La Nova Shopping Center (“La Nova”) is located in Wuyi Square, the most vibrant shopping district in Changsha, Hunan, China. The six-floor shopping mall covers a gross floor area of 120,000 square meters.

La Nova provides state-of-the-art facilities, a comfortable and pleasant shopping environment and exclusive fashion brands. Positioned as “new, stylish and unique”, La Nova brings a brand new “Mall Life” shopping experience to Changsha, and greater Hunan consumers.

Yanlord Land Group is a leading developer of high-end fine-decorated residential, commercial and integrated property projects in China. Renheng started from the prosperous Shanghai and Nanjing and developed high-quality residential buildings in prime locations. The projects built by the company are well-known, and being a well-known brand in the industry is a symbol of high quality. Yanlord's residential products are mostly large-scale, phased development projects, focused on the expertise of world-class architects, designers, and contractors. 

At present, the commercial building area of Yanlord Land is about 1 million square meters. Some of them have been completed and put into use. The Renheng Fraser Hotel Service Apartment in Nanjing and the Yanlord Landmark Plaza in Chengdu have become the landmark buildings of their cities.

• Project Location: Shanghai, Nanjing, Shenzhen, Zhuhai, Tianjin, Sanya

• Project Scale: office buildings, shopping malls, hotel apartments, community business accumulate more than 1 million square meters

• Services Provided: business asset restructuring, asset securitization program design, real estate development / M&A fund design and establishment, asset operation and value enhancement

• Partner: Yanlord Land Group

Through acquiring, holding, and operating residential asset packages in major US target cities, the goal is to obtain good cash flow through leasing properties, to increase the value of the property through specialized asset operations, and ultimately withdraw profits in the capital market by REITs or acquisitions/mergers.

The fund is jointly managed by an international professional team in the CO-GP mode, and the asset package is evaluated using a rigorous and decomposed mathematical calculation scoring method. The gross rental yield of the invested property is 13%-15%, which is significantly higher than the industry average return. The fund has diversified investment across the United States, effectively reducing local risks, and selecting for areas with positive population growth and reducing the risk of housing vacancy in areas with increased jobs. Properties are acquired at a price of about 70% of housing replacement costs, effectively controlling for price downside risks.

• Project Location: National Gateway City and Second and Third Line Cities

• Project Size: About 2,000 independent residential units are planned to be listed on the NYSE in the form of REITs.

• Services Provided: overseas fund structure design, fund raising, team building and management, investment and financing and mergers and acquisitions, asset disposal and renewal, corporate strategic planning

China Construction Xinhe Real Estate Co., Ltd. is an urban operation service platform under China Construction Fifth Engineering Bureau. It was established in June 2003. Starting from the development of its own base, it has gradually grown into a professional company with "double first-level" qualifications for real estate development and property management, covering district development and operation, mid-to-high-end residential development, commercial real estate and hotel operation, garden construction, property management and other fields. 

• Project Location: Changsha, Changde, Chongqing, Jinan, etc.

• Project Size: The existing commercial area is nearly 1 million square meters, covering community commerce, shopping centers, offices, hotels and apartments.

• Services Provided: Asset sorting and asset planning, asset management system construction, asset securitization and operation, etc.

• Owner: Zhong Jian Xin He Group

Gemini Rosemont (GR) is a fully-integrated real estate platform that invests in and manages high-quality commercial properties throughout the U.S. Over the past 24 years, GR has generated an impressive investment performance track record and established deep relationships with buyers, sellers, lenders, and brokers.

The company’s real estate portfolio consists of more than 130 buildings, spanning approximately 15 million square feet in over 22 states.

• Service Provided: F.O.G works as CO-GP of the Acquisition Fund, partnered with GEMINI ROSEMONT to raise capital in the Chinese market and invest in overseas real estate targets.

Credit Suisse, partner of FOG, originated from an aristocratic family with a 600-year heritage and descendants of the European and Swedish royal families. During World War II, Credit Suisse helped many Jews escape the Nazi persecution, so it owns a high prestige in the Jewish community. Over the past four years, Credit Suisse has paid close attention to the Chinese market. The contract and cooperation with China for more than 30 years originated from friendly Sino-Swiss relations. Our Swiss team of experts currently manages more than $80 billion in assets. Our Chief Investment Officer is a senior banker in Switzerland with more than 30 years of experience in Credit Suisse’s wealth management, former executive director of the Swiss boutique private bank Jiasheng Leybold Bank (family of private banks, asset management scale reached 120 billion US dollars), and also a noble family descent. He is currently an independent consultant to a number of European family offices, and he was once involved in the management of Swiss pensions.

• Fund: $300 million

• Registration Place: Abroad

• Service Provided: F.O.G and Credit Suisse set up a family wealth management fund. F.O.G Group serves as the fund manager

Yuexiu REIT was listed on the Hong Kong Stock Exchange on December 21, 2005. It is the world's first listed real estate investment trust fund investing in mainland China's properties. It mainly focuses on office buildings, retail, hotels, serviced apartments and other commercial properties.

