David Chen offered a thorough examination of the development landscape across the Asia-Pacific real estate sector. He noted that APREA, as a key hub for the region, has over the past 20 years built a global network spanning 18 countries, encompassing six core membership categories — global institutional investors, developers, REITs, and professional service firms — forming a strategic ecosystem for policy advisory, market intelligence, and cross-sector collaboration. 

He also highlighted the significant headwinds facing China's domestic real estate market, including developer debt defaults and flagging consumer confidence. Between 2020 and 2025, total liabilities across 32 major property developers reached RMB 15.8 trillion, and maturing debt for the top 50 developers in 2024 exceeded RMB 800 billion. On the policy front, the expansion of the QFLP (Qualified Foreign Limited Partnership) pilot program has become a focal point of financial opening-up, with its investment scope broadened to include real estate private equity funds and non-performing asset disposal. The scale of pilot funds in 2025 is expected to surpass USD 100 billion. 

On a brighter note, Chen highlighted the strong performance of the REITs market. China's REITs market has reached USD 30 billion, representing 1.15% of the global total. Yuexiu REIT's "securitization — capital recycling — reinvestment" model grew its asset base from HKD 4.6 billion to HKD 47 billion, offering a compelling transformation case study. Projects such as Shanghai ChengtouKuanting Affordable Rental Housing REIT further demonstrated the potential of REITs across diversified asset classes. 

Looking ahead, Chen expressed confidence that APREA will advance along five strategic priorities: integrating Asia-Pacific opportunities, expanding professional networks, deepening focus on real estate investment verticals, enhancing training and research, and strengthening policy advocacy. 

Roundtable Panelists: Mo Yifan, Head of REITs, China Asset Management; Eric Lee (Li Zibu), Head of C-REITs Business, China Life Capital Investment Company Limited; Andrew Yan (Yan Yinzhi), Director of Investment, Dajia Investment Holding Company; Frederic Wu (Wu Dike), Managing Director & Head of REITs Business and Co-Head of Structured Finance, Guotai Haitong Securities; Liu Can, General Manager of REITs Platform, CITIC Poly Fund; Song Xin, General Manager of Real Estate Investment Department, AVIC Fund Management 

Roundtable Moderator: Wang Haiping, Partner & CIO, F.O.G Capital & Asset Management Group. 

David Chen opened his remarks by presenting four key data points, tracing the major milestones in REITs development and the inseparable connection between APREA's founding and the growth of the asset class. On September 14, 1960, U.S. President Eisenhower signed the REIT Act into law, establishing the institutional and regulatory foundation for REITs. The U.S. REITs market flourished in the 1990s, seeding the emergence of markets across Asia. Japan launched its first REITs in 2000, Singapore subsequentlyestablished itself as a key international REITs trading hub in the Asia-Pacific, and APREA was founded in 2005 — the same year Hong Kong's REITs market was launched. Twenty years have now passed. 

Chen noted that APREA now covers 18 countries across the Asia-Pacific, integrating high-quality resources across the value chain to advance the health of the regional REITs ecosystem. While China entered the market relatively late, it has become a key player: 66 REITs are now listed in China with a combined market capitalization of approximately USD 30 billion (1.15% of the global total), leaving significant room for further growth alongside other Asia-Pacific markets in deepening the integration of real assets and capital markets. 

Looking to the future, Chen expressed his hope that APREA's strengths could be channeled into empowering China's real estate ecosystem — facilitating industry exchange, raising professional standards, and guiding the direction of REITs development. 

Christina Hau highlighted the structural differences between Hong Kong REITs and their mainland Chinese counterparts. Hong Kong REITs achieve asset appreciation through professional management, with a core architecture comprising a sponsor, a manager, and investors. The sponsor converts properties into a fund and appoints an asset manager (responsible for finance and fundraising) and a property manager (responsible for leasing and operations), both of whom are compensated through service fees. Investors, as unit holders, become indirect owners of the underlying properties through the fund, with assets held in trust on their behalf. 

A well-designed management structure and distribution framework is therefore fundamental to the success of any real estate fund — providing investors with a transparent and robust investment channel. Looking ahead, the anticipated REITs Connect between Hong Kong and the mainland will create two-way opportunities across diversified property types and regional investment portfolios. 

