIM ASIA Tuesday 7 December 14.45–15.30 Grand Ballroom ESG AND TECH INNOVATION: CHALLENGES AND SOLUTIONS FOR THE ‘E’, ‘S’ AND ‘G’ This session will focus on the challenges, solutions and impact of integrating ESG into sustainable investment decision making. What impact will Gen-Z have on sustainable ESG adoption with investors? Looking at the social element, does its importance vary between countries in Asia? On governance, how much of a focus is there in terms of operational efficiencies and reputational concerns? This session will then debate the benefits and challenges of investing in tech to advance ESG performance, looking at the challenges associated with technology cost and investor returns. 21

MIPIM Asia One Book 2021

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CMY

INBOUND INVESTMENT

International interest in Asia soars

Hines’ One Museum Place grazes Shanghai’s skyline

APAC’s diverse territories and markets are attracting ever higher volumes of global capital, drawn by its myriad opportunities, writes Isobel Lee IN JANUARY 2019, Dutch real estate manager Bouwinvest opened its first ever Asia Pacific (APAC) office in Sydney, Australia. The move was striking for a couple of reasons: firstly, it would prove prescient 12 months later when local lockdowns meant that “boots on the ground” were vital for operating in the region. Secondly, the choice of location stood out. Many international real estate firms had launched their APAC business from a Hong Kong office, following the usual playbook. Why Sydney? “The balance of our APAC portfolio is at the lower end of the risk spectrum, and that’s what we can find in Australia,” says Stephen Tross, Bouwinvest’s chief investment officer, international investments. “We are very

A state-of-the-art Bouwinvest logistics project in Tokyo, Japan

keen on transparency, on environmental, social and governance (ESG) aspects, and making sustainable

“We find Australia to be a very professional and highly developed environment, where we can invest in all kinds of property sectors” Stephen Tross 23

MIPIM Asia One Book 2021

long-term investments. We find Australia to be a very professional and highly developed environment, where we can invest in all kinds of property sectors — from traditional to more niche sectors like student housing or data centres.” While Australia represents the largest single country in Bouwinvest’s APAC

INBOUND INVESTMENT

Stephen Tross, CIO international investments, Bouwinvest

Chiang Ling Ng, CIO for Asia, Hines

mandate, the firm does have investments in Japan, China, Hong Kong, Singapore and more recently, South Korea, which Tross says was added in response to the firm scaling back in Hong Kong. “The increased influence of China is having an impact,” Tross says. “And the liveability and affordability aspects are under pressure in Hong Kong, something we are focused on as well.” Across markets, Bouwinvest has a strong appetite for “everything to do with living — from build to rent, student accommodation, affordable housing to senior housing. These are segments we are very familiar with in our other global markets, namely Europe and the US as well.” But the firm has also started investing in alternatives like data centres and life science facilities, which Tross says “offer interesting growth and return metrics”. Bouwinvest is one of many international investors displaying a soaring interest in Asian real estate. In the last few years, names including LaSalle Investment Management, Allianz, Hines, Oxford Properties, Nuveen, QuadReal, Ivanhoe Cambridge and Blackstone have expanded across the region. Blackstone has spent much of 2021 raising billions for its Asian real estate fund series, recently unveiling a $9bn (€7.9bn) target for its third Asia property fund. As competition for assets grows across the globe, institutional investors who

Peter Kim, managing director Asia, QuadReal Property Group

Chris Chow, senior managing director, LaSalle Investment Management

A QuadReal logistics investment at Daxing Airport, China

once viewed APAC through a rather risky lens are finding that they can also execute core strategies in the region. Others who started in core mode are expanding their appetite for value-add and opportunistic real estate.

Texas-headquarted Hines is one of the longest-standing international firms in APAC, having opened an office in Beijing in 1996. Today the firm has “boots” across Asia and focuses on developed markets, including Australia, Japan, Korea, Greater

“We have reached a point in the cycle where we all have to work the assets a lot harder. That means we differentiate how we access opportunities” Chiang Ling Ng 24

MIPIM Asia One Book 2021

INBOUND INVESTMENT China and Singapore. Describing current investor sentiment in the region, Chiang Ling Ng, Hines’ Singapore-based chief investment officer for Asia, says: “Fundraising has been robust across core plus, value-add and opportunistic strategies, signalling a broader trend of investing more in real assets. On the back of this, we’ve decided to resource up in Asia. “We have reached a point in the cycle where we all have to work the assets a lot harder. That means we have tried to differentiate how we access opportunities, with strategies like developing to core in logistics and even offices. Digitalisation is also important, as is being able to build something which is next gen and thus interesting to our partners. Our approach also includes some really attentive asset management.”

“Cold storage logistics will likely continue to generate strong demand across Asia Pacific as the fresh food and pharmaceuticals delivery businesses show promise” Chris Chow an increased inflow into pan-Asian programmes across global institutional investors.” Despite describing LaSalle IM’s approach as encompassing “different sectors and strategies”, logistics now comprises around 50% of the firm’s APC assets under management (AUM), compared to 28% five

years ago, with multi-family another growing theme. Chow confirms that a specialised approach is key. “Cold storage logistics will likely continue to generate strong demand across Asia Pacific as the fresh food and pharmaceuticals delivery businesses show promise in continuing to grow in the post-pandemic era,” he says,

Allianz’s Ronsin Technology Center in Beijing, China

With the pandemic only pressing pause on many strategies, the second half of 2021 has unsurprisingly seen heightened activity in the region. Dutch pensions manager APG has just inked a joint venture with Wang On Properties to invest up to HK$4.6bn (€500m) acquiring residential properties in Hong Kong for redevelopment and sale, and created a healthcare platform with Singapore’s CBC Group. Germany’s Patrizia has unveiled plans to expand into Japan, and also acquired APAC infrastructure manager Whitehelm in September, highlighting increasing industry interest in the full real asset spectrum. In the third quarter of this year, investments in APAC reached $125bn, just 6% below 2019 levels and 30% up year on year, according to JLL data. At the same time, 87% of institutional investors from Europe and 65% from North America expect to increase their allocation to APAC over the next two years, JLL says. Chris Chow, senior managing director of LaSalle Investment Management says: “It has been a successful fundraising year for LaSalle. We closed our first fund dedicated to the China logistics sector in October with a diverse group of global investors from North America, Europe, the Middle East and Asia Pacific. In addition to China logistics, we observed

MIPIM Asia One Book 2021

INBOUND INVESTMENT adding that the expertise required in building, leasing and operating these assets increases their value. In residential meanwhile, the firm is exploring the modification of distressed hotels or retail assets into multi-family in China and Japan. Chow describes Japan as the Asian market “in which we have the most diverse investment strategies”. These range from the allocations in the firm’s long-standing opportunistic series to its Japan Logistics programme, the LaSalle Japan Property Fund and Logiport REIT. “To us, Japan is undoubtedly the deepest real estate market in Asia Pacific, yet there remain ways to access off-market transactions compared to relatively more transparent markets such as Australia,” he says. Allianz Real Estate, the property arm of the global insurance giant, is another investor with big plans for the region. The firm unveiled a strategy earlier this year to expand its Asian portfolio to around 15% of AUM — over €11bn — from 10% today. Francois Trausch, CEO of Allianz Real Estate says: “APAC offers an ideal balance between developed economies and growth economies and provides diversification for our clients’ global portfolios. Our focus is on resilient micro-locations with strong rental growth potential to build a diversified portfolio.” That means a 50% focus on what Trausch calls “advanced economies, namely Australia, Japan and Singapore”, and 50% in the “fast-growing markets of China and India”. Themes for Allianz include offices, logistics, multi-family, student housing, and data centres, and, Trausch adds, “we factor ESG considerations into all investments”. Yet he notes:

“We believe one’s approach to ESG is binary: you either buy into it or you don’t. At QuadReal, we are all in” Peter Kim “Asia has different challenges because most of our assets are much younger than their European counterparts and market standards are less advanced.” Nonetheless, 93% of the firm’s office portfolio in Asia Pacific is energy certified, while its AREAP Core I joint venture is preparing for participation in GRESB assessments. “In general, our focus is on influencing the local players — helping developers to understand why it is important to focus on sustainability in their buildings and then steering our tenants to adopt the best practices in the buildings they occupy.” QuadReal Property Group is another international name aiming to lead in matters of ESG. The firm, which has replicated its “global conviction calls” of industrial and residential in the APAC region, considers ESG throughout its investment, development and acquisitions approach, says Asia managing director Peter Kim. This also affects how the firm selects its partners and arranges finance. “Last year, QuadReal launched its inaugural green bond offering, rated AA. We invest the bond proceeds in green investment projects that support or recognise renewable energy, energy efficiency, climate change and clean transportation,” Kim says. “While ESG might not have a direct impact — at least in any formulaic manner — in asset-level pricing, particularly here in APAC, we believe one’s approach to

ESG is binary: you either buy into it or you don’t. At QuadReal, we are all in.” Actively investing in Australia, Japan, Korea, Singapore and Greater China, including Hong Kong, QuadReal defines industrial as logistics and data centres, and includes student housing, senior living, and multi-family in residential. “Recently, we have been proactively investing in logistics opportunities in Australia; and in China, we have been exiting from stabilised logistics portfolios and strategically redeploying our capital into greenfield development projects.” The firm is also monitoring further potential in multi-family, and focusing on life sciences, which Kim calls “potentially exciting… particularly in markets with rapidly aging populations such as Japan, Korea, Singapore and China.” While excited about the region’s opportunities, Tross warns that cross-border investors need to remain savvy in their APAC strategy. “The US-China decoupling is going to have an impact,” he says. “Like many parts of the world, there are also structural changes which were heightened and accelerated by COVID.” He also underlines that ESG improvements require a painstaking, data-led approach. “We are increasingly engaging with local managers and operators to improve their ESG practices,” he says. “Getting the right data is something the entire industry needs to work on.”

CONFERENCES & EVENTS AT MIPIM ASIA WEDNESDAY, DECEMBER 8 09.30-10.15 INBOUND INVESTMENT: THE LATEST HOT MARKETS AND REGIONS Investing in Asia has of course been a way to diversify portfolios for investors from other regions, but what are the latest hot markets to do so? Should they be focusing on mainstream or alternative, and emerging or developed countries? What is the right level of risk? Finally, what are the best strategies to attract investment to APAC?

MIPIM Asia One Book 2021

INBOUND INVESTMENTS

MIPIM Asia News: How can overseas investors find success in the region? SC: It is important for overseas investors to identify investment managers that have the necessary people, processes and expertise in place to execute strategies which are in line with their investment criteria. Track record and governance of the investment manager are fundamental. Another important factor is unique access to deal flow. This requires deep knowledge of the region, having local people on the ground, and relationships with strategic partners. We are personally seeing tremendous interest in APAC from overseas and believe that Asian real estate offers very attractive risk-adjusted returns.

MIPIM Asia News: Your opportunistic fund series RECAP currently focuses on logistics, senior living, data centres and credit. How do you find value in these popular areas? SC: The competition is getting stronger and stronger. There is more capital coming to APAC from outside the region, with more big private equity players forming real estate platforms. However, we see ourselves as more a “mid-cap” player with a tailored and thematic investment approach, rather than a large capital allocator. We are focused on value-creation and have a strategy for each asset that we invest in. In addition, our senior management team has a combined average experience of over 30 years and has built extensive local networks across the markets over the years, giving us access to strong offmarket pipeline so deal sourcing is not difficult.

MIPIM Asia News: How do you plot a course between developed and emerging markets in Asia? SC: For us, developed markets in Asia include Japan, South Korea, Hong Kong, Singapore, Australia and New Zealand. These tend to have strong governance, the land title deeds are very clear, the legal systems are effective, the liquidity profiles are good, and financing is available. We would define some markets as ‘emerging’ only relative to the rest of the region, namely Beijing, Shanghai, Bangkok; meanwhile Myanmar, Sri Lanka and some parts of India are less developed. These are characterised by less institutional ownership, difficulty obtaining financing, and legal enforceability tends to take longer – there’s less transparency overall. We are focusing 8085% on developed markets. Post-pandemic, the superior liquidity of these markets will be key – you can find deals, you can execute them easily and invest in volumes.

MIPIM Asia News: Can you explain the resilience of some of your strategies in more pandemic-vulnerable asset classes, including student housing and hotels? SC: We have very low leverage across our hotel investments as they are in a J-REIT – we have been impacted, but we are weathering the storm. We didn’t lose any assets to foreclosure. We are actually now looking to buy distressed hospitality as I am very positive about the sector rebounding, although not before 2024. With student housing, the four out of our five assets are master leased to universities/operators with strong covenants. The only asset that is not master leased is in Japan, and caters largely to domestic students, hence it has been relatively shielded from the impact of travel restrictions. Underlying occupancy remained >90% despite the pandemic and in fact we continue to see rental growth.

the world and investors such as pension funds in Japan, South Korea and Australia are under pressure to deploy their abundant capital.

Q&A with Suchad Chiaranussati, founder and chairman of pan-Asian real estate investment manager SC Capital Partners MIPIM Asia News: Your investor profile has changed a lot since the company’s launch in 2004, from mostly US capital to a broader geographical range. Why? SC: We started off only with Real Estate Capital Asia Partners (RECAP), an opportunistic fund series, which was traditionally dominated by US capital. Then in 2016, we launched our open-end core-plus fund, SCORE+, which attracted more European investors, who tended to be more focused on core/coreplus and value-add strategies. As an APAC only investment manager, our Asian investor base has historically been relatively smaller as investors tended to look outside of their home markets. However, we expect it to grow as APAC remains the fastest growing region in Project Chicago, a logistics property in South Korea

MIPIM Asia One Book 2021

11V2_FOREST_OB_ASIA

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Forest Beijing Airport Logistics Park, China

Forest Nanjing Airport Logistics Park, China

Forest Shanghai Logistics Park, China

Forest Wuhan DXH Logistics Park, China

Forest Changsha Jinxia Logistics Park, China

Forest Xi’an EDZ Logistics Park, China

Forest Chengdu Qingbaijiang Logistics Park, China

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Forest Jinan EDZ Logistics Park, China

Forest Taicang Port Logistics Park, China

Forest Wuhan Airport Logistics Park, China

Forest Kunming Airport Logistics Park, China

INVESTING IN CHINA

Chongqing Longfor Jinsha Paradise Walk combines high-speed rail with a commercial development

Attracting the crowds Despite some market uncertainty, investors are backing China’s real estate market to continue making gains, with the launch of REITs drawing retail and institutional investors. Mark Faithfull reports PILOT schemes to tax residential property and cool the market in China have hit the headlines because the new rules on debt levels have created financial issues for a number of Chinese developers, most notably Evergrande. And yet while the ongoing situation is being closely watched, US investment bank Mor-

gan Stanley has upgraded China’s property sector to “attractive”. Morgan Stanley believes that policy easing of the property sector may, in fact, support Chinese real estate stocks. “We believe the default risks and property market weakness have been largely priced into property stocks,” says Elly Chen, equity ana29

MIPIM Asia One Book 2021

lyst at the bank. “Property stocks will react on policy easing, which looks more likely now.” China’s residential property developers have grown rapidly by leveraging debt, prompting authorities to roll out a ‘three red lines’ policy last year, placing a limit on debt in relation to a firm’s cash flow, assets and

INVESTING IN CHINA

capital is still targeting that market. But there has been more competition from domestic investors. When borders start to open, we anticipate a pickup in both cross border investors into the market, as well as Chinese investment abroad,” Tang says.

