The Asia Pacific Real Assets Association (APREA) is pleased to announce the appointment of David Xiaoou Chen, Chairman & CEO, Fields of Gold (F.O.G.) Capital & Asset Management Corp., as Deputy Chairman of the APREA China Chapter.

Having worked in China, the U.S., Hong Kong, Singapore, and Australia, Mr. Chen has vast and diverse experiences in real estate investment and financing, REITs, PERE fund management and asset management, real estate development, planning & design, and international business operations.

Mr. Chen is the Chairman & Chief Executive Officer of F.O.G. Capital & Asset Management Corp. (Fields of Gold Corp. - a real estate focused investment & asset management firm headquartered in Shanghai, China, and a Harvard China Fund partner for over 10 years) and the independent director of Yuexiu REITs (the World's first publicly listed REITs in Hong Kong in 2005 investing mainly in mainland properties). He also has been serving as the Development Head of China for a Top-10 Globally ranked real estate investment fund and as senior executive of one of the largest listed blue-chip real estate development groups in Hong Kong. He has also worked as senior architect in an international architectural firm in Boston, MA. USA.

Mr. Chen is a visiting professor at one of the top business schools in China- Cheung Kong Graduate School of Business (CKGSB). He was also a mentor for China Ren Min University’s MBA program. He teaches Real Estate and Capital Market related courses in Tsinghua University, Peking University, Shanghai Jiao Tong University and Tongji University. While living in the US, Mr. Chen was a Guest Lecturer at the BAC (Boston Architecture Center), where he taught architectural design and planning studios.

More information please refer to: APREA Appoints Deputy Chairman for China Chapter - APREA Asia

 

 

 

Founded in 2005, APREA: Asia Pacific Real Assets Association is a non-profit organization representing the real estate investment and securitization industry in Asia Pacific, with a focus on real estate capital markets.

The Association has members in over 100 real estate markets in 18 countries around the world. The Association is headquartered in Singapore, with chapters in China, Singapore, Japan, India, Hong Kong, Australia, Malaysia and the Philippines. Members include major sovereign wealth funds, pension funds, insurance companies, fund and asset management companies, REITs, developers and financial institutions, and consulting firms.

The Association is committed to providing its members with services in the field of real estate investment. Meanwhile, the Association is also very professional in the field of real estate asset securitization. As one of the key members of the Global Real Estate Asset Securitization Alliance (REESA), APREA introduces the latest international industry knowledge to the Association's well-developed Asia Pacific Chapters, and conducts in-depth analysis and localization of such information to better integrate into the local market.

In addition, APREA maintains close contact with national and regional governments to assist in improving the local business environment and real estate policies to help open up and expand the local real estate investment market.

 

APREA core members include:

 

After six months of rigorous review by the TOBY award committee, China's Qingdao Conson HaiTian Center competed with the top commercial real estate projects from five international cities, Atlanta, New York, Chicago, San Francisco, and Toronto, for the TOBY award in the "100,000 + square meters category".

 

 

At the TOBY gala dinner, held in the presence of representatives from numerous commercial real estate projects from over a dozen countries, China's Qingdao Conson HaiTian Center proudly won the TOBY award for the "100,000+ square meters category" in 2024!

 

The BOMA TOBY Award is known as the "Oscar" of the commercial real estate industry. World-renowned buildings such as the Empire State Building, Sears Tower, John Hancock Tower, Chrysler Building, and Bank of America Building are all winners of the BOMA TOBY Award. The BOMA TOBY Award also represents the highest achievement in commercial real estate operations and management, helping to attract the attention of governments, investors, high-quality tenants, and helping to enhance asset value and brand awareness.

 

As the designated asset management consultant of HaiTian Center, F.O.G. jointly built the international asset operation management system and standard of HaiTian Center, leading it to win the highest honor of international commercial real estate awards.

 

Mr. David Chen, Chairman of F.O.G.(middle), Mr. John Oliver, Co-Chairman (second from right) and Mr. Dominc Lau, Executive Director of BOMA China (first from left) took the stage to receive the award

 

The Progession of F.O.G. and HaiTian Center's Collaboration 

 

Since December 2018, F.O.G. has been the general consultant for HaiTian Center’s asset operation management - systematically sorting out and integrating the many business operations in its development, construction, and operation stages. F.O.G. relies on the GAM® comprehensive asset management system developed by F.O.G., which covers “strategic planning”, “financial management”, “investment and financing”, “development and construction”, “operation and management” “building operation”, “leasing”, and “human resources”. 

 

This is organized in four stages: 1) the construction of an international asset management platform, 2) operation management (i.e. investment, leasing, and marketing), 3) property operation (i.e. service standards, management quality, facilities and equipment operation, and maintenance) and 4) the internationalization and professional enhancement of the management team. These stages are the basis for assisting the HaiTian Center to achieve a stable transition from the development and construction phase to a stable and efficient operation phase.