Panel 1: From Pre-REITs to C-REITs 

Panelists: Eric Lee (Li Zibu), Head of C-REITs Business, China Life Capital Investment Company; Frederic Wu (Wu Dike), Managing Director & Head of REITs Business and Co-Head of Structured Finance, Guotai Haitong Securities; Hu Kun, Assistant General Manager, GreatWall Wealth I.A.M.C; Jiang Nan, Executive Director of Investment, SCGC Realty Capital; Andrew Yan (Yan Yinzhi), Director of Investment, Dajia Investment Holding Company 

Moderator: Tracey Zhang, Financial Services Leader (Tax), KPMG China 

Panel 2: Post-REITs Management and System Building 

Panelists: Lu Honghua, Party Secretary and Chairman, Bailian Group; Li Yaoguang, Director, Deputy General Manager and Managing Director, CICC Fund Management; Song Xin, General Manager of Real Estate Investment Department and Fund Manager, AVIC Fund Management; Zhang Jiulong, Senior Vice President, China Asset Management; Yu Yue, Chief Analyst, Real Estate & REITs, Cinda Securities 

Moderator: Sunny Zhang (Zhang Ping), Executive Director, IFFRE; Chair, BOMA China Research Committee and Executive Director, IFFRE 

▲ Alan Li, China President, CBRE 

Keynote: China Commercial Real Estate Investment Under New Economic Conditions 

Alan Li drew an analogy between commercial real estate investment and a ship navigating new waters: the macroeconomic environment is the ocean on which it sails. The waters that China's commercial real estate investment ship is now entering are characterized by tides, currents, and conditions that are increasingly difficult to interpret through the lens of experience accumulated over the past two to three decades. Three major trends are shaping this new landscape: in a prolonged ultra-low interest rate environment, the value of core assets increasingly depends on asset management capabilities across the full lifecycle; geopolitical competition and technological disruption are amplifying uncertainty, demanding stronger risk resilience; and the structural transformation of the economy is driving industrial upgrading, creating fresh opportunities as new industries emerge and consumer behavior evolves. 

Over the next decade, shopping center demand growth will be driven by services — culture, entertainment, education, sports, healthcare, technology, and data centers. Li recommended that investors focus particularly on computing infrastructure hubs in and around first-tier cities, where the trend toward intelligent and green development will also create strong opportunities for retrofit projects. The acceleration of public REITs issuance and breakthroughs in land renewal policies are expected to help the industry navigate near-term challenges and open a new chapter of high-quality development in China's commercial real estate sector. 

Panel 3: New Consumer Trends and Commercial Real Estate 

Panelists: Huang Yaqun, Founding Partner & Head of Product and Brand, HZM Capital; Wan Shuihang, Managing Director of Investment, EBA; Yu Yang (YY), Founder & Creator, YY Studio; Zhang Cunli, Assistant General Manager, China Overseas Commercial Properties and Global Head of COOC 

Moderator: Clare Chang, Managing Director, Greater China, IQ-EQ 

Panel 4: New Economy, New Opportunities 

Panelists: Hank Hsu (Xu Hanbin), Co-Founder & CEO, Forest Logistics Properties; Alex Zhang (Zhang Xiaobing), Head of M&A, GDS Services; John Chen (Chen Jun), Founder & President, Square Capital Holdings; Mia Guan, Director, Commercial & Data Center, ESR China; David Wang (Wang Bin), Chairman & Senior Engineer, Data Center Science 

Moderator: Catherine Shen, Partner, Commerce & Finance Law Offices 

Panel 5: A Global Investment Perspective 

Panelists: Grina Liu (Liu Xiaonan), Vice President, Brookfield; Feng Bo, Head of Strategic Investment, Gaolu Group; John Zheng (Zheng Bin), Managing Director & Head of China Private Capital Markets, CapitaLand Investment; Randolph Zhao, Managing Director, Real Estate, KKR 