Q&A with Hank Hsu, co-founder & CEO, Forest Logistics Properties

“When borders start to open, we anticipate a pickup in both crossborder investors into the market, as well as Chinese investment abroad” Terence Tang, managing director Asia, Colliers capital markets & investment services

capital levels. Home buying has also slowed this year, as Chinese cities have implemented curbs including home purchase restrictions. “Seasoned watchers, however, expect a drawn-out, managed asset restructuring of heavily indebted developers unable to meet their repayment obligations as well as assurances that home buyers, suppliers and employees are taken care of,” says James Macdonald, senior director, research, Savills China. Terrence Tang, managing director, Asia, Colliers capital markets & investment services, adds: “Long term, there’s a lot of opportunity around that emerging build-to-rent sector. Even though China is one of the countries with the highest rate of home ownership in the world, at around 90%, [the remaining] 10% means there are 130 million people renting so even a small segment of this being institutionally managed buildings is a large market. There are also some opportunities in other niche living sectors.” He notes that some of the larger cross-border investors have remained active. “From Allianz to Blackstone, CPPIB and GIC to Warburg Pincus, a lot of international

Terrence Tang Indeed, global investors are actually ramping up their stakes in Chinese rental properties, judging that houses have become too expensive to buy for many people. “Centralised, long-term rental apartments are the best solution to the housing affordability issue in China’s cosmopolitan cities,” says Qiqi Zhang, managing director of Warburg Pincus, which has backed Chinese apartment rental brands including Mofang, Ziroom, TULU and Base. “We think long-term rental housing is the next big opportunity in China, like logistics real estate a decade ago, or data centres five years ago.” Foreign institutions already involved in China’s rental housing market include Singapore sovereign wealth fund GIC and the Canada Pension Plan Investment Board (CPPIB), Blackstone — which has purchased a Shanghai residential block through CBRE — Greystar and launched a $550m (€486m) China-focused fund in partnership with Dutch pension investor APG and other global institutional investors. Among measures, this summer China launched a market for real estate investment trusts (REITs). China’s first batch were snapped up by retail 30

MIPIM Asia One Book 2021

MIPIM Asia News: The logistics market in China is one of the country’s most dynamic sectors. How do you source deals in the face of increasing competition? HH: Forest Logistics is one of the fastest growing and ESG-focused modern logistics property developers and asset managers in China. Established in 2018, Forest has raised $1.2bn ( 1bn) of equity and invested in 18 sites with 1.8 million sq m of gross floor area (GFA) in China’s Tier 1 and Tier 2 gateway cities, six of which are fully operational. Forest seeks to continue capitalising on strong underlying demand and a critical undersupply of modern logistics facilities in China and expand our portfolio to 3 million sq m of premium warehouse space over two years. We have also achieved LEED Gold Certification for Forest Beijing Airport Logistics Park, a 71,000 sq m, three-storey ramp-access steel structure premium warehouse as the main distribution centre for the 2022 Beijing Winter Olympics. We are focusing on develop-to-core and value-added strategies in China’s key logistics hub cities. By teaming up with global enterprises which can

INVESTING IN CHINA

Nigel Smith, managing director Hong Kong, Colliers

investors on their first day on sale, with the retail tranches of the nine REITs, worth about 2 billion yuan (€278m), were over-subscribed 10 times over. Beijing is seeking to channel private money into infrastructure projects to ease debt burdens on local governments. Initially, eligible underlying assets will invest in projects such as warehouses, highways and indus-

generate high tax revenues and create economic benefits to the local governments, we acquire land and develop premium warehouses or upgrade sub-standard warehouses for these enterprises’ operations, enabling them to expand their footprints faster in China without putting capital into real estate, also helping local governments to move the economy forward. It’s a triple-win situation and our competitive edge in growing our assets under management more efficiently across China. MIPIM Asia News: Which cities and subsectors within logistics are most interesting to you at this time? HH: We are looking at conventional logistics hubs and capital cities located in metropolitan city clusters in Yangtze River Delta, Pearl River Delta, Pan-Bohai Region, Southeast Coastal Region, Northwest, Southwest and Central China, with large population catchments and well connected to industrial bases and urban built-up areas. So far, we have acquired sites in Shanghai, Beijing, Nanjing, Taicang, Langfang, Tianjin, Zhengzhou, Changsha, Wuhan, Xian, Chengdu, Kunming and Nanning, which are all within a 1-hour drive to 30-50 million populations with high consumption expenditure and disposable income. In term of asset types, we build modern regional distribution centres of typically 100,000-200,000 sq m of GFA, with good infrastructure and well-designed specifications to cater for high flow through operation and sufficient power capacity to support partial conversion into cold chain/temperature control and pharmaceutical logistics. With the right land usage zoning and sufficient power supply, we can also consider converting our facilities into data centre use.

trial parks but not malls or offices. Meanwhile, China’s retail property market will continue to be popular among investors, developers and retailers, says Cushman & Wakefield, thanks to measures from central and local governments to stimulate consumption, the rise of China’s ‘new consumption’, and continuous improvements in the shopping experience, according to its report China Retail Supply/Demand 2021. The total stock of all mid- to high-end shopping centres in 16 major cities in China reached 88.96 million sq m by the second quarter of 2021, up 2% quarter-on-quarter, it said. The average monthly rental for prime retail properties in major cities was 755.6 yuan/sq m by Q2, up 0.4% quarter-on-quarter. About 22.59 million sq m of new supply is expected to enter the market between the second half of 2021 and early 2022. “Looking at the longer term, not only will retailers and shopping-centre operators look to continually raise the level of sales at their bricks and mortar store locations by various innovative means, but given the greater awareness of environmental sustainability, many will also examine the many ways they can make their physical properties greener,” says Shaun Brodie, head of occupier research, Greater China, at Cushman & Wakefield. Meanwhile, more international businesses occupiers are committing to commercial space in China. For example, accounting giant PwC will double its headcount in China over the next five years, in a strategy titled The New Equation, adding 20,000 people to its offices in China. The move is part of a $1.25bn investment focusing on areas such as ESG and digital. Nigel Smith, managing director, Hong Kong, Colliers, believes that logistics continues to stand out as an asset class. “In terms of location, probably not in prime posi-

MIPIM Asia News: How is the occupier landscape changing in logistics? HH: We believe in China’s domestic consumption and e-commerce stories. Just one week ago Alibaba and JD.com racked up a new record — $139bn of sales across their platforms on China’s Singles Day shopping event, which equivalent to an incremental demand of more than 10 million sq m of institutional grade warehouse space. Despite the US remaining just ahead of China in overall retail sales ($5.5trn vs $5.1trn in 2020), China will outpace the US by nearly $2 trn in e-commerce in 2021. That’s why over 60% of Forest’s tenants are e-commerce companies and 3PL providers

A state-of-the-art logistics asset in Chengdu

MIPIM Asia One Book 2021

INVESTING IN CHINA

tions in first-tier cities due to high pricing, but certainly in fringe areas of Guangzhou and Shenzhen, as well as the nearby second-tier cities like Dongguan and Zhongshan,” he says. “There are opportunities in close proximity to the city centre in some of these areas, and with more attractive pricing. Of course, when investors enter these markets, they need to be more open as to how they liaise with local government in terms of how space is used, local permits, things like that.” One such investor is LaSalle, which announced the final close for LaSalle China Logistics Venture (LCLV) and its co-investment vehicle, with total committed capital of $972m raised for LaSalle’s first fund dedicated to the China logistics sector. The completion of the capital raise comes as the fund and its co-investment vehicle have already invested and committed

“There are logistics opportunities in fringe areas of Guangzhou and Shenzhen, as well as the nearby second-tier cities like Dongguan and Zhongshan” Nigel Smith $423m across 15 investments. This includes three recent acquisitions in Shanghai, Nanjing and Tianjin. The fund is expected to have investment capacity of up to $2.5bn. “China’s logistics sector continues to be underpinned by solid fundamentals — strong domestic consumption coupled with a rapid acceleration in e-commerce adoption post-COVID,” says Claire Tang, co-CIO, Asia Pacific and head of Greater China.

that focus on supporting e-commerce. The other big growth area is cold storage. Fresh grocery delivery has picked up significantly during the pandemic, and we think that’s a change that’s likely to remain coming out of the crisis. MIPIM Asia News: Has the logistics sector caught up with the ESG debate? HH: Incorporation of ESG considerations is key across our investment, design, construction and operations management. From acquisition, we take into account the impact of climate change, rainfall measurement, river flooding, and soil conditions in the course of our investment due diligence. We also use environmentally-friendly construction method and materials. From an operational perspective, our tenants include firms in sectors such as new energy and electric vehicles. We have complied with and applied for LEED Gold standards in some of our projects, whenever circumstances allow. Lastly, we have installed solar photovoltaic power system on the rooftop of all our warehouses for the production of renewable energy.

A LaSalle Logiport development, the Jiaxing Pinghu Logistics Park

CONFERENCES & EVENTS AT MIPIM ASIA INVESTING IN MAINLAND CHINA – WEDNESDAY, DECEMBER 8 14.45–15.30 CHINA: WHAT ARE THE HIDDEN SECRETS FOR SUCCESS? What is the secret to success for investors and developers in China — a market that has become ever more competitive? What new hot markets are there and why? What should you stay away from? How are the established sectors faring? 32

MIPIM Asia One Book 2021

INVESTING IN HONG KONG

A dazzling future Hong Kong, one of the most exciting cities in the world, has always attracted investors. Now experts say the best is yet to come, writes Isobel Lee INVESTORS around the world are betting that Hong Kong, historically one of the globe’s most important financial hubs, has an even brighter commercial future, according to Gavin Morgan, JLL’s managing director in Hong Kong. “This year has already seen almost three times the transaction volumes of 2020, in terms of square feet,” Morgan says. “This alone pretty accurately tells the story of the appetite for assets in Hong Kong, and indeed applies across all districts.” Morgan notes that while deals are down on pre-pandemic figures, transactional patterns this year have often reflected opportunity rather than appetite. A more striking detail is the type of asset class capturing investor interest — in apparent contrast to global secular trends. “Retail is a particularly active sector — more so even than logistics. Office remains a very attractive asset class in Hong Kong. Working from home isn’t so appealing here,” Morgan says. Retail, one of the few sectors flagged for rental growth, is remarkable in Hong Kong for its variety and granularity — from large shopping centres to high-street and neighbourhood retail. Adds Morgan: “Russell Street and Causeway Bay were home to the most expensive retail rents in the world a few years ago. While rents are unlikely to reach 2017 levels ever

Sino Land’s Lee Tung Avenue combines the finest of old and new in Hong Kong

again, investors are banking on them tracking back.”

“Retail is a particularly active sector — more so even than logistics. Office remains a very attractive asset class in Hong Kong”

Gavin Morgan

One of the firms shaping the future of Causeway Bay is Hysan Development, through projects including its Caroline Hill Road scheme. According to Ricky Lui, Hysan executive director and chief operating officer, the mixed-use project “will bring about the Lee Gardens area’s transformation”, adding some 1.1 million sq ft (100,000 sq m) to the

JLL’s Gavin Morgan

MIPIM Asia One Book 2021

firm’s portfolio. “The size allows us to unveil a signature development which includes a 60,000 sq ft lifestyle park,” Lui says. “This supports a cutting-edge commercial building of offices and retail where we are also looking into ideas to honour our legacy here in the Lee Gardens area.” Residential is another complex and compelling area in Hong Kong, where every costly centimetre counts. In November, an apartment in the Mount Nicholson development sold for HK$640m (€73m), making it Asia’s most expensive home per square foot. While the sale is expected to add lustre to the city’s luxury real estate market, it was also a reminder of its affordability challenges. However, for Morgan, recent government policy announcements represent a step in the right direction. In October, Hong Kong’s chief executive Carrie Lam unveiled plans to transform some of the districts bordering the southern Chinese city of Shenzhen into a “Northern Metropolis”. Notes Morgan: “The initiative gives Hong Kong a chance to relieve some of the acute pressure on land supply. JLL has calculated that that could add as much as 400 million sq m of residential space, and some 100 million sq m of commercial.” Although it is not clear how much might be earmarked for

INVESTING IN HONG KONG

Hong Kong first by achieving WELL v2 pre-certification.

Green projects like Sino Land’s Grand Central are bringing environmental gains

social housing, Morgan suggests that the plan overall creates “a blueprint for the housing logjam to be broken”. Local real estate companies are no stranger to the city’s premium on space. Residential development specialist New World Development Company Limited has been tackling projects through its “Artisanal Movement” philosophy, which senior project director Edwin Chan Chi Wai says combines aesthetics with a focus on practical details. The firm collaborates with artisans, artists and design experts — one residential project, The Pavilia Hill in Tin Hau, engaged the skills of a Zen priest, Shunmyo Masuno, to design its peaceful gardens. For another project, The Pavilia Bay in Tsuen Wan, yacht designer Philippe Briand was hired to create a waterfront residential block with the lineaments of a ship. The project culminates in a decking area with swimming pool. “We approach every project with the idea that we are not just building a residential tower, but creating a community,” Chan says. “In Hong Kong, a single building can house 500 fa-

milies — which is already a village. So, it’s about tailoring the building to the people that are living there, in a million small and large ways.” From building a step-and-storage unit into tiny bathrooms so children can reach the sink, to reengineering doors for compact balconies, the firm makes small spaces welcoming. All this, with an ESG approach as standard. “We have a responsibility to make the environment more sustainable for the future,” Chan says. Sino Land is another Hong Kong developer creating lush, vertical environments in this dense city. The firm’s Grand Central Complex in Hong Kong, which was completed in April 2021, provides 1,999 residential units, a public transport exchange, leisure areas and a retail podium, all landscaped with 9,400 sq m of green, home to more than 120 species of plants. Daryl Ng, deputy chairman at Sino Group says: “The built environment has a profound impact on our health and wellness as we spend 90% of our time indoors.” Another of the group’s residential schemes, 133 Portofino in Sai Kung, has achieved a

In the midst of this development frenzy, it is no surprise that investors are also targeting logistics and alternative assets for their impressive income profiles. “There’s been a lot of industrial activity this year, particularly with repurposing and value-add plays, the latter often for data centres. Blackstone acquired a residential block to turn into a last-mile asset, while ESR picked up a building to convert into a data centre,” says Morgan, adding that car parks are also seeing quite a lot of opportunistic activity. Meanwhile, active players in the region are expanding their geographical horizons thanks to the exciting opportunities available across South China’s Greater Bay Area (GBA), a megalopolis consisting of nine cities and two special administrative regions, Hong Kong and Macao. “The GBA’s development has been accorded the status of key strategic planning in China’s development blueprint,” Lui says. “In August this year, Hysan and IWG formed a joint venture to operate flexible workspaces in the GBA. Flex has become an integral part of the office ecosystem… and our two sides are the perfect partners to run this fast-growing business using an asset-light model.” Underpinning the region’s future are formidable infrastructure plans which Morgan says give huge confidence to the private sector. “As the area’s boundaries expand, the infrastructure will make it really easy for people and businesses to be in these locations.”

