Blackstone today announced that veteran Chinese real estate executive Yan Yan has joined the alternative investment giant as a managing director with its Asia real estate team.
“Yan Yan is an industry leader with an outstanding track record and tremendous knowledge of real estate markets across the region. We are incredibly excited to have her on board,” Blackstone Real Estate Group Senior Managing Director and Head of Real Estate for China Tim Wang said in a statement.
Twenty-Two Year Soho Veteran Jumps to Blackstone
Yan joins Blackstone from Soho China where she had resigned from her role as company president in early March after twenty-two years at the firm. At the same time that she left her day to day role, the 53-year-old executive also quit the developers board of directors, where she had served as an Executive Director, the Hong Kong-listed company revealed in a statement.
Yan had been a key figure at the commercial builder run by real estate power couple Pan Shiyi and Zhang Xin. The two and a half decade industry veteran had served as CFO and COO of Soho China before becoming the company’s president in June 2008. The Tianjin University graduate also has previous experience with Henderson (China) Investment and Sheraton Hotels.
Blackstone Ramps Up China Business
Blackstone, which has over US$430 billion in assets under management globally, has been among the most active US players in China’s real estate markets. In October last year the firm chaired by billionaire Stephen Schwarzman is said to have hit a $5 billion first close of its latest Asia-focused real estate fund, with much of that money targetting the mainland market.
The New York-based investment manager also increased its mainland exposure last month by acquiring a minority stake in Hong Kong-based private equity firm PAG for an undisclosed sum.