JLL has appointed Singapore-based Joseph Lee as senior director of its China valuation advisory division to drive the growth of its valuation business across Asia Pacific, according to an announcement by the company.
JLL plans to leverage Lee’s experience in public listings, asset securitization and real estate investment trusts as the property consultancy zeroes in on serving REIT managers and sponsors listing on Singapore’s stock exchange, the company revealed exclusively to Mingtiandi.
The property agent anticipates an upswing in Chinese developers and investors looking to raise funds via real estate investment trusts, with Lee’s appointment allowing the company to connect more clients to capital markets. Some 80% of real estate investment trusts listed in Singapore have some or all their properties located outside Singapore, according to a recent report by KPMG.
Mainland China has struggled to implement the financial and legal framework necessary to implement publicly-listed REITs, with JLL’s personnel move following the company’s advisory work connected to the IPO of Ping An Real Estate-backed Sasseur REIT last year, the first outlet mall REIT to go public in Asia.
The Lee’s new role also comes at a time when JLL is engaged in other real estate investment trust projects across the region, the company representative told Mingtiandi.
Southeast Asia Veteran to Help Mainland Clients
“As the One Belt One Road initiatives progress in recent years, we notice that economic activities in the SEA market has rapidly gained momentum and thus see that as a vast unexploited market potential that can continue to fuel our growth,” said Sylvia Lau, head of JLL’s China VAS, which has been active in Southeast Asia for over 25 years.
Lee, who before taking on this new role had served as JLL’s senior director of valuation and advisory services for Singapore and Myanmar since 2014, now leads the team’s business development efforts for all of Southeast Asia.
“I believe Joseph’s strong roots in SEA and extensive experience in valuation will help unlock new business growth opportunities and strengthen our foothold in the region,” said Lau.
Based in Singapore, Lee’s new role focuses on acting as a bridge for valuation clients between the Chinese and Southeast Asian markets, covering all asset classes including real estate, equities, intellectual property and financial instruments.
A 27 year veteran of both Singapore’s private and public sectors, Lee also previously served for three years as JLL’s head of Valuation and Advisory Services, as well as for Research and Consultancy for Vietnam, during which time he also covered the Cambodia and Myanmar markets.