CONFERENCES & EVENTS AT MIPIM ASIA INVESTING IN HONG KONG – WEDNESDAY, DECEMBER 8 14.00–14.45 Grand Ballroom HONG KONG: WHAT’S HOT AND WHAT’S NOT? What are the latest hot markets to watch out for and ones to avoid in Hong Kong? What about changing consumer trends and their impact on retail investment? What are the investment opportunities for senior living, data centres and cold storage assets? What about the impact of the pandemic on offices, particularly older buildings? What are the opportunities for investors outside of Hong Kong looking in and how will they impact the Hong Kong real estate market? And finally, what is happening regarding ESG and green initiatives. 34

MIPIM Asia One Book 2021

INVESTING IN JAPAN

A market looking up Increasingly diverse opportunities across a range of asset classes have confirmed the considerable benefits of investing in Japan, as Paul Strohm reports A HIGH proportion of the capital targeting the Asia Pacific (APAC) region is focused on Japan, which is creating a range of opportunities for investors and developers and, usefully since hybrid working policies have increased office vacancies and eroded rents there, not all of them are in the more traditional sectors. However, residential is one of the staples of Japan’s real estate sector, and according to Savills Investment Management, the housing market in Tokyo still offers attractive risk-adjusted opportunities for investors. In terms of scale, US private equity giant Blackstone raised the bar last

Rushabh Desai, CEO, Allianz Real Estate Asia-Pacific

AXA IM Alts’ high hopes for Japanese residential have paid off

year when it acquired a portfolio of rental apartments in Japan for a reported JPY300bn (€2.3bn) from Chinese company Angbang Insurance, in what was heralded as the biggest real estate deal in Japan — ever. Subsequent transactions may not have been as large but the resilience of the sector and demographic imperatives have ensured constant institutional interest. This year Savills Investment Management made JPY24bn of acquisitions for its Japan Residential Fund II. Tadaaki Kurozumi, co-head of Savills IM Japan, says: “The size and liquidity of the Tokyo residential market means it is very resilient to external shocks, as has been proven during the global financial crisis and more recently during COVID-19. However, it is not easy to acquire well-priced assets without the ability to source off-market transactions.” German investor Allianz Real Estate also bought a portfolio of 12 newly built multi-family assets in Tokyo for approximately €75m earlier in 2021. The firm explains that residential is a sought-after asset class which provides long-term stabilised yields, supported by strong urbanisation trends in a context of limited supply. “Our existing multi-family portfolio in Japan has performed well des35

MIPIM Asia One Book 2021

pite the COVID-19 pandemic and this validated our conviction about the resilience of this asset class,” says Allianz Real Estate APAC CEO Rushabh Desai.

“Our existing multifamily portfolio in Japan has performed well despite the COVID-19 pandemic and this validated our conviction about the resilience of this asset class”

Rushabh Desai

Paris-headquartered AXA IM Alts has targeted a range of asset-types in Japan, including residential. Among recent acquisitions, the company paid PGIM Real Estate Japan JPY10.6bn for two residential assets in Osaka. AXA IM Alts head of APAC Laurent Jacquemin explains that the deals were an opportunity to capitalise on Osaka’s population and economic growth and that the properties “appeal to the city’s thriving community of professionals and young families”. Last year AXA also bought residential buildings in Japan’s third largest city, Nagoya, whose residential market has a shor-

INVESTING IN JAPAN

tage of affordable rented residential stock suitable for families. In total, Blackstone invested $7.3bn (€6.5bn) in Japan in 2020, including real estate and private equity. Although it may not have continued on the same scale this year, the firm’s real estate team has bought an eight-hotel portfolio in Japan’s tourist destinations including Kyoto, Osaka and Fukuoka, as well as in the Greater Osaka and Nagoya regions in a reportedly JPY60bn deal with Kintetsu Group Holdings, one of Japan’s largest railway companies. The deal has been a fillip for Japan’s hospitality sector, which was hit hard by the COVID pandemic, travel restrictions and largely empty stadiums arising from the rescheduled Olympic Games. Despite that considerable setback, the hospitality sector is now regarded as an opportunity, with investors ready to pounce on counter-cyclical bargains. “The Asia Pacific hotels industry is well primed for an investment resurgence that will gather momentum in 2022,” says Mike Batchelor, CEO, APAC, JLL hotels & hospitality group. While China has been the region’s most active market with $1.52bn in sales in the year to late October, Japan attracted the second largest amount of capital, $1.48bn. “Japan remains a desirable hospitality market and will likely recover

more rapidly than others globally due to its strong domestic base,” says Takahiro Tsujikawa, head of JLL hotels and hospitality group, Japan.

“The Asia Pacific hotels industry is well primed for an investment resurgence that will gather momentum in 2022”

Mike Batchelor

The COVID pandemic also highlighted our growing dependence on data and society’s considerable requirements for the storage of information and critical applications. With the expectation that Japan’s data transaction volume will double in the next two years and that cloud services will further expand, demand for data centres will provide more opportunities according to CBRE Data Center Solutions’ senior consultant Hirokazu Ono. “With the pandemic, video distribution and online retail has grown, further increasing the importance of data centres as social infrastructure.” “Japan has a rapidly developing data centre industry, characterised by local and foreign operators, as well as pure play operators and system integrators,” adds Bob Tan, senior director, alternatives, capital markets, APAC, JLL. Earlier this year JLL advised on the

An ESR-AXA venture owns this Amazon warehouse near Tokyo

MIPIM Asia One Book 2021

sale of an asset for redevelopment into an almost 100-megawatt (MW) data centre campus in Saitama, Greater Tokyo, marking also the entry of Princeton Digital Group into Japan. And the market is not confined to Tokyo. Hong-Kong headquartered ESR Cayman, an APAC focused logistics real estate business, acquired a key data centre and additional land near Osaka with scope to develop a 78MW facility. Logistics real estate is similarly in demand from occupiers and investors. In 2021, sector specialist GLP established the largest ever Japan-focused private real estate fund, GLP Japan Development Partners IV, which already raised JPY311bn and is ultimately expected to have spending power of JPY1trn. Since inception in 2011, GLP’s Japan development funds have delivered in excess of 2.7 million sq m of space. Ralf Wessel, managing director, fund management, GLP, says the latest fund raising “demonstrates the strength and attraction of the logistics market driven by ecommerce and supply chain modernisation.” The fund will focus on the prime Greater Tokyo and Greater Osaka regions, and environmental sustainability will be a priority. Early in 2021, AXA IM Alts began construction of a 79,095 sq m logistics facility at Kisosaki, near Nagoya. Logistics is “an asset class that has proved resilient against the backdrop of the global pandemic, in a region where investment activity is set to benefit from supportive market fundamentals”, says AXA IM Alts’ Jacquemin, adding that it also demonstrates “that the underlying structural shifts impacting the Japanese logistics sector are likely to support further yield compression.” If the Japanese government’s recently announced JPY55.7trn post-COVID economic stimulus measures revitalise the economy as planned, demand will no doubt be further invigorated.

RETAIL & F&B

Retail blossoms into a new era

The latest shopping centre and high street concepts ensure the sector’s future growth, with unique F&B ideas fertilising the most successful developments. Isobel Lee reports far more extensive. Entertainment and leisure activities are also an important component, especially for children — from toddlers to teens,” Andersen says.

“There are certain things that catch your eye immediately in the Chinese market. Although much of the space allocated to retail is similar to Europe, Hongkong Land’s Yorkville – The Ring draws shoppers with its vertical garden F&B tends to be far WHILE shoppers around the world ticket items remain the bright spots, more extensive” drove e-commerce gains throughout the pandemic, China maintained its global lead. The world’s biggest online sales marketplace since 2013, China’s digital sales grew 34-fold in the decade to 2020 — versus an average nine-fold growth worldwide. With over 90% of sales now taking place on mobile devices in China — compared to just 43% in the US — plus the rise of payment innovations, including Alipay, it would be easy to question if physical retail has a future in East Asia. However, the ongoing success of a range of bricks-and-mortar segments — from neighbourhood stores to luxury boutiques and destination shopping centres — demonstrates that there is still plenty to be hopeful about across Asia Pacific (APAC). Research from CBRE identifies a “K-shaped recovery” for retail real estate throughout the region, with resilient neighbourhood centres and essential retail among the concepts holding up well. “Luxury and big-

while consumers’ evolving lifestyles will continue to fuel sporting goods and activewear sales,” says Henry Chin, head of research, APAC, at CBRE.

And while dine-in food and beverage (F&B) outlets, beauty salons and indoor-entertainment venues have been vulnerable to lockdowns and social distancing mechanisms, the future is also bright for experience-led real estate. At the start of November, Ingka Centres, part of the Ingka Group which also includes IKEA, unveiled its sixth retail-anchored project in China, dubbed Livat Nanning. As across other territories, Ingka sees the experiential dimension as crucial to success in China, according to Cindy Andersen, Ingka Centres managing director. “There are certain things that catch your eye immediately in the Chinese market. Although much of the space allocated to retail is similar to Europe, F&B tends to be 37

MIPIM Asia One Book 2021

Cindy Andersen “In many ways, F&B is the new anchor,” says Terence Seah, head of Hong Kong, Singapore and Shenzhen for architectural firm Benoy. “But the tricky bit is always the curation of the experience and types.” Seah cites as a successful example SookSiam, a marketplace styled to recall

Cindy Andersen, managing director, Ingka Centres

RETAIL & F&B

regional Thai bazaars, which Benoy designed for the mixed-use Iconsiam development in Bangkok. “It was a bold move to curate all the great street food, and food retail and crafts of Thailand into a locality in Bangkok… its authentic execution created a one-of-a-kind experience,” he says. Making retail a “destination”, is important, too, for Hong Kong developer Sino Land. Its iconic urban redevelopment scheme, Lee Tung Avenue in Hong Kong, has proved a clear pioneer for offering a tree-lined boulevard and a liveable experience in Wan Chai. “The design was inspired by the traditional streetscapes of the 1950s to celebrate the rich heritage of Wan Chai. Staggered building heights, with a mix of finishes and paints and antique-style Towngas lamp posts lining the boulevard make for a pleasant walk and interesting feast for the eye,” says Daryl Ng, deputy chairman of Sino Group. But it’s also intensely modern in its concern for the environment, incorporating hydraulic turbines, rainwater recycling and solar photovoltaic panels.

Sino Land’s Lee Tung Avenue in Hong Kong

The heritage theme is notable too in Seazen Suzhou Wuyue Plaza, in Suzhou, a retail scheme which has been singled out for a MIPIM Asia Award this year. Designed by Benoy, the project beings the spirit of the city’s old town into the mall with a unique, indoor high street. Seah says that the secret of the project was incorporating “community spaces for events as well as promoting social interaction”.

“In many ways, F&B is the new anchor, but the tricky bit is always the curation of the experience and types” Terence Seah Another of this year’s award winners, the Grand Central complex in Hong Kong developed by Urban Renewal Authority, Sino Land and Chinese Estates, meets the challenge for providing green spaces in the city while representing a landmark mixeduse concept incorporating the YM² Shopping Mall. According to Sino Group’s Ng, “by breathing new life into one of the most established neighbourhoods and combining multiple functions, the project plays an important role in revitalising the neighbourhood.” Ping Xu, founder and design director of China-headquartered architects PH Alpha (PHA), says that her firm is always trying to push the boundaries of innovation with its retail designs. “The competition between shopping malls in China is fierce,” she says. “You often find two or three big developments within a few kilometres of space.” PHA’s latest projects have explored bringing the natural world into retail environments, with the striking scheme Yorkville – The Ring in Chongqing winning a MIPIM Asia Award this year for its outstanding concept. While some 170,000 sq m of the scheme is dedicated to a shopping mall and retail streets, and 38

MIPIM Asia One Book 2021

Terence Seah, head of Hong Kong, Singapore and Shenzhen, Benoy

110,000 sq m to grade-A office space, there is also a 70,000 sq m full-height indoor-outdoor botanical garden which Xu calls “a response to biophilia, which reduces the tension of the artificial environment”. Combining nature with retail is a theme which Xu has also explored across other projects, including Hangzhou’s Aoti InCity which features an extensive roof garden, while the Genzon Binhaiwan Industrial Park, an office and F&B-led scheme, is rooted in a natural world at ground level. Finally, while brand-new projects offer exciting prospects for the sector, careful refurbishments are also part of the fightback. Notes Terence Tang, managing director Asia, Colliers capital markets & investment services: “Looking at retail across APAC, we are seeing a lot of large-scale conversion opportunities for retail assets. We are seeing some residential being built on top of retail centres in Australia. There is also a trend for converting centres to mixed-use, where the lower floors of retail are retained and different elements are introduced above that, from co-working to medical suites.” Benoy Architects and retailer David Jones have won a MIPIM Asia Award this year for the transformation of the 180-year-old David Jones Elizabeth Street flagship in Sydney, Australia, a project which Seah describes as “unpeeling some layers of

RETAIL & F&B

the decades of additions and alternations”. But there is also place for a very contemporary experience and an equitable approach to the brand concessions within the store. Striking details include the store’s penultimate level, which used to function as a grand ballroom and welcomed Queen Elizabeth in 1954. Enthuses Seah: “We created a homage to the beautiful heels that graced the dance

floor with a shoe hall that could also flex into an events space.”

The shoe hall at David Jones Elizabeth Street Flagship Store

CONFERENCES & EVENTS AT MIPIM ASIA RETAIL – TUESDAY, DECEMBER 7 16.45-17.30 F&B: THE SAVIOUR OF RETAIL In Asian markets such as Hong Kong and China, where there are limited local COVID cases, many people are choosing not to travel due to the quarantine measures at the moment. This has meant that people with strong consumption power are dining out much more 03_CHONGBANG_OB_ASIA_V2 than they did in the past with restaurants being full. This session will explore this recent trend and how landlords are working with their tenants to regain foot traffic and consumer confidence. Advertisement

MIPIM Asia One Book 2021

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HOSPITALITY

Room for growth as market recovers Investment in the Asia Pacific hotel sector remains robust, as does development, although slow recovery in tourism numbers mean that occupancy levels remain volatile, says Mark Faithfull DESPITE the Asia-Pacific (APAC) region’s rapid response to try and contain the COVID-19 pandemic through comprehensive restrictions, the handcuffs are still barely off the sector. Many Asian travel markets only recently re-opened and in its third-quarter 2021 forecast for international visitor arrivals to 39 APAC destinations, the Pacific Asia Travel Association’s (PATA) continues to predict an uncertain recovery. “A return to travel will be impacted by complex factors in both the source markets and destinations,” says PATA CEO Liz Ortiguera. “As each government weighs the difficult balance between opening up livelihoods and economies with public health risk management, we can expect a different tourism ecosystem to emerge.” Despite this, hotel investment volumes are likely to exceed $7bn (€6.2bn) for the full year 2021, a 15% year-on-year increase, as investors continue to look beyond the industry’s short-to-medium term challenges, according to JLL Hotels & Hospitality Group. It expects healthy transaction volumes will continue into next year, with the industry expected to attract a minimum of $9bn in capital in 2022. In its recently published Hotel Investment Highlights report for the second half of 2021, JLL’s analysis

Schemes like the Clan Hotel in Singapore hope to entice travellers

shows that year-to-date 2021 volumes have totalled $6.34bn in the region, spread across 127 transactions and 12 countries, representing approximately 21,000 keys. “The Asia Pacific hotels industry is well primed for an investment resurgence that will gather momentum in 2022. While COVID-19 will continue to impact the industry and influence capital deployment, investors are increasingly viewing the current environment as an opportunistic time to get deals done,” says Mike Batchelor, CEO, APAC, JLL Hotels & Hospitality Group.

