Nuveen Real Estate Hires David Chan to Lead Greater China Deals

Nuveen Real Estate continues to grow its business in the region with the property investment division of US financial giant TIAA having recently hired a former Phoenix Property Investors executive to lead its Greater China operation.

David H Chan joined the global top five real estate fund manager last month in Hong Kong, in a newly created role as head of Greater China transactions, as well as leading the firm’s debt investments across the Asia Pacific region, Mingtiandi understands.

Chan comes aboard at the US firm after more than six years at Hong Kong-based Phoenix where he was involved in private real estate equity and debt investments across Asia Pacific.

Deployment Skills Required

Nuveen is adding to its team just over two months after raising an additional $213 million for its Asia Pacific Cities strategy, which aims to invest in “future-proof” urban centres around the region. At the time of its most recent closing in September that open-ended core fund had already raised $900 million on its way to a $2 billion target.

To help deploy that cash carefully, Chan’s new employer will be counting on his twelve years of real estate investment experience, which includes having spent more than three years with fund manager HIG Capital in New York, as well as a two year stint at Credit Suisse in Manhattan.

The graduate of the University of Chicago got his first industry role after finishing school in the US back in his native Hong Kong, where he worked with the real estate investment banking division of Morgan Stanley for just over a year, according to his LinkedIn profile.

Recruitment Race

Nuveen’s recruitment of Chan adds to a growing list of senior level hires at real estate fund managers in the region in recent weeks, including a parallel move by the company’s rivals at PGIM Real Estate.

The property fund management affiliate of US financial giant Prudential recently brought on board former CBRE Investment Management (then called CBRE Global Investors) executive Matthew Yao as its first country head for mainland China, Mingtiandi can confirm.

Also this month, HSBC Asset Management named former Fidelity International executive Daisy Ho as its chief executive for Asia Pacific and Hong Kong, after hiring Victoria Sharpe to lead its real estate division in September of this year.

For Nuveen, Chan’s hiring adds to a busy few weeks with the firm having been identified by Mingtiandi on Monday as having taken a 50 percent stake in a joint venture with JP Morgan Asset Management which acquired One George Street in Singapore for $950 million.