Moderator: Garcia Xia, Partner, Ernst & Young LLP 

▲ Chen Lijian, Senior Executive President of China Orient Summit Capital (COS Capital), APREA Board Member and former Chairman of APREA China Chapter, delivering the closing remarks 

Chen Lijian noted that over the past 20 years, APREA has been dedicated to shaping the landscape of real estate investment across the Asia-Pacific. In China, its presence has evolved from regional exchange events into a high-impact industry gathering. Standing at the threshold of a new chapter — APREA's 20th anniversary — the road ahead is still filled with both challenges and opportunities. The shifting global economic order, the wave of technological innovation, and the demands of sustainable development are all generating new questions for the real estate investment industry. He extended his sincere hope that APREA, drawing on two decades of deep expertise and a profound understanding of the industry's fundamentals, will guide the sector through the cycles ahead and into a new dawn. 

As a post-conference activity on June 27th, the APREA Shanghai Study Tour departed from the Former Shanghai Municipal Government Building on the Bund (Laoshifu), passed through the BFC (Bund Finance Centre), and concluded at Bohua Plaza. The tour offered participants an in-depth look at some of Shanghai's storied commercial landmarks — a journey through history and modernity — with opportunities to learn from operational best practices, engage in substantive conversations with industry peers, and cultivate meaningful connections and collaborations. 

215 Jiangxi Middle Road 

Situated at the heart of the Bund's historic and cultural district — bounded by Jiangxi Middle Road to the east, Henan Middle Road to the west, Fuzhou Road to the south, and Hankou Road to the north — the Former Shanghai Municipal Government Building (Laoshifu) enjoys a prime location surrounded by multiple city-level landmarks, commanding significant foot traffic from its highly connected position. It is served by comprehensive multi-modal transport links reaching all corners of Shanghai. 

Formal plans for the building's protective renovation were launched in 2014, establishing it as a flagship urban renewal project and among the first developments to be initiated under Shanghai's comprehensive Bund Second Facade renewal program. 

Once home to the Shanghai Municipal Council and later the office of the People's Government of Shanghai in the early years of the People's Republic — where Mayor Chen Yi maintained his office — the building is one of Shanghai's first designated "Excellent Historic Buildings" and a municipal cultural heritage site. Today, after more than a century of history and following its first major renovation, this storied structure is being reborn as the Bund's largest enclosed lifestyle district, soon to open to the public. 

Since April 2024, F.O.G Capital & Asset Management Group has served as the designated asset management advisor for the project's development entity, providing full-cycle professional services covering: the overall asset management framework and organizational structure; property management procurement and tender management; owner-perspective operational assessment (including comprehensive budget evaluation and detailed performance benchmarking across commercial, office, and property management verticals); design optimization from an operational standpoint; and the development of information management systems — all to ensure a smooth launch and sustained enhancement of asset quality post-opening. 

Upon completion of the renovation, the building will offer approximately 42,000 sqm of above-ground space and around 26,000 sqm below ground. Roughly 70% of the complex is designated for office use, targeted at major domestic and international financial institutions and prominent enterprises. The remaining 30% will be devoted to shared commercial and cultural space, featuring coffee, casual dining, lifestyle retail, and other complementary uses. The inner courtyard will be opened as a public plaza, hosting cultural and artistic exhibitions and events on a rotating basis. By year-end, the building will open its doors to the public for the first time in over a century. 

Over two decades of shared journey, APREA and F.O.G Capital & Asset Management Group have together witnessed and actively contributed to the growth of the Asia-Pacific real estate industry. Grounded in a membership network spanning 18 countries, APREA pursues its mission of "Shaping the Future of Real Estate and Empowering Asia-Pacific Development," while F.O.G Capital has been deeply embedded in this ecosystem — building a meaningful presence in areas such as the REITs market. 

From the global REITs landscape to China market dynamics, from the shifting interest rate environment to the expanding opportunities under the QFLP program, F.O.G Capital has consistently remained focused on the core of the industry — collaborating with APREA and the broader community to unlock real estate value and optimize asset allocation. Going forward, F.O.G Capital will continue to work hand-in-hand with APREA, leveraging its strategic ecosystem to deepen its expertise in real estate, and to co-author a new chapter in the securitization of real assets.