“The Asia Pacific hotels industry is well primed for an investment resurgence that will gather momentum in 2022” Mike Batchelor Activity in 2021 has been dominated by transactions in China, Japan and Australia, accounting for two-thirds of total volumes. China is the most active investment market, with $1.52bn in sales in the year to date. Japan, traditionally the top destination for regional hotel investment, attracted $1.48bn in hotel 41

MIPIM Asia One Book 2021

transactions, while Australia was the third most active market, accounting for $1.26bn in investments so far. Cross-border capital has been playing a larger role, with investors and family offices from Europe and the Middle East a growing presence. CBRE Hotels data puts Australian hotel sales at almost AU$2bn this year, which is a five-year high and up from just AU$681m in 2020. This has been propelled by a wave of hotels being sold for residential and build-to-rent conversions, on top of major portfolio sales. At AU$620m, the largest sale so far is of 11 Travelodge hotels from the national Tucker Box portfolio, acquired by Singapore sovereign wealth fund GIC, Swiss private equity firm Partners Group and Melbourne-based Bayview on the Park. The biggest single-asset transaction was the AU$315m sale of the Sofitel Wentworth Sydney. Troy Craig, regional director, valuation & advisory services, CBRE Hotels, says close to one-fifth of sales by value have been to buyers planning conversions, including the AU$70m sale of Melbourne’s Bayview on the Park to Aware Super, the AU$125m sale of Vibe Rushcutters for a residential conversion and the AU$178m sale of Intercontinental

HOSPITALITY

Hotel at Double Bay for a mixed hotel and residential project. “Developers are capitalising on the continued strength of the residential market and the interest in build-to-rent opportunities to acquire well-located, fringe city hotels, which will likely have a slower recovery trajectory than CBD assets and have a higher and better use as residential,” says Michael Simpson, managing director, capital markets, CBRE Hotels. “While the RevPAR growth trajectory stalled in Australia after a promising start in H1 2021, this has provided reassurance that once the COVID shackles are removed pent up domestic demand will quickly translate into increased hotel occupancy.” Many of the region’s new openings are in China but Thailand, Vietnam and Indonesia are also popular destinations for developers. Hotel groups like Banyan Tree, Anantara, Kimpton, Four Seasons, Hyatt and IHG have launched a number of properties, ranging from luxury and boutique resorts to business and midrange hotels. Among those, Hilton is set to open its new, 1,080-room Hilton Singapore

Orchard in January, will which be Hilton’s largest in APAC. The hotel, formerly the Mandarin Orchard Singapore, will open in Orchard Road, Singapore’s popular retail district, and will include a direct connection to a luxury-shopping gallery. Furthermore, Hilton intends to open 15 DoubleTree by Hilton hotels in South East Asia over the coming years. IHG Hotels & Resorts’ 151-key voco Gangnam — scheduled to open in Q2 2022 — is the second voco property IHG has signed in South Korea this year, following voco Pyeongtaek City. It will join a portfolio of nine hotels in the country as part of the company’s continued expansion in South East Asia and South Korea. Launched in 2018, the voco brand has a versatile design concept, making it suitable for a broad range of asset types including new-build and conversion projects and IHG has 19 signed and opened voco hotels in Asia Pacific, including two properties in Hunter Valley and the Gold Coast, Australia, and Hangzhou in China, with further openings set for Singapore, Vietnam, Thailand, South Korea, New Zealand and Saipan. Meanwhile, Wink Hotel Saigon

The Hilton Singapore Orchard, with 1080 keys, is Hilton’s largest in APAC

Centre, Ho Chi Minh City, Vietnam, is Vietnam’s first home-grown international hospitality group. Wink Hotel has been conceived as a disruptive brand, created to deliver affordable luxury and the initial hotel is the first of 20+ planned for Vietnam. The property has been developed by Indochina Kajima Development Company and architect is AW² Architecture Workshop. Far East Square, located in Singapore’s Central Business District, has been developed by Far East Organisation. Once the landing point for Chinese immigrants arriving in Singapore by boat, it is now a heritage mall plus two hotels, AMOY and most recently The Clan Hotel, a modern luxury hotel with 324 keys, in a scheme designed by architect Multiply Architects (Far East Square) and DP Architects (AMOY Hotel, The Clan Hotel). Such developments point to a brighter future for a region where both business and leisure travel have been hugely impacted by the pandemic. Regional travel may well be the initial spur for APAC, with investors betting on international travel to revitalise the hospitality industry in the longer term.

IHG is expanding across APAC through its versatile voco brand

CONFERENCES & EVENTS AT MIPIM ASIA TUESDAY, DECEMBER 7 15.30–16.15 HOSPITALITY: A RENAISSANCE IN THE MAKING? As life moves towards a ‘new normal’, what does the future hold for hotels? What demand levels are we likely to see for Asian markets? And what are investors thinking? Join the debate in this not to be missed session. 42

MIPIM Asia One Book 2021

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CMY

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ALTERNATIVE INVESTMENTS

Investors plug into science and tech The COVID crisis has made governments value science and technology as never before, while causing a surge in data usage. As Ben Cooper reports, for investors and developers providing the spaces for tech to thrive in, the opportunities are significant THE PANDEMIC might have grounded billions of people for months on end, but it did not confine the movements of technology, capital and innovation. During this period, individuals’ digital footprints ran wild, marking more screen-time, e-commerce spend and data consumption than ever. At the same time, as the world lived in hope for ways out of the pandemic, an appreciation of the value of technological and scientific solutions jumped inestimably. It all adds up to a serious opportunity for investors across Asia Pacific (APAC) in two key alternative real estate asset classes: the life science facilities and campuses on the forefront of the biotech battle, and the growing numbers of data centres housing critical applications and information. Keith Tsang, executive director, capital advisers at CBRE Hong Kong says: “Healthcare and data centres will continue to be the talk of the town as attractive alternative asset classes. “Asia Pacific’s large population, rising middle class, along with government policies, and the pro-growth policies within international pharmaceutical firms as well as the COVID-19 era occupier strategy in the life sciences sector, are underpinning the rapid growth of the industry.” On top of

that, he says that investor appetites for these asset types in other regions, “most notably the US, are drawing buyers to the sector in Asia Pacific, with sophisticated facilities for R&D, manufacturing and high specification storage attracting strong enquiries”. According to Deloitte’s 2021 Global Life Sciences Outlook report, driven in part by the pandemic, 2020 saw a 103% increase in corporate investment globally in life sciences and digital health facilities on 2019 — worth $21.6bn (€19bn). Alongside the private sector, governments are doing all they can to incentivise home-grown industry within the broad field of life sciences — a term which entails various sectors, including biotechnology, pharmaceuticals, food sciences and medical equipment. Across the APAC region, efforts range from the measures taken on the Hong Kong Stock Exchange in

“Healthcare and data centres will continue to be the talk of the town as attractive alternative asset classes” Keith Tsang 45

MIPIM Asia One Book 2021

early 2018 to incentivise investment in health and science tech companies, to the Healthy China 2030 policy, which identifies life sciences as one of the key seven strategic investments that Beijing intends to foster. Yet for all of its major advances over the past half-century, the APAC region still has major progress to make in this field. The region is home to 60% of the world’s population, yet has an average healthcare investment as a percentage of GDP spend well below Europe and the US, as well as a surprising underperformance in pharmaceutical production — the region accounts for less

Keith Tsang, executive director, capital advisers at CBRE Hong Kong

ALTERNATIVE INVESTMENTS

than 10% of global sales. This lag is both an opportunity and a challenge for investors. While there are clear development opportunities, the limited market creates something of a liquidity issue for investors until supply catches up. Hamish MacDonald, head of investments for BlackRock APAC Real Estate, says this has generated a “frenzied competition for development sites” across diverse territories due to the “lack of existing available assets”. It’s all part of a bigger story which has seen investors pursue more operationally “hands-on” asset classes in recent years, with capital aiming to “move out of fixed income for yield, and out of retail and hospitality for resilience”.

“Investors’ positive attitudes towards tech-based assets, including data centres, has materially accelerated recently, particularly since the onset of the pandemic” Hamish MacDonald

With burgeoning technological growth, and consumer demand, comes an ever-increasing appetite for power, and data — millions of megawatts’ worth more each year. Cue another of the most phenomenal growth stories — and real estate investment opportunities — the data centre. Data centres are repositories for vast servers that in turn host cloud-based services, usually run by the providers themselves and leased from the owner. The vast amounts of data generated by businesses and households have seen these structures mushroom globally, not least in the APAC region. As a real estate asset class, their income profile and criticality have made them an increasingly hot target for investors. MacDonald notes that while all alternative asset classes in general are seeing a surge in interest, “positive attitudes towards tech-based assets, including data centres, has materially accelerated recently, particularly since the onset of the pandemic”.

sumption patterns, more transport and more technology, all these data flows necessitate greater capacity for crunching and storing information. In turn, many of the latest generation assets have evolved into huge hyperscale data centres, of which, at the start of 2021, there were 600 around the world — with a further 200 expected to be delivered this year. The APAC region has five main hubs for data centres — Beijing, Shanghai, Tokyo, Singapore, Melbourne — but throughout the region, further sites are being built in earnest. The world’s largest data centre provider, China Telecom, was only established in 2002. In the 19 years since, it has grown exponentially from its base in Beijing, from which it serves 10 different Asian markets, operating more than 450 centres in China alone. Cushman & Wakefield’s latest Data Centre Update, released this autumn, revealed 28 new data centres under development in the APAC region, with more at the planning stage. Of the five markets covered in the report by far the busiest is Hong Kong — as a bridge between West and East, the city has become one of the world’s most important data hubs, attracting the world’s big data users: Amazon, Alibaba, Microsoft, to name a few. The arrival of Chinese data centre giant GDS, now underway with its first major development project, only confirms this.

As Asian countries become more urbanised, and distinguished by burgeoning middle classes, higher con-

Predictably, as time goes on, the investor race to get into the sector in APAC is only likely to spike further,

Hamish MacDonald, head of investments for BlackRock APAC Real Estate

Tsang confirms. “The surge in data storage and processing requirements resulting from increased levels of remote working during the COVID-19 pandemic has also generated significant requirements for additional data centre capacity,” he says. “Investment demand across Asia Pacific has significantly strengthened in 2020 and 2021 as economic and property market volatility caused by the spread of COVID-19 prompts buyers to seek assets providing stable income streams.” With forecasts for 2022 signalling further pent-up demand for tech sites in the APAC region, whether that be life sciences campuses or the huge data centres that the internet relies on, experts conclude that this is an auspicious time for investment and development in sectors which may not remain “alternative” for long.

CONFERENCES & EVENTS AT MIPIM ASIA WEDNESDAY, DECEMBER 8 11.30-12.15 Grand Ballroom ALTERNATIVE INVESTMENTS: WHAT SHOULD YOU BE KEEPING AN EYE ON? Away from traditional, alternative markets are popular with investors offering good scalability and returns. In this session special focus will be on the booming APAC life sciences sector and why it could be a good real estate bet in the region’s major hubs. Equal focus will also be given to data centres and their support of the growing digital economy. 46

MIPIM Asia One Book 2021

OUTBOUND INVESTMENTS

Global power plays Asia Pacific-headquartered investors are striking increasingly bold deals around the globe in the name of diversification. And all the signs suggest that cross-border flows are only going to get bigger, writes Isobel Lee WHEN SINGAPOREAN sovereign wealth fund GIC closed a deal in early November for 328 US industrial real estate assets priced at a cool $6.8bn (€6bn), the markets weren’t exactly surprised. The state-backed investment giant is no stranger to writing big cheques, and while the EQT Exeter transaction was one of the largest ever recorded in US industrial property, it followed intel that GIC was about to pounce on another EQT Exeter logistics portfolio in Europe for €3.1bn. The fund had also just revealed its intentions to back the $2.1bn EST Japan Income Fund. GIC has been a major investor in global real estate markets for over a decade, and made significant forays into European logistics several years ago through a partnership with Exe-

ter, before snapping up pan-European player P3 in 2016 for $2.7bn. In the last two years, a raft of hefty joint ventures around the globe — with a focus on the US, Europe and Asia including India and China — have underlined GIC’s ambitions. Like its largest competitors, GIC’s strategy is all about scale, crucial for an asset class as borderless as logistics. But the recent GIC deals also confirm another trend — Asian capital is back on the global stage in a meaningful way after interruptions caused by the pandemic. For many fund managers, the concept of striking deals remotely clashed with their appetite for risk. Other investors, such as South Korean funds, came up against legal procedures that require the representatives of investment funds to 47

MIPIM Asia One Book 2021

Singapore-listed CEREIT is plugging into successful deals in Europe

visit properties in person before closing transactions. As a result, many Asia Pacific (APAC) investors have chosen two paths in the last 18 months: either focusing more on domestic and local opportunities, or developing partnerships overseas to deploy dry powder. “While some Asian funds looked locally during the pandemic, over the last two years we have actually seen quite significant ebbs and flows of investors concentrating back on their home markets,” says Terence Tang, managing director Asia, Colliers capital markets & investment services. However, they are unlikely to stay local. “Many Asian institutions have target allocations which are fairly dislocated from current volumes — for example, aiming at 12% real estate, but holding only around 9%. That can

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OUTBOUND INVESTMENTS

translate into a couple of hundred billion to deploy. Given the allocation targets of Asian funds, I think we will see cross-border investment resume in a significant way.” This is likely to be the case even for Chinese investors, who have found it more difficult to execute global strategies since 2017 due to a raft of governmental measures to curb outbound investment. “Given the amount of capital the Chinese investors have to deploy, I would say that they will return to invest overseas,” says Tang. “Transaction volumes went up during the pandemic — China has easily overtaken Japan as the region’s most active market — but the domestic market won’t be enough to satisfy their appetites.” Meanwhile, many cross-border partnerships have proved successful in facilitating dealmaking for APAC investors overseas. Japan’s Kajima formed a tie-up with Savills Investment Management last year to expand its European footprint. Says Daniel Bumpstead, investment director at Kajima Properties Europe: “While Kajima has been an active investor in European logistics development for over five years now, having developed over 25 industrial parks across the continent, we are now actively looking to complement our development business with a longer-term strategy of holding prime

assets from our development portfolio in partnership with our key institutional clients.” Australia’s Cromwell Property Group has also benefitted from the strength of its European platform to consistently invest throughout the pandemic. The Cromwell European Real Estate Investment Trust (CEREIT) has recently pivoted to a target composition of 50% European logistics, which Simon Garing, CEO and executive director, Cromwell EREIT Management says “is well-supported by the continued growth of e-commerce in Europe”. He adds: “We are seeing an increasing number of companies switching to a ‘just-in-case’ inventory management strategy, replacing the more fragile ‘just in time’, which bodes well for CEREIT.” CEREIT is unusually listed on the Singapore Exchange, giving Asian investors rare exposure to euro-denominated property. While many questioned this unusual structure after its initial public offering (IPO) four years ago, Garing says that “the city-state is a natural conduit for Asian investors to access global real estate” and that the firm now has “proof of concept — CEREIT has grown its portfolio by 75% to €2.4bn since listing and is invested in 10 European countries, doubled from IPO.”

“The city state of Singapore is a natural conduit for Asian investors to access global real estate” Simon Garing

Simon Garing, CEO and executive director, Cromwell EREIT Management

CEREIT’s sponsor also has irons in other fires. This summer, Cromwell announced a joint venture with Dasos Capital to establish a €1bn European wooden building fund, the first pan-European fund of its kind. According to Pertti Vanhanen, managing director, Europe, Cromwell Property Group, the idea has “received an overwhelming response 49

MIPIM Asia One Book 2021

Q&A with Andie Kang, co-CEO for IGIS, Korea’s largest real estate asset manager

MIPIM Asia News: What fundamentals are guiding your global strategy at the moment? AK: We are expanding our investments in APAC which is the fastest growing economic region driving global growth. It is expected that by 2030 the global economic contribution of Asia Pacific to global output will be larger than Europe and North America combined. In addition, the region also benefits from favourable demographics and secular growth trends, especially the rise of the middle-class driving consumption growth. Demand for new usage of space is rapidly increasing across all sectors, with the changing perception of work, consumption, living spaces and technological advancements. At IGIS, our key investment strategy is to create high-quality assets and being a trusted fiduciary to our investors focusing on thematic sectors with strong growth fundamentals over the mid- to long-term such as data centres, life sciences, co-living, senior housing, etc. in which we invest through opportunistic funds operated and managed by us. The interest and allocation of funds from institutional investors around the world are steadily increasing to Asia, where IGIS has an advantage, and this trend will only accelerate after the pandemic is over. We will launch a Pan-Asia Core Plus Fund focusing on developed markets such as Korea, Japan, Australia and Singapore to invest in high-quality assets in a new market

OUTBOUND INVESTMENTS

from investors globally”, supporting the idea that there is plenty of “demand for sustainable investments to help minimise the impact of climate change on our world”. Other Asian funds have been continuing their forays into an ever more diverse array of asset classes. The transformation of Batter- Pertti Vanhanen, managing director, sea Power Station, backed Europe, Cromwell Property Group by Malaysian pension fund EPF, Sime Darby Property and SP Setia, will unveil its second phase next year, launching over 100 shops, restaurants and cafes, office space, 254 homes and a chimney lift experience. All in all, 2022 is expected to bring the most renewed outbound activity for Asian investors. Travel restrictions are likely to subside worldwide, giving fund representatives the possibility to do their due diligence in person. According to figures from alternative assets data specialist Preqin, APAC-based private funds are holding in excess of $446bn of dry powder, with real estate a key target allocation. All that means that a wave of capital which has built up over the last 18 months is now ready to break — opportunities permitting. Says Mark O’Hare, founder and CEO at Preqin: “Asia-Pacific has been an engine driving global growth for more than a decade now and is in the middle of an historic transformation. The dawn of the Asian Age — or rather the re-emergence of the region’s economic dominance on the world stage — has been widely anticipated.”

