China Advocacy Committee
Mission & Goals
The goal of APREA’s advocacy in China is to help grow Chinese real estate as an attractive investment asset class by bringing the world's best thinking on real estate policy and regulatory frameworks to China for adaption for Chinese circumstances.
Main Principle
The current principal focus of APREA’s advocacy in China is to help introduce a state-of-the-art Chinese REIT code that covers all real asset sectors and, ultimately, provide tax flow-through benefits. The China Advocacy Committee will contribute to improve APREA’s capacity to engage with regulators and respond to technical issues (including transition rules, the tax treatment of REITs, listing rules, treatment of SPVs in REIT funds, gearing limits, development rules, etc.).
Committee Chair

Cheng Hei-Ming
Founder & Chairman
KaiLong Group
Cheng Hei-Ming
Founder & Chairman
KaiLong Group
With over 30 years of real estate experience, Mr. Cheng’s work experience has covered a comprehensive range of activities, including ground up real estate development, real estate investment, fund management, business consulting, commercial banking operations, liquidity, and interest rate risk management. As one of the key founding members of KaiLong in 2004, Mr. Cheng has built and led the team to become a leading player in Asian Pacific, Greater China and London‘s vibrant investment and asset management market. To date, KaiLong has invested a total of over US$3.5 billion in 52 real estate projects. Of these, 30 have already been exited with excellent risk adjusted returns .
Before joining KaiLong, Mr. Cheng was the General Manager of Shui On Land. He oversaw the development and operations of Rainbow City, City Apartment, and Hangzhou Xi Hu Tiandi , as well as participating in the construction and operations management of Shanghai Xintiandi. Prior to that, Mr. Cheng held various senior positions with Standard Chartered Bank, including Greater China Head of Finance and Risk and Senior Manager of Marketing and Operations.
In 2011 Mr Cheng founded KFoundation together with generous support from KaiLong employees and friends, uniting the KaiLong community under our shared mission to give back to society Since its inception, KFoundation has raised over RMB 13 million KFoundation has sponsored a total of over 2 500 students varying from secondary school to university.

Professor Meng Xiaosu
Chairman, Huili Fund Leader
REITs Research of State Council Development Department
Professor Meng Xiaosu
Chairman, Huili Fund Leader
REITs Research of State Council Development Department

HU FENG
Managing Director of North China
Cushman & Wakefield
HU FENG
Managing Director of North China
Cushman & Wakefield
Social positions: Member of the Beijing Chaoyang District Committee of the Chinese People's Political Consultative Conference; Director of the China Real Estate Association, Director of the China Institute of Real Estate Appraisers and Agents, Director of the Beijing Friendship Association For Non-Party Intellectuals, Director of the China Region of APREA (Asia Pacific Real Estate Association), and Member of the Valuation Committee for CSI Infrastructure REITs.
External practice mentor at Renmin University of China Business School, and industry mentor for the Guanghua School of Management, Peking University China REITs Pioneer Course.
Hu Feng has over 20 years of experience in the real estate industry. Since 2008, he starts participating in researching China's REITs. As the person in charge of REITs evaluation, he has led the asset evaluation of 38 Public REITs, including the first domestic Quasi-REITs product - CITIC Qihang in 2014, China Merchants SKP Quasi-REITs products, as well as the first batch of China Public REITs in 2021, such as CICC ProLogis, China Merchants Shekou, China Resources Commercial Consumer REITs, CICC Yinli Consumer REITs, and CapitaLand Consumption REIT.
胡峰 戴德梁行北区董事总经理
社会职务:北京朝阳区政协委员;中国房地产业协会理事、中国房地产估价与经纪人学会理事、北京市党外高级知识分子联谊会理事、APREA亚太房地产协会中国区理事、中证指数基础设施REITs估值委员会委员。
中国人民大学商学院校外实践导师,北大光华中国REITs先锋课程业界导师。
胡峰拥有超过20年房地产行业经验,自2008年开始参与中国REITs研究,作为REITs评估负责人主导:2014年国内首单类REITs-中信启航产品、华贸SKP类REITs等,及2021年首批中国公募REITs中金普洛斯、招商蛇口,华润商业消费REITs、中金印力消费REITs、凯德消费REITs 等38单公募REITs资产评估工作。