As of December 2023, Yuexiu REIT holds 10 properties, including Guangzhou IFC Center (one of the top ten tallest buildings in the world), Shanghai Yuexiu Tower, Wuhan Yuexiu Fortune Center, etc., with a total property ownership area of ​​approximately 1.18 million square meters, covering a variety of business formats such as offices, retail, apartments, and hotels. The total asset valuation is approximately HK$47 billion. It is one of the few REITs in the Hong Kong market that has been continuously tracked by two major international rating agencies, S&P and Moody's.

On May 21, 2014, the "CITIC Qihang Special Asset Management Plan" was listed on the Shenzhen Stock Exchange's comprehensive trading platform, marking the successful launch of China's first equity REITs product and a milestone in China's capital market. 

The total scale of CITIC Qihang REITs exceeds 5.2 billion RMB. The underlying assets of the investment targets are Beijing CITIC Securities Building and Shenzhen CITIC Securities Building, with a total construction area of ​​about 100,000 square meters. CITIC Qihang REITs adopts a priority/secondary hierarchical structure, a dual SPV structure of special plans + private equity funds, and innovatively designed the exit mechanism of future public REITs, which has become a classic transaction model designed by other domestic REITs since then.

• Location: Beijing, Shenzhen

• Scale: about 100,000 m2

• Trading Structure: Dual SPV structure, i.e. special plan + private equity fund

• Structure: The total scale is 5.2 billion yuan, with a tiered design, of which the priority level is 3.65 billion yuan, accounting for 70%, and the secondary level is 1.56 billion yuan, accounting for 30%.

• F.O.G Asset participated in and invested in the first REIT-like asset management plan in China, CITIC Qihang Special Asset Management Plan

Shenzhen CITIC Securities Building

Beijing CITIC Securities Building

Qingdao Laoshan Jinjialing Shanghai Industrial Financial City is a landmark project built by Shanghai Industrial on the basis of Qingdao International Beer City Reconstruction Project. It is a key demonstration project for the transformation of old and new kinetic energy in Shandong Province and Qingdao City and Laoshan District. It is a benchmark for building economy and a gathering place for financial industry headquarters. The project planning scope starts from Miaoling Road in the north, Hong Kong East Road in the south, Haier Road in the west, and Shenzhen Road in the east.

The project covers an area of ​​220,000 square meters, with a planned total construction area of ​​800,000 square meters. It consists of 11 office buildings, 2 super five-star hotels and a large shopping mall. The north area consists of 10 Grade A office buildings and 1 super five-star hotel. The south area consists of a large shopping mall (Golden Lion Plaza) and a beer plaza.

• Project Location: Qingdao

• Asset Type: Building Complex, Offices

• Services Provided: Domestic and overseas asset securitization planning

• Owner: Qingdao Investment & Development Co Ltd.

In 2015, China Construction Eighth Engineering Bureau established Shanghai China Construction Dongfu Asset Management Co., Ltd. (hereinafter referred to as Dongfu Asset Management). Dongfu Asset Management projects are in Shanghai, Jinan, Qingdao, Xi'an, Nanjing, Hangzhou and other cities. It has a complete product system of office, commercial, hotel and long-term rental apartment. Dongfu Asset Management's "4+1" business segment includes Dongfu Business, Dongfu Commercial, Dongfu Apartment, Dongfu Hotel and Dongfu Health Care. The professionalism of asset management and commercial operation improves the diversified business structure of the Eighth Engineering Bureau and is an important part of the Eighth Engineering Bureau's three main businesses of "investment, construction and operation".

• Project Location: Shanghai
• Services Provided:  As the consultant of China Construction Dongfu Asset Management, F.O.G Asset, based on the index conditions of Dongfu Asset Management's self-owned properties, combined with the relevant rules for the listing of domestic public REITs, benchmarked against listed REITs cases and domestic REIT-like operations, provides investment financing, capital operation, asset inventory and planning, asset management system establishment, fund solutions oriented towards asset mergers and acquisitions Pre-REITs, and light asset listing requirements and guidance planning services.
• Owner: CSCEC Dongfu Group Capital Management

China Construction Xinhe Real Estate Co., Ltd. is an urban operation service platform under China Construction Fifth Engineering Bureau. It was established in June 2003. Starting from the development of its own base, it has gradually grown into a professional company with "double first-level" qualifications for real estate development and property management, covering district development and operation, mid-to-high-end residential development, commercial real estate and hotel operation, garden construction, property management and other fields. 

• Project Location: Changsha, Changde, Chongqing, Jinan, etc.

• Project Size: The existing commercial area is nearly 1 million square meters, covering community commerce, shopping centers, offices, hotels and apartments.

• Services Provided: Asset sorting and asset planning, asset management system construction, asset securitization and operation, etc.

• Owner: Zhong Jian Xin He Group

Kunshan Data Industry Park is located in Huaqiao Town, Kunshan City, 40 minutes' drive from Shanghai Hongqiao Airport. The park was invested and built by Jiangsu Ocean Shipping Group. The total land area of ​​the park is 101,228 square meters, the property building area is 156,157.72 square meters, and it mainly consists of 9 single-story multi-storey buildings. Since the park opened in 2008, it has attracted domestic large commercial bank tenants such as Bank of China, Bank of Communications, and Industrial Bank to settle in one after another, and the park's annual occupancy rate has remained stable at over 90%.