 

After entering operation, F.O.G. helped HaiTian Center to build a management system through the five dimensions of “building operation”, “marketing and communication”, “environmental management”, “energy management” and “training management” by referencing the international BOMA (Building Owners and Managers Association) asset operation management system standards. These five dimensions align the overall management level and service quality with industrial benchmarks, guarantee the stable growth of future asset value, and ensure the international quality of HaiTian Center.

 

In 2023, HaiTian Center was awarded the BOMA COE (Building Management Certificate of Excellence) and International 360 Certification in April and August respectively. The acquisition of these two international certificates is not only a distinguished recognition of the outstanding operational quality of HaiTian Center, but also a brilliant display of F.O.G.’s professional strength and international vision.

 

"Haitian Documentary"-F.O.G. was listed as the first Haitian Center operation service provider.

 

 

✫ 2024 BOMA TOBY Award Ceremony ✫

Qingdao Conson HaiTian Center

The“Oscar”of the commercial real estate industry

BOMA TOBY Top Award

“Office Building Over 1 Million Square Feet” category

 

The BOMA TOBY Awards are the most prestigious and comprehensive awards for international commercial real estate, recognizing excellence in the high quality and management of international commercial assets, representing the highest international standards in building management, design innovation, community engagement, tenant relations, and environmentally friendly and green policies and procedures, with projects eligible to participate in one of TOBY's 16 categories.

 

On the eve of the BOMA TOBY Awards, David Chen, Chairman of F.O.G., delivered a speech titled “The Sustainable Development of Commercial Real Estate in China from Haitian Center”, which traced the history of sustainable development of commercial real estate. Mr. Chen also presented Qingdao Conson HaiTian Center's optimal practice of quality improvement and efficiency enhancement as well as the path of Pre-REITs in multiple dimensions. The HaiTian Center will bring China's leading commercial real estate into the international stage.

 

David Chen, Chairman of F.O.G., delivering a keynote speech at the BOMA International Annual Conference

 

Qingdao Conson HaiTian Center is located in Qingdao, Shandong Province, China. Qingdao is an important coastal center city of China, a famous national historical and cultural hub, an international port, and known as the “Switzerland of the East”, with a resident population of 10,371,500. In 2023, Qingdao's GDP reached a total of  1,576.034 billion yuan, an increase of 5.9% over the previous year, and its per capita GDP was 151,958 yuan.

• Owner: Qingdao Conson HaiTianCenter Construction Co.,Ltd.
• Asset Manager: Qingdao Conson Commercial Asset Management Co,.Ltd.
• Asset Management consultant：Fields of Gold (F.O.G.) Capital & Asset Management Corp.
• Property Manager: Qingdao Conson Shangshi Urban Property Development Co., Ltd. HaiTian Branch
• Building volume: 278,451 square meters
• Building height:T1 (210m) T2(369m)

 

 

Based on the concept of "green, technology, humanities, and intelligence", Qingdao Conson HaiTian Center is positioned as an "international standard, domestic first-class, coastal leading" project. It has a total construction area of ​​about 490,000 square meters and has 3 towers and a podium. It is an ultra-high-end urban complex that integrates super 5A office buildings, a five-star hotel (St. Regis), HaiTian Cloud Art Center, a city tourism hall, HaiTian Diamond Club, HaiTian Mall, and HaiTian Mansion, with a total of seven business formats. Among them, the T2 tower is 369 meters high, marking it as the tallest building in Qingdao. It is a LEED platinum and three-star double-certified green building. T2 has also successfully attracted Fortune 500 companies and leading companies including Huawei, Orix, Taikang Life Insurance, and others to move in.

 

The BOMA TOBY committee conducted a comprehensive evaluation of the project, assessing architecture, design, community, and other aspects. In this cross-border competition, HaiTian Center has won widespread recognition and praise from the global commercial real estate industry. This is not only the highest affirmation of the project itself, but also an international display of the strength and charm of commercial real estate in Qingdao and even China!

 

 

Qingdao Conson HaiTian Center

< The Road to BOMA TOBY >

 

Winning this honor is undoubtedly a very challenging feat. In two years, HaiTian Center successfully obtained BOMA COE certification, BOMA 360 certification, and finally won the highest honor of BOMA TOBY, which embodies the unremitting efforts of the team and demonstrates F.O.G.’s spirit of not fearing difficulties and climbing to the top.