Jeremy Ong
Partner
Baker McKenzie
Jeremy Ong
Partner
Baker McKenzie
Jeremy Ong is a partner in Baker McKenzie's Hong Kong office and he leads the REITs practice in Hong Kong. He has over 15 years of experience advising REITs on their formation, acquisitions, disposals, equity/debt capital raising exercises and liability management exercises, and advised on almost all of Hong Kong's largest REIT transactions.
Jeremy has been recognised by Legal 500 as a "Next Generation Partner" in two key areas for REITs (investment funds; real estate) and his practice is also described by Chambers as “a trusted adviser to REITs” which is “often instructed to assist clients with IPOs and capital raisings”.

Tracey Zhang
Financial Services Leader, Tax
KPMG China
Tracey Zhang
Financial Services Leader, Tax
KPMG China
Professional and Industry Experience
Tracey is the China Head of Financial Service Tax of KPMG China. Her client portfolio covers large banks, insurance companies, asset managers, trusts, funds, Fintech, and security companies.
She has vast experience in advising FS institutions on various complicated projects, including group reorganization, IPO structuring, tax technology and total tax solution.
Education and Qualifications
- Australia CPA
- Bachelor in Economics (Taxation)
- Master in Finance
专业及行业经验
张豪女士是毕马威中国金融业务税务主管合伙人。她的客户都是金融行业头部金融机构,涵盖银行,保险,资管,信托,基金,金融科技和证券板块。
张女士在金融行业税务咨询领域经验非常丰富。她领导毕马威金融税务团队完成了很多技术挑战性很强的复杂项目,包括金融机构集团化重组,上市架构搭建,税务信息化,及全税种税务管理体系建立。
教育及专业资格
- 澳洲注册会计师
- 经济学学士 (税收专业)
- 工商管理硕士(金融)
- 中国银行间市场交易商协会(NAFMII)资产证券化暨结构化融资专业委员会委员

David Chen
Chairman
APREA China Chapter
Chairman and CEO
F.O.G Capital & Asset Management
David Chen
Chairman
APREA China Chapter
Chairman and CEO
F.O.G Capital & Asset Management
Having worked in China, the U.S., Hong Kong, Singapore, and Australia, Mr. Chen has vast and diverse experiences in real estate investment and financing, REITs, PERE fund management and asset management, real estate development, planning & design, and international business operations.
Mr. Chen is the Chairman & Chief Executive Officer of F.O.G. Capital & Asset Management Corp. (Fields of Gold Corp. - a real estate focused investment & asset management firm headquartered in Shanghai, China, and a Harvard China Fund partner for over 10 years) and the independent director of Yuexiu REITs (the World's first publicly listed REITs in Hong Kong in 2005 investing mainly in mainland properties). He also has been serving as the Development Head of China for a Top-10 Globally ranked real estate investment fund and as senior executive of one of the largest listed blue-chip real estate development groups in Hong Kong. He has also worked as senior architect in an international architectural firm in Boston, MA. USA.
Mr. Chen is a visiting professor at one of the top business schools in China- Cheung Kong Graduate School of Business (CKGSB). He was also a mentor for China Ren Min University’s MBA program. He teaches Real Estate and Capital Market related courses in Tsinghua University, Peking University, Shanghai Jiao Tong University and Tongji University. While living in the US, Mr. Chen was a Guest Lecturer at the BAC (Boston Architecture Center), where he taught architectural design and planning studios.

Cliff Chen
Managing Director
China, Blackstone Group
Cliff Chen
Managing Director
China, Blackstone Group

Alvin Loo
Head of China
ARA Asset Management
Alvin Loo
Head of China
ARA Asset Management