Cromwell-sponsored CEREIT has pivoted to 50% logistics, including this Italian asset

cycle as we approach the end of pandemic. MIPIM Asia News: What are the best strategies for Korean capital seeking to invest overseas? AK: Finding the right investment strategies structures are depending on factors such as investors’ available capital, current portfolio compositions, and their internal investment resources. For larger institutional investors who have already built up their overseas real estate portfolios with larger investment managers, core/core-plus investments in form of separate accounts, joint ventures and club deals could be an attractive strategy. However, for value-add and opportunistic strategies, which require more sophisticated investment skills, investing through co-mingled funds managed by asset managers with a proven track record might be the most appropriate investment method. Small- and medium-sized Korean investors usually do not have enough internal operating resources, so it is important to develop a diversified portfolio by investing through partnerships with larger institutional investors in smaller club-type funds or co-mingled funds. IGIS is developing various platforms in Asia and partnering with best-in-class local partners especially in operationally intense sectors. MIPIM Asia News: Will pockets of distress emerge post-pandemic? If not, what are the routes to finding value? AK: Dry powder of private equity real estate funds is peaking at historic levels, and with the lessons learned from the last cycle, market shocks are not likely to last very long. In the future, investment value and profits will be derived from who can create and supply the space that consumers truly desire. In addition to the previously mentioned high demand thematic sectors, we believe that mixed-use or multi-purposed space development projects where people creatively work, consume, and reside together can provide some attractive risk-adjusted return opportunities. Unlike in the past, in the current market environment differentiated profits can no longer be created by simply buying and selling assets at the right time, or carrying out simple facelift renovations. It is also important to actively incorporate ESG and engage in sustainable investments which is becoming increasingly more important nowadays.

CONFERENCES & EVENTS AT MIPIM ASIA WEDNESDAY, DECEMBER 8 10.45–11.30 — Grand Ballroom OUTBOUND INVESTMENT: WHAT SHOULD YOU NOT MISS OUT ON? What is happening in the key real estate markets of Europe and the US post pandemic? What sectors should you invest and diversify in? What traditional and niche real estate investing provides the best bets right now? What is the impact of ESG and new regulations? What countries in Europe offer the best opportunities? 50

MIPIM Asia One Book 2021

PRACTICAL GUIDE

53. MIPIM ASIA SUMMIT SPONSORS 61. MIPIM ASIA AWARDS - WINNERS 2020 69. MIPIM ASIA AWARDS - FINALISTS 2021 83. PARTICIPANTS LIST 89. CONFERENCE & EVENT PROGRAMME

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SPONSORS & PARTNERS Gold sponsors

Silver sponsors

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DISCOVER OUR GOLD SPONSORS ARCH CAPITAL - YOUR PREFERRED PARTNER IN ASIA

ARCH CAPITAL has consistently capitalised 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 position us well as your preferred partner in Asia. Our management-owned/operated platform emphasises 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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CITIC CAPITAL REAL ESTATE GROUP CITIC CAPITAL is a real estate fund manager with a deep understanding and long history of investing in China, managing funds for global and domestic investors on diversified property types including retail, logistics, commercial office and residential. We offer investment opportunities in China through direct investment, co-investment and strategic partnerships with local asset managers and developers and are committed to delivering long-term performance for our investors and maximising their

returns. Building on our successful track record, we will continue to provide new offerings on opportunistic, value-added and core strategies for our investors.

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DISCOVER OUR GOLD SPONSORS HYSAN DEVELOPMENT COMPANY LIMITED

HYSAN DEVELOPMENT is a leading property investment, management and development company in Hong Kong with an investment property portfolio of over 4 million square feet of high-quality office, retail and residential space. With roots in Causeway Bay since the 1920s, Hysan is one of the largest commercial landlords in Hong Kong’s most vibrant district. Hysan’s Lee Gardens Area consists of Hysan Place, Lee Gardens One to Six, Lee Theatre, Leighton Centre, One Hysan Avenue (I.T HYSAN ONE), and 25 Lan Fong Road. Located at the heart of Causeway Bay, the premium destination offers first-class business and retail facilities, forming the base of a sustainable community for stakeholders to work, live and flourish.

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LASALLE INVESTMENT MANAGEMENT LASALLE INVESTMENT MANAGEMENT is one of the world’s leading real estate investment managers, operating in 15 countries and 22 offices worldwide. On a global basis, we manage approximately $73 billion of assets in private equity, debt and public real estate investments as of Q2 2021. We invest on behalf of individuals and institutions globally. Our institutional clients manage assets for

millions of workers and pensioners; from teachers to firefighters to healthcare workers, creating a better future for people around the world.

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DISCOVER OUR GOLD SPONSORS NAN FUNG GROUP

NAN FUNG GROUP (the ‘Group’), founded in 1954, is one of the largest privately-held conglomerates in Hong Kong with global interests in real estate development and investment, hotels and shipping, and holds a well-diversified, substantial financial investment portfolio. The Group has completed over 165 real estate projects including residential, commercial and industrial buildings and is awarded BCI Asia – Top 10 Developers in Hong Kong again for 2020. The Group also strategically focuses on

first-tier cities in Mainland China and recognises attractive opportunities for development and investment overseas, including New York and London.

www.nanfung.com

SC CAPITAL PARTNERS PTE LTD

SC CAPITAL PARTNERS (SCCP) Group, established in 2004, is an employee-owned, Asia Pacific real estate investment manager with over $7.4bn in assets under management. The firm has a 17-year track record and has raised $2.9bn of discretionary capital from global institutional investors. With presence in eight countries across APAC (Singapore (HQ), Australia, Hong Kong, China, Japan, South Korea, Thailand and Vietnam), SCCP’s competitive advantage stems from being firmly embedded in local knowledge, cultures and jurisdictions, giving us the resources and network necessary to execute successfully in the region.

SCCP Group manages the Real Estate Capital Asia Partners (RECAP) series of opportunistic real estate funds, an open-end core-plus fund, SC Core Fund (SCORE+), and owns the managers of two listed REITs in Japan and Thailand.

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DISCOVER OUR SILVER SPONSORS CHINACHEM GROUP

CHINACHEM GROUP has been a leading property developer in Hong Kong since 1960, with a portfolio covering residential, commercial, retail and industrial buildings for sales and investment, in addition to operating hotels and property management services. As a developer of ‘Places with Heart’, 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 to build a more liveable city for a better tomorrow.

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CHONGBANG GROUP

CHONGBANG GROUP, founded in 2003, is an investor, developer and manager of retail-anchored mixed-use projects in Shanghai and major cities in the Yangtze River Delta. Its highly focused business strategy, holistic approach to property development and proven ability to compete on innovation and differentiation are well recognised by the industry and the investment community. Since its inception, Chongbang has embarked on nine retailanchored mixed-use projects, branded Life Hubs, meaning centres of living. Chongbang has in recent years embarked on a new phase of its development, with additional emphasis on the ‘New Retail’

(tourism, culture, technology, ecology and the environment), supplementing the ‘Old Retail’ (sale of merchandise, food and beverage, entertainment, education and wellness), operating both online and offline.

THE UK DEPARTMENT FOR INTERNATIONAL TRADE THE UK: building better, bolder, greener, smarter. The UK is leading on the development of technologies and construction principles for a more sustainable built environment. By adapting circular economy principles, using sustainable materials for construction, and embracing digital technologies, the construction sector plays its part in reaching the UK’s 2050 net zero target. The UK’s transition to clean growth and greener buildings also creates huge opportunities for investment across the country, spanning from industrial and residential new-build to retrofit

markets, with a key focus on sustainable construction and heating. So to all Investors at MIPIM Asia: the UK is ready and open for business.

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DISCOVER OUR SILVER SPONSORS FOREST LOGISTICS PROPERTIES

FOREST LOGISTICS is one of the fastest growing and ESG focused modern logistics property developer and asset manager in China invested by BPEA Real Estate. The venture has attracted $1.2bn of capital commitment for investment of modern logistics facilities across China’s key logistics gateway cities. Since its establishment in 2018, Forest Logistics has been acquiring, developing and managing 17 sites with 1.5 million sq m of GFA by end of 2021. Forest seeks to continue capitalising on the strong

underlying demand and a critical undersupply of modern logistics facilities in China and expand the portfolio to over 3 million sq m of premium-grade modern logistics facilities.

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WARBURG PINCUS LLC is a leading global growth investor. The firm has more than $67bn in private equity assets under management. The firm’s active portfolio of more than 215 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 20 private equity funds, which have invested more than $97bn in over 960 companies in more than 40 countries. The firm is

headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore.

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COLLIERS sees beyond the bricks and mortar to accelerate your property investment’s success. Offering an integrated platform in Asia Pacific with access to global opportunities, our Capital Markets & Investment Services experts leverage our cross-border and solid network of relationships to identify, advise and execute

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AWARDS 2020

MIPIM Asia Awards 2020 Celebrate the 2020 Gold, Silver and Bronze winners On Tuesday, January 26, 2021, in the context of the global COVID-19 pandemic, the Gold, Silver and Bronze rankings of the 33 MIPIM Asia Awards winners were announced, during a hybrid awards ceremony. With the pandemic now under better control, the 33 winners will physically receive their awards during the MIPIM Asia Awards Luncheon, held on Tuesday 7 December 2021, the opening day of the 2021 MIPIM Asia Summit.

Let’s celebrate the 2020 winners!

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AWARDS 2020 BEST GREEN DEVELOPMENT

BEST HOTEL & TOURISM DEVELOPMENT

K11 ATELIER King’s Road

Kyoto Higashiyama project (Sanso Kyoyamato Park Hyatt Kyoto)

Hong Kong SAR, China

Architect: P&T Architects and Engineers Limited Developer: New World Development Company Limited Other: P Landscape Co., Ltd., ESKYIU Ltd., Ove Arup & Partners Hong Kong Limited

Kyoto, Japan

Architect: TAKENAKA CORPORATION Developer: TAKENAKA CORPORATION Other: Tony Chi (Interior Designer), Yasuo Kitayama (Landscape Architect)

Qianhai Kerry Centre

Hebei Grand Hotel, Anyue

Architect: Kohn Pedersen Fox Associates, Howeler+Yoon Architecture Developer: Kerry Properties Limited, Phase One: Million Palace Development (Shenzhen) Co., Ltd.; Phase Two: Million Fortune Development (Shenzhen) Co., Ltd.; Phase Three: Great Universe Development (Shenzhen) Co., Ltd. Other: ALN Hong Kong (Landscape Designer), Woods Bagot (Retail Interior Designer)

Architect: LWK + PARTNERS Developer: Hebei Zhonghong Real Estate Development Co., Ltd.

Shenzhen, China

Shijiazhuang, China

Ronsin Technology Centre

InterContinental Maldives Maamunagau Resort

Beijing, China

Raa Atoll, Maldives

Architect: Victory Star Design Developer: D&J China

Architect: ECO-ID Architects Pte Ltd Developer: Leisure Horizons Pvt Ltd Other: ACID (Avalon Collection Interior Design)

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AWARDS 2020 BEST INFRASTRUCTURE, COMMUNITY & CIVIC BUILDING

BEST MIXED-USE DEVELOPMENT

ESR Amagasaki Distribution Centre

Qianhai Kerry Centre Shenzhen, China

Amagasaki, Japan

Architect: Taisei Corporation Developer: ESR Cayman Limited Other: Taisei Joint Venture (Contractor), Takato Tamagami Architectural Design, Ltd. (Amenity Space Designer), Mio Watanabe Design Office, LLC. (Landscape Designer)

Museum Tower Kyobashi

VICTORIA DOCKSIDE

Architect: NIKKEN SEKKEI LTD Developer: Nagasaka Corporation & Ishibashi Foundation

Architect: Ronald Lu & Partners (Executive Architect & Authorised Person), Kohn Pedersen Fox Associates (Design Architect & Facade Designer) Developer: New World Development Company Limited Other: New World Construction Company Limited (Main Contractor), Kohn Pedersen Fox Associates PC (Design Architect & Facade Designer), Ronald Lu and Partners (Hong Kong) Limited (Executive Architect & Authorized Person), James Corner Field Operations (Urban Planner and Landscape Design Architect), PLandscape Co., Limited (Landscape Design Architect), Urbis Limited (Executive Landscape Architect), C. M. Wong & Associates Limited (Civil/Geotechnical Engineer), Arup (Registered Structural Engineer), tonychi (Interior Designer of Rosewood Hong Kong and Rosewood Residences), Simplicity Design Studio (Interior Designer of K11 ATELIER), K11 in collaboration with Kohn Pedersen Fox Associates PC, AB Concept & LAAB Architects (Interior Designers of K11 MUSEA), AFSO Designs (Interior Designer of K11 ARTUS), LAAB Architects (Design Architect of Special Features), One Bite Design Studio Limited (Design Architect of Ancillary Facilities)

Tokyo, Japan

Hong Kong SAR, China

HeFei Fei River Central Smart Garden Library

Shibuya station area redevelopment

Architect: GEEDESIGN Developer: Vanke

Architect: Nikken Sekkei and Tokyu Architects & Engineers Project Consortium (Shibuya Hikarie), Tokyu Architects & Engineers (SHIBUYA STREAM), Shibuya Station District Development Project Consortium/ Nikken Sekkei + Tokyu Architects & Engineers + JR-East Design Corporation + Metro Development (SHIBUYA SCRAMBLE SQUARE); Shimizu Corporation (SHIBUYA FUKURAS) Developer: Shibuya New Cultural District Project Promotion Council(Shibuya Hikarie); Tokyu Corporation and land proprietors of the area along Toyoko Line (SHIBUYA STREAM), Tokyu Corporation + East Japan Railway Company + Tokyo Metro co.,Ltd. (SHIBUYA SCRAMBLE SQUARE), Redevelopment association of Dogenzaka 1-chome (front of station) area (Participating member: Tokyu Land Corporation) (SHIBUYA FUKURAS) Other: Tokyu Corporation (General Supervisor of SHIBUYA STREAM), CAt (Design Architect of SHIBUYA STREAM), Nikken Sekkei + Kengo Kuma and Associates + SANAA (Design Architect of SHIBUYA SCRAMBLE SQUARE), Nikken Sekkei (Master Architect of SHIBUYA FUKURAS), Tezuka Architects (Design architect of SHIBUYA FUKURAS)

Hefei, China

Tokyo, Japan

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AWARDS 2020 BEST OFFICE DEVELOPMENT