 

August 2022

• Boma certification was launched
• State-owned assets adhered to high-standard design and high-standard operations, aligned with international practices in operation management

 
November 2022

• The "BOMA Tenant Satisfaction Survey" was launched to benchmark international standards for creating high-quality spaces trusted by tenants
• In April 2023, BOMA COE certification was officially obtained for 15 super-international standards, and international standard practices were implemented to establish a comprehensive operation management system

 
August 2023

• Qingdao Conson HaiTian Center obtained the BOMA 360 certification
• After the 360 ​​certification standard was upgraded, Shandong Province became the first project to obtain this certification, with strong operation and management capabilities, and was ranked among other international high-quality assets

 
January 2024

• The BOMA TOBY Award application was launched
• Entered BOMA During the TOBY preparation phase, international experts will conduct on-site audits and guidance

 
February 2024

• BOMA China starts their review
• Domestic experts will review the site and all application materials

 
July 2024

• HaiTian Center wins the Office Building Over 1 million Square Feet BOMA TOBY Award

 

 

The TOBY is a prestigious and comprehensive award for commercial real estate, recognizing excellence in high quality and building management of commercial buildings, and represents the international high standards in building management, design, and community impact. Buildings can participate in one of the 16 categories, and the judging committee comprises of property owners and engineering and service providers. The committee conducts a comprehensive assessment of all aspects of building operations, including community participation, tenant relations, on-site management, environmental protection and green policies and processes.

 

The competition for the BOMA TOBY Award is fierce, and real estate projects from all over the world must go through three rigorous rounds of review before they can finally win the BOMA TOBY Award.

 

 

 

The BOMA TOBY Award is known as the "Oscar" of the commercial real estate industry. World-renowned buildings such as the Empire State Building, Sears Tower, John Hancock Tower, Chrysler Building, and Bank of America Building are all winners of the BOMA TOBY Award. The BOMA TOBY Award also represents the highest achievement in commercial real estate operations and management, helping to attract the attention of governments, investors, high-quality tenants, and helping to enhance asset value and brand awareness.

 

5月24日， 2024观点商办暨资管大会在北京地标中信大厦成功举办，各界企业高层、专家学者、金融投资机构同聚于此，共同探讨商办暨资管发展前路、业务融合的创新发展经验。

富尚资产董事长、香港越秀REITs独立董事陈晓欧先生受邀发表“公募REITs开闸后的商业不动产市场新格局”主题演讲，深入探讨了公募REITs对中国商业不动产市场带来的深远影响及未来趋势。

公募REITs助力商业不动产市场步入新时代 

演讲中董事长陈晓欧首先回顾了当前地产市场的现状与挑战，指出在开发模式面临困局、市场信心走低的情况下，中国地产市场正迎来重要转折点。他引用王小波三部曲中的“黄金、白银、黑铁”概念，但坚定认为中国地产市场不会陷入“黑铁时代”，而是会进入以资产为王的“钻石时代”。

资产证券化和REITs将成为主流市场趋势  

陈晓欧进一步阐释了地产市场的几个新趋势，其中资产管理将步入黄金时期，地产的金融属性将愈发凸显。他强调，随着精细化的资产管理与金融属性的深度对接，资产证券化和REITs将成为主流市场趋势。

回顾REITs的发展历程，陈晓欧提到REITs起源于1961年的美国，经过数十年的发展，已成为全球范围内成熟的投资工具。特别是亚洲市场，新加坡和日本作为REITs的发端国家，其成功经验为中国市场提供了借鉴。中国公募REITs的推出，标志着中国不动产市场正式迈入新时代。

陈先生指出，目前全球REITs市场规模近2万亿美元，其中美国占据主导地位。而中国公募REITs市场虽然起步较晚，但发展迅速，已有36只REITs产品上市，市值虽仅占全球市场的1%，但增长潜力巨大。特别是2023年3月，中国正式批准公募REITs，允许消费类基础设施进入公募REITs市场，为市场注入了新的活力。未来，写字楼、酒店、数据中心及5G基站等新经济模式下的REITs主体，将成为市场发展的新引擎。

他特别提及越秀REITs作为全球第一单正式上市的中国REITs，其成功运作为中国REITs市场树立了标杆。越秀REITs通过开发、运营、金融的联动模式，实现了资产的良性循环与增长，为市场提供了宝贵的经验。

 

REITs全新生态系统  

“从这样一个环境推断下来，中国的不动产市场将围绕REITs形成一个全新的生态系统。”今年1月12日富尚资产与合作伙伴上海城投成功合作了一单目前为止全国最大的保租房REITs，上市时的规模达到30亿。

作为上海城投指定的资产管理顾问，深度介入保障性租赁用房的策划、资产管理、社区营建、投资测算，然后逐步进入到了公募REITs这个赛道。第一阶段的主要目标是搭建一套完整的精细化的运营体系，为将来的资本化运作打好基础；第二个阶段是围绕整个REITs的策划方案来实施REITs资产运营的提升；第三阶段完成上市。通过价值再造，逐渐会扩展到REITs从生命周期另外一个生态角度的搭建，这个生命周期是从Pre-REITs到类REITs、公募REITs，到post-REITs。Pre-REITs阶段侧重于为上市搭建灵活的投资平台，而post-REITs阶段则专注于REITs上市后的管理，通过资产运营品质的提升、资产组合调整、并购扩募等手段提升资产价值和市值。