The original rights holder was established in 1990. It has currently formed a variety of consumer finance outsourcing services with bill printing, call center, live broadcast center, etc. as the core. It is a well-known domestic one-stop financial service outsourcing overall solution service provider.

• Project Location：Kunshan, Huaqiaozhen
• Services Provided： As the general consultant for capital operations of the original equity holder, F.O.G Assets assists the owner in carrying out project investment and financing services with public REITs/Pre-REITs as the main direction. The services mainly include underlying asset evaluation, valuation analysis, REITs feasibility analysis, and assisting the owner in cooperation negotiations with local government departments and investors.

F.O.G. has assisted 10 rental community projects & 17000 rental residents in 2 years. 

Phase 1: Full-cycle managing of asset refinement & enhancement 

Using the GAM asset operation system as a reference, we provide advice on asset operation covering the whole life cycle of real estate, including "financing, investment, construction, management and exit", for over 17,000 long term rental apartments under Chengtou Holding.

• Setting up an internationalized asset operation system for long term rental apartments in line with GAM & international standards
• Guiding the full cycle of asset management from preparation to operations as a representative of the landlord
• Strengthening the Kuanting branding
• Optimization of cost model for long-stay apartments
• Building an information-based intelligent community system for long-term rental apartments
• Light-asset output and management of the Kuanting brand (i.e. light-asset output model, pricing strategy & determination of important commercial terms of the contract)

Phase 2: Developing a strategic plan for promoting REITs

F.O.G. was commissioned by Chengtou Holding to evaluate the feasibility of public REITs for rental housing, formulated the implementation strategy for the REITs, and assisted in facilitating the preparations for the public REITs for the the Creative Apartment Long Term Rentals.

Phase 3: Implementing publicly listed REITs

 As the asset management advisor of Shanghai Industrial Holdings Ltd., (the original owner of the REITs), F.O.G. helped with setting up the fund management structure, governance mechanism, responsibilities, fund-raising expansion proposal, valuation management plan and optimization of the operations and management of the underlying assets. The REITs were formally approved by the China Securities Regulatory Commission on November 24, 2023; listed on the SSE on January 12, 2024 (currently the largest public REITs for rent-protected housing).

• Assisting in the establishment of REITs management structure and designating rights and responsibilities among equity holders
•  
  Working with the fund manager to establish the asset management, operation assessment, incentive mechanism and other indicators of the underlying assets of the REITs
•  
  Reviewing important documents in the preparatory stage of REITs: operation and management service agreement, fund contract and equity transfer agreement
• Advising on asset valuation and pricing of the offering
• Advising on pre-proposal valuation and expansion strategy

On January 12, 2024, the new year's first launch and currently the largest public REIT for affordable rental housing - the Chengtou Kuanting Affordable Rental Housing Closed-end Infrastructure Securities Investment Fund was officially listed on the Shanghai Stock Exchange.

Ⅰ.Shanghai Land Group Introduction​

-​Shanghai Land Group is a state-owned sole-proprietorship functional guarantee enterprise approved by the Shanghai Municipal Government, with total assets exceeding RMB 420 billion. The group's business covers urban renewal, old district renovation, affordable housing construction, ecological governance, and sci-tech park operations.​ The group's "Chengfang" brand serves as Shanghai's leading rental housing operations platform, having cumulatively managed over 40,000 rental units covering affordable rental housing, public rental housing, and market-rate rental housing.​ ​

Ⅱ.Shanghai Land Rental Housing REIT Introduction​

-Shanghai Land Residential Development Co., Ltd. (a wholly-owned subsidiary of Shanghai Land Group specializing in rental housing, abbreviated as "Shanghai Faze") serves as the original equity holder.​
-Shanghai Land Rental Housing REIT listed on the Shanghai Stock Exchange on March 31, 2025.​
-Underlying assets are two affordable rental housing projects — Hongqiao Huanzhi and Jiangyue Road (1,398 units, occupancy rate exceeding 92%).​
-Issuance size of RMB 1.362 billion; market value as of February 2026 approximately RMB 1.8 billion; annualized distribution rate of 3.70% (based on market value).​ ​

Ⅲ.Background / Client Needs​

Following REIT listing, the original equity holder enters a new phase of [hold-and-operate + asset recycling]​ Needs to build out a [replicable asset operations system] (multiple projects / multiple products / multiple teams)​ Simultaneously launching [acquisition capability building] to form a scalable and injectable asset pool pipeline​ ​

Ⅳ.F.O.G's Role​

-Asset management system consultant + acquisition advisory (original equity holder side)​
-Cooperation focus: following the first REIT listing, this case centers on building the original equity holder's asset-side management system and investment mechanisms, as well as scale-up support​ ​

REITs Platform-Based "Asset Management + Capital Dual-Engine Drive" Model​