BEST REFURBISHED BUILDING

DaiyaGate Ikebukuro

Grand Gateway 66 Renovation

Tokyo, Japan

Shanghai, China

Architect: NIKKEN SEKKEI LTD Developer: Seibu Railway Co., Ltd. (Business Owner) & Seibu Properties Co., Ltd. (Business Agent)

Architect: Kohn Pedersen Fox Associates, ELENA GALLI GIALLINI LTD Developer: Hang Lung Properties Other: ELENA GALLI GIALLINI LTD (Interior Designer), AGC Design Ltd (Executive Architect), Belt Collins international (HK) Limited (Landscape Architect), GIRIMUN Architect (Retailer Planner)

K11 ATELIER King’s Road

Rebuilding of Main Building of Daimaru Shinsaibashi Store

Hong Kong SAR, China

Architect: P&T Architects and Engineers Limited Developer: New World Development Company Limited Other: P Landscape Co., Ltd., ESKYIU Ltd., Ove Arup & Partners Hong Kong Limited

Osaka, Japan

Architect: NIKKEN SEKKEI LTD & TAKENAKA CORPORATION Developer: Daimaru Matsuzakaya Department Stores Co.Ltd. Other: The Preservation Review Committee consisting of academics, developers, architects, and constructors

Sequis Tower

Parkway Health Gleneagles Hospital

Jakarta, Indonesia

Chengdu, China

Architect: Kohn Pedersen Fox Associates (Design Architect), Wiratman Architecture (Architect of Record) Developer: PT Prospero Realty

Architect: HKS Architect Developer: Parkway Pantai Other: EcoFace International Group

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AWARDS 2020 BEST RESIDENTIAL DEVELOPMENT

BEST RETAIL DEVELOPMENT

EDEN

K11 MUSEA

Architect: Heatherwick Studio Developer: Swire Properties Ltd Other: Unison (Main Contractor), RSP Architects Planners & Engineers (Executive Architect & Structural Engineer), Squire Mech (Mechanical & Electrical Engineers), Rider Levett Bucknall LLP (QS), COEN Design International (Landscape Architect), Ensemble (Executive Interior Designer), Heatherwick Studio (Interiors), The Lightbox Pte Ltd (Lighting Consultant)

Architect: Ronald Lu & Partners (Executive Architect & Authorized Person); Kohn Pedersen Fox Associates PC (Design Architect & Facade Designer) Developer: New World Development Company Limited Other: New World Construction Company Limited (Main Contractor), Kohn Pedersen Fox Associates PC (Design Architect & Facade Designer), Ronald Lu and Partners (Hong Kong) Limited (Executive Architect & Authorized Person), WSP (Asia) Limited (Building Services Engineer), James Corner Field Operations (Urban Planner and Landscape Design Architect), PLandscape Co., Limited (Landscape Design Architect), Urbis Limited (Executive Landscape Architect), C. M. Wong & Associates Limited (Civil/Geotechnical Engineer), Arup (Registered Structural Engineer), K11 in collaboration with Kohn Pedersen Fox Associates PC, AB Concept & LAAB Architects (Interior Designers of K11 MUSEA), LAAB Architects (Design Architect of Special Features), One Bite Design Studio Limited (Design Architect of Ancillary Facilities)

Singapore, Singapore

Hong Kong SAR, China

Cloud Villa

WITH HARAJUKU

Architect: Shanghai JUND Architects Co., Ltd. Developer: Shanghai Haihui Real Estate Co., Ltd

Architect: TAKENAKA CORPORATION, Toyo Ito & Associates, Architects Developer: NTT Urban Development Corporation Other: Xavier Veilhan (Artist of sculpture, La Statue de Harajuku), Hiromura Design Office (Sign and Graphic Designer), Sirius Lighting Office (Lighting Designer)

Shanghai, China

Tokyo, Japan

Hadohilljo Townhouse

Sanya CDF Mall II

Architect: UNITEDLAB Associates LLC Developer: DAEAE Development Other: S5 Construction, Ltd. (Contractor)

Architect: Benoy Limited Developer: CITS

Jeju-do, South Korea

Sanya, China

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AWARDS 2020 BEST URBAN REGENERATION PROJECT

BEST FUTURA PROJECT

Vanke ‘Sugar’ Town

AIRSIDE

Architect: ateliercns (Guanqiu Zhong, Gang Song, Zhiyuan Zhu) Developer: Vanke

Architect: Ronald Lu & Partners (Executive Architect & Authorized Person), Snøhetta Overseas Architecture (Design Architecture) Developer: Nan Fung Development Limited Other: Ove Arup & Partners Hong Kong Limited (Structural, Geotechnical and Civil Engineer), Ove Arup & Partners Hong Kong Limited / J. Roger Preston Limited (Building Services Engineer), Urbis Limited (Executive Landscape Architect), Arcadis Hong Kong Ltd (Quantity Surveyor), Ove Arup & Partners Hong Kong Limited (Building Sustainability Engineer), Ove Arup & Partners Hong Kong Limited (Facade & BMU Engineer), Lighting Planners Associates (Lighting Designer), Hip Hing Construction Co., Ltd. (Main Contractor)

Quanzhou, China

Hong Kong SAR, China

Xuhui Runway Park

Commercial Development at Murray Road

Shanghai, China

Hong Kong SAR, China

Architect: SASAKI, Scenic Architecture Office Developer: Shanghai Xuhui Waterfront Development Investment Construction Co., Ltd. Other: Shanghai Municipal Engineering Design Institute (Group) Co., Ltd. (Structural, Civil and Electrical Engineer), Leni Schwendinger Light Projects Ltd. (Lighting Design Consultant), Arcplus Group Co. Ltd., Fluidity Design(Fountain Design Consultant), Shanghai Gardening-Landscaping Construction Co. Ltd. (General Constructor)

Architect: Zaha Hadid Architects (London) in collaboration with Ronald Lu & Partners (Hong Kong) Developer: Henderson Land Development Company Limited Other: Zaha Hadid Architects (Design Architect & Interior Designer), Ronald Lu & Partners (Lead Architect & Authorized Person), WSP (MEP Consultant), C M Wong (Structural & Geotechnical Engineer), Ove Arup & Partners (Building Sustainability Consultant), LERA (Structural Steelwork Engineer), Thornton Tomasetti (Structural Peer Reviewer), Group 5F (Swiss Facade Consultant), Meinhardt Facade (Local Façade Consultant), Peter Walker and Partners (International Landscape Architect), Earthasia (Local Landscape Architect), Spiers + Major (Special Lighting Consultant), Lichtvision (Lighting Consultant), Atelier Pacific (Graphic & Signage Consultant), Eckersley O’ Callaghan (Glass Facade and Footbridge Consultant)

Xi’an Dahua 1935

Anta Sports Campus

Architect: Woods Bagot Developer: Fosun

Architect: NBBJ Developer: Anta Group

Xi’an, China

Shanghai, China

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AWARDS 2020 BEST FUTURA MEGA PROJECT

Panlong Tiandi Shanghai, China

Architect: Sasaki (Masterplanner), Ben Wood Studio Shanghai (Main Designer) Developer: Shui On Land Other: Tianhua, Design Land Collaborative, Archi-union

Tencent Dachanwan Net City Shenzhen, China Architect: NBBJ Developer: Tencent

Xinyang University South Bay Campus Xinyang, China

Architect: Sasaki Developer: Xinyang University

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16_ULI_OB_ASIA

AWARDS 2021

MIPIM Asia Awards 2021 Who will win Gold, Silver and Bronze this year? The competition Despite the global COVID-19 pandemic, this year close to 100 entries from 10 countries in the Asia-Pacific region entered the MIPIM Asia Awards competition in the following categories: • Best green development

• Best refurbished building

• Best hotel & tourism development

• Best residential development

•B est infrastructure, community & civic building

• Best retail development

• Best mixed-use development

• Best futura project

• Best office development

• Best futura mega project

• Best urban regeneration project

The jury In early October, a jury of leading real estate professionals — chaired this year by François Trausch, global chief executive officer and chief investment officer of Allianz Real Estate — reviewed all the entries in each of the 11 categories to create a shortlist of 33 MIPIM Asia Awards 2021 winners. And in addition to the usual criteria, the jury also considered how each project adapted to the consequences of the pandemic in the way people live, work, shop and choose to be entertained.

The vote Since mid-November, the 33 winners have been the subject of an online vote by the MIPIM Asia community. The on-site vote takes place at the Awards Gallery on day-one of MIPIM Asia Summit. Both the online and on-site vote will end on day-two at 12.00, local time in Hong Kong.

The Awards Gala Dinner The winners’ Gold, Silver and Bronze ranking will be announced at the MIPIM Asia Awards gala dinner, to be held on Wednesday, December 8. In addition to the 33 winners, a Special Jury Award will be revealed. Don’t miss this event. It’s a great chance to reconnect and the perfect opportunity to see what the industry has achieved over the past year.

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AWARDS 2021 Special thanks to our 16 expert judges President of the jury François TRAUSCH Allianz Real Estate Global Chief Executive Officer & Chief Investment Officer

George AGETHEN Ivanhoe Cambridge Senior Vice President Asia-Pacific Singapore

Henry CHENG Chongbang Group CEO & Executive Director China

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

Donald CHOI Chinachem Group CEO Hong Kong

Chris CHOW LaSalle Investment Management Senior Managing Director Hong Kong

Harvey COE Ernst & Young Partner & Head of Greater China, M&A Real Estate Hong Kong

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

Tripp GANTT Washington State Investment Board Investment Officer Real Estate USA

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AWARDS 2021

George HONGCHOY Link Asset Management Limited Executive Director & CEO Hong Kong

Charles LAM Baring Private Equity Asia Managing Director, Real Estate Hong Kong

Nicholas J. LOUP Chelsfield Group Vice Chairman,CEO Asia Hong Kong

Ellen NG Warburg Pincus Head of China Real Estate Hong Kong

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

Nicholas WONG The Townsend Group Partner Hong Kong

Richard YUE ARCH Capital Management Company Limited CEO & CIO Hong Kong

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AWARDS 2021 Best Green Development Grand Central

Hong Kong SAR, China

Architect: Wong Tung & Partners Limited

Developer: Urban Renewal Authority, Sino Land Company Limited and Chinese Estates Holdings Limited

Other: CR Construction Company Limited (Main Contractor), Meinhardt (M&E) Limited (Mechanical & Electrical Engineer), AECOM Asia Co. Limited (Structural and Geotechnical Engineer / Façade Engineer on Curtain Wall / Town Planning Consultant), MVA Hong Kong Limited (Traffic Consultant), Hirsch Bedner Associates Limited (Interior Designer), Urbis Limited (Landscape Architect), Ramboll Hong Kong Limited (Environmental Consultant for Noise Impact Assessment), Ove Arup & Partners Hong Kong Limited (Environmental and Sustainability Consultant)

Shenzhen Rural Commercial Bank Headquarters Shenzhen, China

Architect: Skidmore, Owings & Merrill Developer: Shenzhen Rural Commercial Bank Other: Arup Group Limited (Vertical Transportation, Landscape Architect, Fire Engineering), Mva Hong Kong Ltd (Traffic), Shenzhen Vanke Real Estate Co.,Ltd (Construction Manager), Beijing Institute Of Architectural Design (Architect of Record), Jangho Group Co., Ltd (Curtain wall & Window Systems)

Wink Hotel Saigon Centre Ho Chi Minh City, Vietnam

Architect: AW² Architecture Workshop – Reda Amalou & Stéphanie Ledoux Developer: Indochina Kajima Development Company

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AWARDS 2021 Best Hotel & Tourism Development Park Hyatt Suzhou Suzhou, China

Architect: Kohn Pedersen Fox Associates Developer: Gold Mantis Enterprise Other: China Construction Design International (Local Design Institute), Hersch Bender Associates (Interior Designer)

The Clan Hotel

Singapore, Singapore

Architect: DP Architects Pte Ltd Developer: Far East Organization Other: Hexacon Construction Pte Ltd (Main Contractor), KKS International (S) Pte Ltd (ID Consultant), Tinderbox Pte Ltd (Landscape Consultant)

The Ritz-Carlton, Nikko Tochigi, Japan

Architect: NIKKEN SEKKEI LTD Developer: TOBU RAILWAY CO., LTD.

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AWARDS 2021 Best Infrastructure, Community & Civic Building Changi Airport Connector Singapore, Singapore

Developer: Changi Airport Group (Singapore) Pte Ltd Architect: Changi Airport Group (Singapore) Pte Ltd

LAND Community Center Xi’an, China

Architect: Atelier Ping Jiang / EID Arch Developer: Shaanxi Vanland Real Estate Co., Ltd

Wetland Museum In Huailai Hebei, China

Architect: Tenio Architecture and Engineering Co.,Ltd. Developer: Huailai Forestry Bureau

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AWARDS 2021 Best Mixed-Use Development Far East Square, AMOY Hotel, The Clan Hotel Singapore, Singapore

Architect: Multiply Architects LLP (Far East Square), DP Architects Pte Ltd (AMOY Hotel, The Clan Hotel) Developer: Far East Organization

Shanghai EDGE Shanghai, China Architect: Aedas

Developer: Shanghai Kaitong Wenan Real Estate Development Co., Ltd

Suzhou International Finance Square Suzhou, China

Architect: Kohn Pedersen Fox Associates Developer: The Wharf (Holdings) Other: WTIL (Associate Architect), East China Architectural Design & Research Institute (Local Design Institute)

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AWARDS 2021 Best Office Development Alibaba Xixi Campus Phase 4 Hangzhou, China Architect: NBBJ

Developer: Alibaba Group Other: NBBJ (Landscape Consultant), Architectural Design and Research Institute of Zhejiang University (Local Design Institute), ARUP (Traffic Consultant / Vertical Transportation), Shanghai Construction Group (Main Contractor)

Shenzhen Rural Commercial Bank Headquarters Shenzhen, China

Wilmar International Headquarters Singapore, Singapore

Architect: Eric Parry Architects Limited Developer: WILMAR INTERNATIONAL LIMITED Other: Boustead Projects E&C Pte.Ltd. (Main Contractor), RSP Architects Planners & Engineers Pte. Ltd. (Local Architects, M&E & Structural Engineers), ICN Design International Pte. Ltd. (Landscape Design), Inhabit (Façade and Acoustic), Prime Structures Engineering Pte. Ltd. (Façade Contractor), Steve Leung Design Ltd (Interior Design), Nipek Pte. Ltd. (Lighting Design)

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AWARDS 2021 Best Refurbished Building Central Market

Hong Kong SAR, China

Architect: AGC Design Ltd Developer: Chinachem Group, Urban Renewal Authority Other: Chinachem Group (Operator), AGC Design Limited (Heritage Consultant), Llewelyn-davies Hong Kong Ltd (Planner), Ove Arup & Partners Hong Kong Limited (Structural & Geotechnical Engineers), AECOM Asia Company Limited (Building Services Engineer), Shadow Design Ltd (Interior Designer), Hong Kong Cultural Imaging Workshop Ltd (Award Submission Consultant)

David Jones Elizabeth Street Flagship Store Sydney, Australia

Architect: Benoy Limited (Interior Architect), Crone Architects Developer: David Jones Pty Limited Other: Mainbrace (Contractor), FPOV (Lighting Consultant)

Shinjuku Sumitomo Building, Re-innovation Project Tokyo, Japan

Architect: NIKKEN SEKKEI LTD, TAISEI CORPORATION Developer: Sumitomo Reality & Development Co., Ltd.

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AWARDS 2021 Best Residential Development CHARM PREMIER GRAND MINAMIAZABU Tokyo, Japan

Architect: NIKKEN HOUSING SYSTEM LTD Developer: Hulic Co., Ltd. Other: CHARM CARE CORPORATION (Operator)

InnoCell

Hong Kong SAR, China

Lead Architect: Leigh & Orange Limited Developer: Hong Kong Science and Technology Parks Corporation Other: Leigh & Orange Limited (Interior Designer), Hip Hing Engineering Co. Ltd. (Main Contractor)

Xixi Yunlu

Hangzhou, China

Architect: Hangzhou 9M Architectural Design Co., Ltd. Developer: Hangzhou Greentown Guixi Real Estate Development Co., Ltd.