随着REITs市场的不断发展，更多的金融机构、主权基金、养老基金等将参与其中，共同推动中国REITs市场向更加成熟、多元的生态系统迈进。未来，REITs将成为中国不动产市场的重要驱动力，引领市场向资产管理市场转型。

在肯定REITs市场潜力的同时，陈先生也指出了当前中国REITs市场存在的四大待改进之处：公募REITs的架构问题，税收问题，杠杆比率问题和估值定价的方式问题。他表示：“目前整个中国的C-REITs架构是一个双层公募基金嵌套资产管理专项计划的架构，过于繁琐。第二，税收政策是我们急需改善的方面，因为投资人不能接受过低的回报，而税收恰恰削薄了这个回报。第三，杠杆应更加合理，香港是50%，新加坡已经放宽到55%，倒算一下中国的杠杆只有27%左右，本身REITs就是重资产，杠杆至少要到50%。最后是定价的合理性问题，现在的REITs基本上以现金流折现法来定的，这种方法跟国际主流市场的基于NOI的估值法，并不是很相吻合。因为市场在波动，用现金流折现法不太精准。这些问题都需要我们共同努力，以推动REITs市场的健康发展。”

他强调REITs的出现将激发房地产新的生态系统，为商业不动产市场带来全新的发展机遇。他期待与业界同仁共同努力，共同建设这一新的生态系统，推动中国商业不动产市场的持续繁荣。

此次观点商办暨资管大会上，中信和业党委书记、董事长 杨劲、中国房地产业协会商业文化旅游地产专业委员会秘书长 蔡云、恒隆地产董事 隋颂伟WeWork大中华区副总裁 全斌、阳光海天停车产业集团总裁 江沁园、吉宝城市发展执行副总裁 余昇鸿、印力集团副总裁 付凯、中信建投证券房地产及建筑首席分析师 竺劲等业界翘楚从宏观、资管、运营和证券化等领域进行阐述。

 

中信和业党委书记、董事长 杨劲

 

 

中国房地产业协会商业文化旅游地产专业委员会秘书长 蔡云

 

 

 

恒隆地产董事-办公楼，住宅及服务式公寓 隋颂伟

 

 

WeWork大中华区副总裁 全斌

 

阳光海天停车产业集团总裁 江沁园

 

 

吉宝城市发展执行副总裁，可持续城市更新运营（中国）负责人 余昇鸿

 

印力集团副总裁、投资资管中心总经理 付凯

 

中信建投证券房地产及建筑首席分析师 竺劲

 

随后举行的“楼宇运营和赋能”主题讨论环节，仲量科技高级商务运营总监吴震东担任主持嘉宾，与七位业内专家，包括：凯德投资（中国）商业及办公楼管理董事总经理梁耀华；正大集团商业地产企业中国区商管事业线首席执行官王晓丽；北京中海地产商业管理公司副总经理张存理；华贸集团总裁助理、商管总部副总裁郝群；合景泰富商业资产管理公司写字楼事业部总经理陈卓君；兆泰集团写字楼板块负责人刘旭东，共同探讨了当前楼宇市场所面临的发展机遇与挑战，并展望了未来发展方向。

本次商办暨资管大会由观点机构主办，中信和业协办。

 

 

       F.O.G 富尚资产 源于美国, 是以房地产投融资与专业化资产运营为两大主要业务的综合性企业，涵盖国际化、专业化的不动产资产运营、房地产投融资、基金管理等核心业务 。富尚具备有国际视野的优质管理团队, 以及丰富的房地产投融资，基金管理与资产运营经验,其投资及通过股权基金管理的项目涵盖城市综合体、办公楼、购物中心、酒店、会展，住宅及产业地产等。通过专业化的运作与整合全球资源, 富尚为投资者完成了可观的资本增值。

       富尚也专注于不动产的专业化资产运营，根基于其丰厚的国际资产运营专家团队与经验,成功为开发企业、投资机构、不动产业主与持有者提供资产增值服务。通过对战略策划、资产证券化模式设计、资产运营体系搭建与标准制定、 定位与市场研究 、规划与设计、开发与工程管理、招商与运营管理等各个环节的精心把控,富尚资产运营团队及其合作伙伴使商业地产的运营与资本市场形成良好的互动与对接,并坚持以国际最佳实践标准来提升中国商业地产资产价值, 从而实现商业地产的价值最大化。

 

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