Opening Remarks 

David Chen (陈晓欧), Chairman of APREA China Chapter and Chairman & CEO, F.O.G Capital & Asset Management Group 

Honorary Guest Address 

John Lim (林惠璋), Chairman of APREA and Chairman, JL Family Office 

Panel 1: How Global and Chinese Capital Are Reassessing and Re-entering China's Real Estate Market in the Current Cycle 

China's real estate market is undergoing a structural reset. Domestic capital — insurance funds in particular — hasemerged as the dominant force, steering investment strategies toward resilient "core-plus" assets. Exit strategies increasingly rely on capital market instruments such as REITs to enhance liquidity and transparency. The market is gradually stabilizing, with urban occupancy rates and rents showing early signs of recovery. Long-term investors, including sovereign wealth funds, are drawn to China's defensive characteristics and favor diversified asset types such as rental housing and logistics. Policy clarity — spanning land use, capital flows, and taxation — has become the critical factor in attracting capital back into the market and sustaining recovery. 

Panelists: John Zheng (郑斌), Managing Director & Head of China Private Capital Markets, CapitaLand Investment Zhang Tao (张涛), Managing Director, China Real Estate, Shanghai-Hong Kong Asset Management (Hong Kong) Limited Yu Fei (俞斐), Senior Vice President, Capital & Fund Management, DNE Group 

Moderator: Hank Hsu (许汉斌), Co-Founder & CEO, Forest Logistics Properties 

Panel 2: Emerging Business Models — Data Centers, New Energy, and the New Consumer Economy 

Emerging business models are reshaping the asset landscape. Data centers have become a focal point for investment, driven by surging demand from AI and cloud computing; demand across Asia is outpacing supply, prompting projects to migrate toward resource-rich regions, while energy constraints are spurring integration with renewable sources such as wind and solar. China's clean energy investment is reinforcing its competitive position and underpinning energy-intensive industries. In retail, the shift toward experiential consumption is driving the rise of mixed-use, culturally driven spaces, with younger consumers gravitating toward domestic brands and distinctive experiences. The sector is entering a phase of rebalancing, where adaptability, the convergence of technology and sustainability, and the ability to anticipate emerging trends are becoming the defining competitive advantages. 

Panelists: Huang Yaqun (黄雅群), Founding Partner & Head of Product and Brand, HZM Capital Lai Shaowu (赖绍武), General Manager, China, Hony Capital John Chen (陈峻), Founder & President, Square Capital Holdings 

Moderator: Jiang Haomin (蒋皓旻), Partner, Strategy and Transactions Advisory Services, Ernst & Young (China) Enterprise Advisory Co., Ltd. 

Panel 3: Building the REITs Ecosystem — Optimizing Strategies and Expanding Pathways from an Integrated Domestic and International Perspective 

China's REITs market operates under a dual-layer public fund plus ABS structure, with tax efficiency comparable to international standards and a framework that supports large-scale expansion. The low interest rate environment enhances asset valuations and increases their appeal to investors. Non-performing asset disposals are expanding the supply of investable assets, while urban renewal programs are directing capital toward the activation of existing stock. On the investment side, the emphasis is on conservative underwriting and discounted acquisitions. Institutional investors are building project pipelines through M&A-driven consolidation, and operational capability has become a critical differentiator — with professional management, tenant diversification, and stable NOI (net operating income) representing the long-term cornerstones of value. 

Panelists: Yu Yanping (余彦平), Head of REITs and Asset Securitization, China Securities Co., Ltd. Yu Yue (俞悦), Chief Analyst, Real Estate & REITs, Research and Development Center, Cinda Securities Yao Yuan (姚远), General Manager of Investment, Xindameng Silver Wing Investment 

Moderator: Julien Jin (金哲远), Partner, Merits & Tree Law Offices 

Closing Remarks 

Hank Hsu (许汉斌), Vice Chairman of APREA China Chapter and Co-Founder & CEO, Forest Logistics Properties