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AWARDS 2021 Best Retail Development Hongkong Land’s Yorkville - The Ring Chongqing, China

Architect: PH Alpha Design Ltd. Developer: Hongkong Land Limited Other: Lead8 (Interior Designer), ASPECT Studios (Landscape Designer), Popjoy Design (Botanical Garden Landscape Designer), Parsons Brinckerhoff (M&E Engineer), WSP (Facade Engineer), Brandston Partnership Inc. (Lighting Consultant)

Seazen Suzhou Wuyue Plaza Suzhou, China

Architect: Benoy Limited (Interior Architect), CRTKL Developer: Seazen Group

YUE City

Guangzhou, China

Architect: Atelier DYML Developer: Yuexiu Property Other: Atelier DYML (Interior Design), Guangzhou City Construction & Development Design Institute Co., Ltd. (Construction Drawings), Guangzhou City Construction & Development Design Institute Co., Ltd. (Landscape Design), RDesign International Lighting (Lighting Design), Shenzhen C.S.C Decoration Design Engineering Co. Ltd. (Curtain Wall Detail Development), Guangzhou Hanhua Architects+Engineers Co. Ltd. (Structural Consultant)

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AWARDS 2021 Best Urban Regeneration Project Central Market

Hong Kong SAR, China

Grand Central

Hong Kong SAR, China

Architect: Wong Tung & Partners Limited Developer: Urban Renewal Authority, Sino Land Company Limited and Chinese Estates Holdings Limited Other: CR Construction Company Limited (Main Contractor), Meinhardt (M&E) Limited (Mechanical & Electrical Engineer), AECOM Asia Co. Limited (Structural and Geotechnical Engineer / Façade Engineer on Curtain Wall / Town Planning Consultant), MVA Hong Kong Limited (Traffic Consultant), Hirsch Bedner Associates Limited (Interior Designer), Urbis Limited (Landscape Architect), Ramboll Hong Kong Limited (Environmental Consultant for Noise Impact Assessment), Ove Arup & Partners Hong Kong Limited (Environmental and Sustainability Consultant)

Siu Hei Commercial Centre Revitalization Hong Kong SAR, China

Architect: Uni-China Business Management Limited Developer: Gaw Capital Partners Other: One Bite Design Studio Limited (Rooftop Designer)

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AWARDS 2021 Best Futura Project Hana Headquarters Cheongna, South Korea Architect: NBBJ

Developer: Hana Financial Group Other: NBBJ (Interior Designer / Landscape Designer), ESI and NBBJ Studio (Experiential Designer), Gansam Arhitects + Partners, Kunwon Architects Planners Engineers (Local Design Institute), Thornton Tomasetti (Façade and Sustainability), Arup (Vertical Transportation and Lighting), Heerim (Construction Manager)

International Sports and Culture Exchange Center Shenzhen, China Architect: Aedas

Developer: Shenzhen Bureau of Culture

King Lam Street Commercial Development Hong Kong SAR, China

Architect: Collective Studio Limited (Podium Design Architect & Interior Design Architect), Rocco Design Architects Ltd., Hong Kong, China (Executive Architect & Tower Design Architect) Developer: New World Development Company Limited Other: AECOM, Hong Kong, China (Structural, Civil & Geotech. Engineering, Façade Engineering), ARUP, Hong Kong, China (LEED/ BEAM/ WELL Sustainability), J.Roger Preston Limited, Hong Kong, China (Electrical and Mechanical Engineering)

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AWARDS 2021 Best Futura Mega Project Alibaba Central China Headquarters and Industrial Complex Wuhan, China

Architect: Benoy Limited Developer: Alibaba Group

Baoshan Steel Park Shanghai, China

Architect: Sasaki Associates, Inc., Sasaki Associates (Shanghai) Ltd. Developer: Shanghai Baodishangshi Urban Production Development Co., Ltd. Other: HMD (Shanghai) Engineering Consultancy Corp. Ltd. (Architecture Consultant), Beijing Ning Field Lighting Design Corp., Ltd. (Lightning Consultant), Shanghai Academy of Landscape Architecture Science and Planning (Soil and Ecology Consultant), Shanghai Urban Construction Design & Research Institute (Group) Co.,Ltd. (Transportation Consultant)

Luohu Public Realm Revitalization Shenzhen, China

Architect: Sasaki Associates, Inc., Sasaki Associates (Shanghai) Ltd. Developer: China Resources (Shenzhen) Co., Ltd.

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PARTICIPANTS LIST

BENOY LIMITED HONG KONG SAR Mr Terence SEAH, Director, Head of Hong Kong, Singapore and Shenzhen Studio

ADIA - ABU DHABI INVESTMENT AUTHORITY UNITED ARAB EMIRATES Mr Harry IP, Portfolio Manager AEW HONG KONG SAR Ms Athena Tse, Associate Director Ms Yian Wang, Associate Director

BRYAN CAVE LEIGHTON PAISNER HONG KONG SAR Mr Claran Londra, Partner Mr Andrew MacGEOCH, Partner, Head of Asia Real Estate and Infrastructure, Global Co-Head of Hospitality & Leisure Group

ANGELO GORDON HONG KONG SAR Mr Will YU, Vice President Mr Skleton ZHOU, Vice President Ms Zoe ZUO, Managing Director

CANADIAN CHAMBER OF COMMERCE HONG KONG SAR Mr Stephen CHU, Governor

APG HONG KONG SAR Mr Wim HAZELEGER, CEO

CC LAND HOLDINGS LTD. HONG KONG SAR Ms Eva CHAN, Head of Investor Relations

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

CHELSFIELD ASIA HONG KONG SAR Mr Nicholas LOUP, Group Vice Chairman CEO Asia Mr Yang YU, CIO

ARCH CAPITAL MANAGEMENT COMPANY LIMITED HONG KONG SAR Mr Leon CHUI, Senior Manager, Investment and Asset Management Ms. Karen KWOK, Managing Director, Investment and Asset Management Mr Terence LO, Director, Investment and Asset Management Mr Jonathan UMALI, Director - Asset Management Mr Richard YUE, CEO

CHINA OVERSEAS HONG KONG SAR Ms Athena NG, General Manager, Corporate Finance CHINACHEM GROUP HONG KONG SAR Mr Dennis AU, Managing Director Mr Donald CHOI, CEO

ASTERA CAPITAL HONG KONG SAR Mr Jonathan KWOK, Founding Partner

CHONGBANG DEVELOPMENT LTD CHINA Mr. Chris WU, Managing Director

ATELIER DYML CHINA Mr Mingzhi HE, Principal Architect

CHONGBANG DEVELOPMENT LTD HONG KONG SAR Mr Simon Chow, Senior Director (Investment and Development Dept.)

ATELIER PINA JIANA / EID ARCH CHINA Mr Ronnie CHU, Represent

CHOW TAI FOOK HONG KONG SAR Mr Jacob Lee, Senior Vice President

BARING PRIVATE EQUITY ASIA HONG KONG SAR Mr Charles LAM, Managing Director-Real Estate

CITCO HONG KONG SAR Mr. Mervin KOH, SVP - Business Development Asia Pacific

BEI ASSET MANAGEMENT (HK) LIMITED HONG KONG SAR Mr Collin LAU, Founder

ERIC PARRY ARCHITECTS UNITED KINGDOM Mr Eric PARRY, Principal

CITIC CAPITAL HOLDINGS LIMITED HONG KONG SAR Mr Stanley CHING, Senior Managing Director / Head of Real Estate Group Mr Kash LAM, Vice President Ms Lisa WANG, Executive Director Ms Vivian WONG, Executive Director Mr Stephen YUEN, Director

ERNST & YOUNG TRANSACTION LIMITED HONG KONG SAR Mr Harvey COE, Partner and Head of Greater China - Mergers & Acquisitions Real Estate

CK ASSET HONG KONG SAR Mr Justin CHIU, Executive Director

ESSENSYS HONG KONG SAR Mr Chloe FAN, APAC Marketing Associate

COLLECTIVE STUDIO LIMITED HONG KONG SAR Ms. Betty NG, Founder, Director

EUROBA HONG KONG SAR Ms Veronique GUILLUTON, Founder & CEO

COLLIERS INTERNATIONAL HONG KONG SAR Mr Thomas CHAK, Executive Director Ms Hannah JEONG, Head of Valuation and Advisory Services Mr. Nigel SMITH, Managing Director Ms. Rosanna TANG, Head of Research, Hong Kong & GBA

FAR EAST ORGANIZATION SINGAPORE Ms Yvette POH, Administrative Executive, Corporate Affair

CONRAN AND PARTNERS HONG KONG SAR Mr Roderick TONG, Head of HK Studio

GAW CAPITAL ADVISORS LTD HONG KONG SAR Ms Christina GAW, Managing Principal Mr Kenneth GAW, President & Managing Principal

FOREST LOGISTICS HONG KONG SAR Mr Hank HSU, CoFounder & CEO

CPPIB ASIA INC. HONG KONG SAR Ms Rebecca LAM, Director Mr Jimmy PHUA, Managing Director

GOLDMAN SACHS HONG KONG SAR Mr Jie WEI, Managing Director, Co-Head of Real Estate Investment Banking

CRANE CAPITAL HONG KONG SAR Ms Thu PHAN, Director Mr Hubin SONG, Managing Director Mr Wai TANG, Managing Partner & CEO

GREATER CAPITAL LIMITED HONG KONG SAR Mr Alvin LO, Managing Director - Asset Management

CRYSTAL PROPERTIES HONG KONG SAR Mr Nichole LO, CEO

GRIMSHAW HONG KONG SAR Ms Louise BROWNE, Principal

DIT HONG KONG SAR Mr Nick HEATH, Director General Trade & Investment

HANG LUNG PROPERTIES LIMITED HONG KONG SAR Mr Adriel CHAN, Vice Chair Mr Peter LEUNG, Director

DORSETT HONG KONG SAR Ms. Winnie CHIU JP, President

HANGZHOU 9M ARCHITECTURAL DESIGN CO, LTD CHINA Ms He MIN, Founding Partner & Chief Architect

EC HEALTHCARE HONG KONG SAR Ms. Ada WONG, Chief Strategy Officer & Chief Investment Officer

HARILELA GROUP HONG KONG SAR Mr Aron HARILELA, Chairman & CEO

KOHN PEDERSEN FOX ASSOCIATES PC HONG KONG SAR Ms Florence CHAN, Director Mr Bernard CHANG, Director

HENDERSON LAND DEVELOPMENT COMPANY LIMITED HONG KONG SAR Mr Patrick KWOK, Executive Director Mr Johnny YU, Advisor to Chairman

KOREA INVESTMENT & SECURITIES HONG KONG SAR Mr. Myung JOO, Head of Investments and Investment Banking

HINRICH FOUNDATION HONG KONG SAR Mr Mark GRAINGER, General Manager

KROLL HONG KONG SAR Ms Stacey LAU, Managing Director

HONG KONG MONETARY AUTHORITY HONG KONG SAR Ms Danielle LAU, Director

LAI FUNG HONG KONG SAR Mr Edmond YEW, Senior Vice President

HYATT HOTELS CORPORATION HONG KONG SAR Mr Stephen HO, President, Growth & Operations, Asia Pacific

LAI SUN DEVELOPMENT HONG KONG SAR Mr. Fook Aun CHEW, Deputy Chairman Ms Hoyi LAM, SVP

HYSAN DEVELOPMENT COMPANY LIMITED HONG KONG SAR Mr Ricky LUI, Chief Operating Officer

LASALLE INVESTMENT MANAGEMENT HONG KONG SAR Mr. Chris CHOW, Senior Managing Director Mr Tom MILLER, Head of Development and Sustainability, Asia Pacific

ICBC INTERNATIONAL HONG KONG SAR Mr Ricky TSE, Managing Director IGA HAVALIMANI ISLETMESI A.S. TURKEY Mrs Asli NEHIR, Business Development Manager Mr Firat OCAK, Concessions Director

LASALLE INVESTMENT MANAGEMENT ASIA PTE LTD HONG KONG SAR Ms Loretta LO, Associate, Investor Relations, Asia Pacific

IVANHOE CAMBRIDGE HONG KONG HONG KONG SAR Mr Laurent FISCHLER, Vice President Mr Rodney FUNG, Senior Director

LASVIT HONG KONG SAR Mr Vojtech HAVRDA, Area Manager Mrs Jade LEE, Area Manager

JERDE PARTNERSHIP HONG KONG SAR Mr Phil KIM, Managing Director of Asia Pacific

LAWS PROPERTY GROUP HONG KONG SAR Ms FAN TSANG, Executive Director

KB SECURITIES HONG KONG SAR Mr Andrew PARK, Executive Director, Head Leverage Capital Markets

LEADING NATION HONG KONG SAR Mr Gerald LI, Co founder

KING & WOOD MALLESONS HONG KONG SAR Mr Alexander CHENG, Registered Foreign Lawyer Mr Guo Sun LEE, Partner

LINK ASSET MANAGEMENT LIMITED AND NAND FUNG DEVELOPMENT LTD. HONG KONG SAR Mr Chris BROOKE, Independent Non-Executive Director Mr George HONGCHOY, Executive Director & CEO

KKR ASIA LIMITED HONG KONG SAR Mr Bryan Taft SOUTHERGILL, Managing Director

LWK & PARTNERS (HK) LTD HONG KONG SAR Mr. Ferdinard CHEUNG, Director

OVOLO HOTEL GROUP HONG KONG SAR Mr Girish JHUNJNUWALA, Founder & CEO

MANULIFE HONG KONG HONG KONG SAR Mr Kenny LAM, Senior Managing Director, Head of Asia Real Estate Investments Mr Kenneth TSANG, Managing Director

PATRIZIA HONG KONG SAR Ms Wendy LAI, Director

MOCEAN CAPITAL HONG KONG SAR Mr Jun Ho LEE, Founder & Managing Director

PETERSON GROUP HONG KONG SAR Mr Tony YEUNG, Chief Executive Officer

MTR CORPORATION HONG KONG SAR Mr Gene SOO, Head of Ecosystems

PFIZER HONG KONG SAR Mr. Rick LAM, Director, Real Estate APAC

NAN FUNG DEVELOPMENT HONG KONG SAR Mr Stephen AU, Deputy General Manager Ms Amanda LEE, Assistant General Manager Marketing and Communications Mr Clement YEUNG, Senior Project Manager

PH ALPHA DESIGN LIMITED HONG KONG SAR Ms Nora CHAN, Branding Manager PHUC DIEN DEVELOPMENT INVESTMENT JOINT STOCK COMPANY VIETNAM Mr Lucas RYDER, Senior Associate

NAN FUNG DEVELOPMENT LTD HONG KONG SAR Mr Rommel LAU, Director Mr Wilson LING, Senior Project Manager

POLARIS HOLDINGS HONG KONG SAR Mr Oscar CHOW, Managing Director

NAN FUNG INTERNATIONAL PROPERTIES LIMITED HONG KONG SAR Mr Terence CUASO, Director Mr Raymond KWOK, Senior Investment Director

PROFESSIONAL PROPERTY SERVICES LIMITED HONG KONG SAR Mr Nicholas BROOKE, Chairman

NBBJ LP UNITED STATES Mr J. Xing TANG, Senior Associate

QUADREAL HONG KONG SAR Mr Ryan CHAN, Vice President, Asia

NEW WORLD DEVELOPMENT HONG KONG SAR Mr Eric HUANG, Director Business Development Mr Jeff TUNG, Senior Project Director

RED LOBSTER CHINA (FWM ASIA) HONG KONG SAR Mr Ricky LAI, Chief Executive Officer RH CONTRACT HONG KONG SAR Mr Ole Woller RAUBERG, Head of Hong Kong Macau Taiwan S.Korea

NEWMARK HONG KONG SAR Mr Frederick WONG, Executive Managing Director-Asia Pacific Capital Markets

ROADKING HONG KONG SAR Ms Juliet LI, Assistant to Chairman

NOBLE VANTAGE LIMITED HONG KONG SAR Ms Angie CHUNG, Deputy General Manager Central Market

SASAKI ASSOCIATES INC. CHINA Mr Dou ZHANG, Director of Shanghai Office

NUVEEN HONG KONG SAR Mr David CHAN, Head of Greater China Real Estate; Asia Pacific Debt Investments Ms Jing ZHOU, Senior Director, Alternatives and Strategic Transactions

SC CAPITAL PARTNERS PTE LTD HONG KONG SAR Mr Freddy CHUA, Managing Director Mr Shelson LIM, Associate Mr Abel MAK, Director

THE BLACKSTONE GROUP (HK) LIMITED HONG KONG SAR Mr Pak Man YUEN, Principal

SCPG CAPITAL COMPANY LIMITED HONG KONG SAR Ms Annissa TSANG, Manager Mr Thomas WAN, Executive Director

THE EAV’S GROUP HONG KONG SAR Ms Fenny MA, Director MR James SMITH, Associate Director

SEAZEN ASSET MANAGEMENT HONG KONG SAR Ms Molly HUANG, CEO

THE EXECUTIVE CENTRE HONG KONG SAR Mrs Chelsea PERINO, Managing Director

SERICIN HONG KONG SAR Mr Laurence NG-CORDELL, CEO Mr Paul OGEN, Head of Sales

THE OVAL PARTNERSHIP HONG KONG SAR Mr Lawrence CHAN, Senior Development Manager

SHINHAN BANK HONG KONG SAR Mr David LEE, Deputy Managing Director

THE TOWNSEND GROUP HONG KONG SAR Mr Joseph TANG, Partner Mr Nicholas WONG, Partner

SINO LAND HONG KONG SAR Ms Janet KWAN, Manager (Customer Relations) Mr Eugene LEUNG, Business Development Director Mr Andrew YOUNG, Associate Director (Innovation)

TNS CAPITAL MANAGEMENT HONG KONG SAR Ms Winnie CHAN, Responsible Officer UNIVERSITY COLLEGE OF ESTATE MANAGEMENT HONG KONG SAR Ms Dione TSE, Business Development Manager

SKIDMORE, OWINGS & MERRILL LLP HONG KONG SAR Mr Peter BRANNAN, Asia Regional Leader SOW CAPITAL LIMITED HONG KONG SAR Mr Philip Kun to WONG, Founder and CEO

VMS SECURITIES HONG KONG SAR Ms Bella LI, Associate, Structured Finance Ms Vivian WONG, Director

STANDARD CHARTERED BANK HONG KONG SAR Mr Edmund HO, Regional Head, Real Estate Greater China & ASEAN, Global Banking

WAH LINK INVESTMENTS LIMITED HONG KONG SAR Ms Michelle WONG, CEO

STARR INTERNATIONAL INVESTMENT ADVISORS (ASIA) LIMITED HONG KONG SAR Ms Alison COOKE, Managing Director

WARBURG PINCUS ASIA LLC HONG KONG SAR Ms. Jennifer ZHANG, Executive Director Mr. Qiqi ZHANG, Managing Director

STARWELL PROPERTIES HONG KONG SAR Mr Dipo SANI, Director

WINNER TECHNOLOGY HONG KONG SAR Ms. Tina LAU, General Manager

STRONG GRACE LTD HONG KONG SAR Mr William HO, Ministry and Partnerships Coordinator

WIREDSCORE PTE LTD HONG KONG SAR Ms. Tommy CROWLEY, Global Director of APAC

TENIO ARCHITECTURE AND ENGINEERING CO LTD CHINA Mr Jun REN, Principal Architect

YARDI HONG KONG SAR Mr. Bernie Devine, Regional Director

MIPIM ASIA SUMMIT The property leaders’ Summit in Asia Pacific INITIATING A NEW ERA Asia has seen trade, political and regional disputes, and growth has eased considerably due to Covid-19. With uncertainty at the core of the pandemic, this is yet another crisis exposing the fragility of the global market – making it essential to reflect and adapt. But APAC will continue to contribute around 60% of global growth by 2030. And Asian markets can rely on some encouraging trends to help produce a positive long-term outcome – such as high-income newly industrialized economies, low interest rates, and the prospects of a rapidly growing middle class entering the global economy. Despite this, challenges do remain. How do you outpace the uncertainty and volatility? What is the post Covid-19 paradigm? And how is the real estate industry adapting in Asia and beyond? Real Estate Decision makers will gather at MIPIM ASIA 2021 to discuss the challenges - with adaptability, strength and resilience to explore investment strategies to help grow their business. People centricity, innovation, ESG/sustainability, capital flows and investment portfolios will be at the heart of discussions for this economically diversified region. MIPIM Asia is also celebrating its 15th anniversary – as we accompany the Asian property markets towards this new era – and so is the MIPIM Asia Awards. Day 2 launches with 2 new generation leaders sharing how they are “initiating a new era” within their respective businesses. As we ‘initiate a new era’, there is arguably no better time than to look back, learn from and celebrate those who have and continue to shape the future of Asian real estate.

We look forward to welcoming you to MIPIM Asia this December.

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TUESDAY 7 DECEMBER Innovation Day GRAND BALLROOM

FOYER

Content Networking

10.00 > 11.30 Pre-Opening Investor Forum (By Invitation Only)

Registration counters open at 11.15

12.00 > 12.45 Keynote

12.15 > 14.15 |

MIPIM ASIA AWARDS 2020 - CELEBRATORY LUNCHEON

14.15 > 14.45 |

COFFEE BREAK

14.45 > 15.30 ESG and tech innovation panel 15.30 > 16.15 Hospitality panel 16.15 > 15.45 |

COFFEE BREAK

16.45 > 17.30 F&B panel 17.30 > 18.30 |

OPENING DRINKS RECEPTION

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WEDNESDAY 8 DECEMBER Investment Strategy Day GRAND BALLROOM

08.00 > 09.00 |

FOYER

WELCOME COFFEE AND REGISTRATION

09.00 > 09.30 Keynote address 09.30 > 10.15 Inbound investment panel 10.15 > 10.45 |

COFFEE BREAK

10.45 > 11.30 Outbound investment panel 11.30 > 12.15 Alternative investment panel

12.15 > 14.00 |

NETWORKING LUNCH

14.00 > 14.45 Hong Kong panel 14.45 > 15.30 China panel 15.30 > 16.00 |

COFFEE BREAK

16.00 > 17.00 Meet the chairmen

17.00 > 18.30 | NETWORKING BREAK

18.30 > 21.30 |

AWARDS GALA DINNER - (By Invitation Only) 91

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Conference Programme TUESDAY 7 DECEMBER CLOSED DOOR EVENT

10.00 > 11.30 | Foyer The Investors Forum

By invitation for investors only The Investors Forum provides a perfect opportunity for sovereign wealth, pension and insurance funds, family offices and other capital owners to reunite post pandemic. It offers an ideal environment to debate the latest investment strategies, trends, opportunities and challenges, with a particular focus on the ever-increasing importance of ESG criteria. It will also debate the impact global leaders have made on investment decisions, what countries in Asia Pacific still present good value, and the sectors to look out for most of all.

Laurent Fischler

Christina Gaw

Myung Joo

Patrick P. H. Kwok

Head of investments APAC Ivanhoe Cambridge

Managing Principal and Global Head of Capital Markets Gaw Capital

Head of Investments and Investment Banking Korea Investment & Securities Asia

Executive Director Henderson Land Development Company Limited

Raymond Kwok Senior Investment Director International Properties Nan Fung

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Conference Programme TUESDAY 7 DECEMBER 12.00 > 12.45 | Grand Ballroom KEYNOTE

The Hon Mrs. Carrie LAM CHENG Yuet-ngor GBM, GBS The Chief Executive of the Hong Kong Special Administrative Region

12.45 > 14.15 | Foyer MIPIM Asia Awards 2020 Celebratory Luncheon

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Conference Programme TUESDAY 7 DECEMBER 14.45 > 15.30 | Grand Ballroom ESG and tech innovation: Challenges and solutions for the ‘E’, ‘S’ and ‘G’

MODERATOR

This session will focus on the challenges, solutions and impact of integrating ESG into sustainable investment decision making. What impact will Gen-Z have on sustainable ESG adoption with investors? Looking at the social element, does its importance vary between countries in Asia? On governance, how much of a focus is there in terms of operational efficiencies and reputational concerns? This session will then debate the benefits and challenges of investing in tech to advance ESG performance, looking at the challenges associated with technology cost and investor returns.

Chris Brooke

Laurent Fischler

Independent Head of investments Non-Executive Director APAC Link Asset Management Ivanhoe Cambridge Limited

Gene Soo

Andrew Young

Head of Ecosystem MTR

Associate Director (Innovation) Sino Group

15.30 > 16.15 | Grand Ballroom Hospitality: A renaissance in the making?

MODERATOR

As life moves towards a ‘new normal’, what does the future hold for hotels? What demand levels are we likely to see for Asian markets? And what are investors thinking? Join the debate in this not to be missed session.

Andrew MacGeoch

Aron Harilela

Stephen Ho

Head of Asia Real Estate Chairman & CEO and Infrastructure, Harilela Hotels Limited Global Co-Head of Hotels Group, Bryan Cave Leighton Paisner LLP

Girish

Jhunjhnuwala President-Growth & Operations, Asia Pacific Founder & CEO Hyatt Hotels Ovolo Hotels Corporation

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Conference Programme TUESDAY 7 DECEMBER 16.45 > 17.30 | Grand Ballroom F&B: The saviour of retail

MODERATOR

In Asian markets such as Hong Kong and China, where there are limited local COVID cases, many people are choosing not to travel due to the quarantine measures at the moment. This has meant that people with strong consumption power are dining out much more than they did in the past with restaurants being full. This session will explore this recent trend and how landlords are working with their tenants to regain foot traffic and consumer confidence. How has retail in China been affected by Covid?

Phil Kim

Dennis Au

Gerald Li

Chairman Jerde

Managing Director of Real Estate Chinachem Group

Co-founder Leading Nation Hospitality

Christopher John Wu Chief Financial Officer Chongbang Development Ltd.

Yang Yu CIO Chelsfield Asia

17.30 > 18.30 | Foyer OPENING DRINKS RECEPTION

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Conference Programme WEDNESDAY 8 DECEMBER KEYNOTE

09.00 > 09.30 | Grand Ballroom Joint Interview with 2 New Generation Leaders: Sustainability & Innovation - 2022 and Beyond

INTERVIEWER

The pandemic has prompted many companies to accelerate their ESG initiatives. With new generations comes new ideas, how are these 2 influencers implementing these across their portfolio of existing and new projects? Is this a good time to explore new ideas to improve performance? Is moving towards Net Carbon Zero achievable?

Chelsea Perino

Adriel Chan

Winnie Chiu, JP

Managing Director, Global Vice Chair of Hang Lung Marketing & Communications Properties Limited The Executive Centre

President and Executive Director Dorsett Hospitality International

09.30 > 10.15 | Grand Ballroom Inbound investment: The latest hot markets and regions

MODERATOR

Investing in Asia has of course been a way to diversify portfolios for investors from other regions but what are the latest hot markets to do so? Should they be focussing on mainstream or alternative, and emerging or developed countries? What is the right level of risk? Finally, what are the best strategies to attract investment to APAC?

Nicholas Wong

Chris Chow

Kenny Lam

Jonathan Umali

Partner Townsend Group

Senior Managing Director LaSalle Investment Management

Senior Managing Director, Head of Asia Real Estate Investments Manulife

Managing Director ARCH Capital Management Co., Ltd

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Conference Programme WEDNESDAY 8 DECEMBER 10.45 > 11.30 | Grand Ballroom Outbound investment: What should you not miss out on?

MODERATOR

What is happening in the key real estate markets outside of Asia? What sectors are Asian capital investing in? What traditional and niche real estate investing provides the best bets right now? What is the impact of ESG and new regulations? How are government working with investors to attract inward investments?

Edmund Ho

Fook Aun Chew

Nick Heath

Raymond Kwok

Regional Head, CRE Client Coverage GCNA Standard Chartered Bank

Deputy Chairman Lai Sun Group

Director General Trade & Investment, Department for International Trade British ConsulateGeneral Hong Kong

Senior Investment Director International Properties Nan Fung

11.30 > 12.15 | Grand Ballroom Alternative investments: What should you be keeping an eye on?

MODERATOR

Away from traditional, alternative markets are popular with investors offering good scalability and returns. In this session special focus will be on the booming APAC life sciences sector and why it could be a good real estate bet in the region’s major hubs. Equal focus will also be given to data centres and their support of the growing digital economy.

Charles Lam

Collin Lau

Ada Wong

Jing Zhou

Managing Director BPEA Real Estate

Founder BEI Capital

Chief Strategy Officer & Senior Director, Chief Investment Officer Alternatives and Strategic EC Healthcare Transactions Nuveen 97

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Conference Programme WEDNESDAY 8 DECEMBER 12.15 > 14.00 | Grand Ballroom Networking lunch

14.00 > 14.45 | Grand Ballroom Hong Kong: What’s hot and what’s not?

MODERATOR

What are the latest hot markets to watch out for and ones to avoid in Hong Kong? What is the outlook for the future of traditional asset classes vs. alternative asset classes and how will they impact the Hong Kong real estate market? And finally, what is happening regarding ESG and green initiatives?

Nigel Smith

Ricky Kon Wai Lui

Rosanna Tang

Johnny Yu

Managing Director Colliers

Executive Director and Chief Operating Officer Hysan Development Co. Ltd.

Head of Research, Hong Kong & GBA Colliers

Advisor to Chairman Henderson Land Development Company Limited

Pak Man Yuen Principal The Blackstone Group

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Conference Programme WEDNESDAY 8 DECEMBER 14.45 > 15.30 | Grand Ballroom China: What’s the hidden secrets for success?

MODERATOR

What is the secret to success for investors and developers in China – a market that have become ever more competitive? What new hot markets are there and why? What should you stay away from? How are the established sectors fairing?

Zoe Zuo

Ivan Ho

Eric Huang

Managing Director, Co-head of China Real Estate Angelo Gordon

CEO Hong Kong KaiLong

Director - Business Managing Director Planning Warburg Pincus New World Development Company Limited

Qiqi Zhang

16.00 > 17.00 | Grand Ballroom Meet the chairmen: ‘Initiating a new era’ in a post pandemic environment

MODERATOR

An unmissable session of the MIPIM ASIA Summit. Each year, the industry’s most influential leaders share their insights on the current market and give their predictions on what the future has in store. Hear how they are “initiating a new era” in a post pandemic environment - opening the way for long-term economic growth, sustainable performance and community cohesion.

Alison Cooke

Justin Chiu

Managing Director Executive Director Real Estate Investments CK Asset Holdings Starr International Investment Advisors (Asia) Ltd

Kenneth Gaw

George Hongchoy

President and Managing Principal Gaw Capital

Executive Director & Chief Executive Officer Link Asset Management Limited

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Conference Programme WEDNESDAY 8 DECEMBER 18.30 > 21.30 | Grand Ballroom MIPIM ASIA 15th anniversary Awards Gala Dinner

(By Invitation Only)

Notes

100

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