ADVISORY – TOR Realty

Rex Zhang is the Vice President of AB Capital Investment Limited.
Before joining AB Capital, Mr. Zhang was Associate at Investment Banking Division at Nomura’s Hong Kong office, focusing on providing financial advisory to public and private companies’ equity and credit capital raisings as well as cross-border mergers and acquisitions.
Mr. Zhang has completed more than 30 transactions, with diversified product exposure spanning across IPO, private placement, bond offering, project financing, structured loan as well as M&A. In particular, Mr. Zhang had accumulated extensive transactions experience in real estate sector for the past six years. His selected notable transactions including:

– Orient Securities US$300m Senior Notes Offering (2022)

– Weibo US$385m HK Listing (2021)

– JD.com US$3.8bn HK Listing (2020)

– Beijing Capital Land US$500m Senior Notes Offering (2020)

– New Oriental Education US$1.3bn HK Listing (2020)

– Modern Land US$250m Senior Notes Offering (2020)

– E-house US$200m Senior Notes Offering (2020)

– Yango Group US$300m Senior Notes Offering (2020)

– Zhongliang Real Estate Debut US$250m Senior Notes Offering (2019)

– Zhongliang Real Estate US$400m HK IPO (2019)

– China Vast Industrial Development US$180m Senior Notes Offering (2019)

– Yuexiu Property / Yuexiu REIT US$140m Exchangeable Bond Offering (2019)

– Koolearn US$200m HK IPO (2019)

– CIMC Vehicle US$220m HK IPO (2019)

– Chong Hing Bank US$592m Share Placement and Rights Offering (2018)

– Sunac China US$1bn Senior Notes Offering (2018)

– China Oceanwide US$175m Senior Secured Loan (2018)

– Qudian US$1bn US IPO (2017)

Mr. Zhang obtained Bachelor of Business Administration in Professional Accountancy from The Chinese University of Hong Kong with First Class Honors.

Mr. Kyle Li is an Analyst based in AB Capital’s Hong Kong office.
Prior to joining AB Capital in 2022, Mr. Li previously held internship positions in GSUM Fund Management, Cushman & Wakefield, and China Minmetals Corporation.
Mr. Li graduated from The Chinese University of Hong Kong with a Master in Real Estate degree.

Mr. Yutaro Nakadate is the Senior Vice President of AB Capital Japan team.
Mr. Nakadate started his career at Orrick Herrington & Sutcliffe, Tokyo Office focusing on the securitisation and liquidation of real properties. Through his practice at Orrick, he led a large number of real estate investors and asset managers to their successful investment in real properties in Japan. He also assisted real estate firms in acquiring/developing overseas properties. After Orrick, Mr. Nakadate worked as a senior associate attorney at Anderson Mori & Tomotsune LPC – which is one of the big 4 law firms in Japan – where he expanded his expertise to public finance/investments (including REITs), international private equity investments, renewable energy/infrastructure investments and securitisation of receivables/credits. His wealth of experience, high level of expertise and professional competence are highly regarded and praised not only by his clients but also by other parties involved.
Throughout his career, Mr. Nakadate represented a wide range of clients including banks, financial institutions, REITs, private equity firms, hedge funds, developers and public/private pension plans. His experience covers financing, fund formation, joint ventures, major development transactions, restructuring and private equity deals. The total amount of investment assets to which he has advised for his clients is approximately over US$5 billion. He is also knowledgeable about international tax practice related to the real estate investment in Japan.
His notable work highlights include:
‒ Represented a UK investment fund in the establishment of residential portfolio funds in the Greater Tokyo area (2017-2018)

‒ Represented a Singaporean REIT in the acquisition of nursing home and hospital portfolios in Japan (2015-2017)

‒ Assisted a Japanese conglomerate firm in the equity investment in the building development project in New York city (2015)

‒ Represented an Australian developer in refinancing for its development project in the Greater Tokyo area (2018)

‒ Represented a US asset management firm in the securitization of hotels, logistics and office buildings in Japan (2019-2020)

‒ Represented a Spanish investment fund in the acquisition and management of solar panel plant portfolios in the Kyushu area in Japan (2020)

‒ Represented a Japanese trading company in establishing offshore investment funds targeting various real properties in Asia (2020-2021)

‒ Represented a US investment firm in the bulk sales and securitization of office buildings and warehousing facilities (2014-2016)

‒ Represented a Singaporean bank, Japan branch in providing debts to a luxury hotel development project in Hokkaido, Japan (2020)

‒ Assisted a Canadian developer with the development of luxury condominiums in Tokyo, Japan (2019-2020)

‒ Represented a Japanese investment fund in the acquisition of shares in a hotel operator owning multiple hotels in Japan (2016-2017)

‒ Represented a US real estate investment fund in the securitization of data centers in Japan (2020)
He has a legal qualification admitted in Japan (temporarily deregistered due to his post graduate study in the UK). He has a Bachelor degree of Management from Keio University (2010), a Juris Doctor degree of Law from Keio University Law School (2013), and a Master of Law (international tax course) degree from the Dickson Poon School of Law, King’s College London (2022).

Mr. Yiming Yin is acting as the Senior Consultant of AB Capital Investment Limited.

Before joining AB Capital, Mr. Yin was the head of asset management of Anbang International’s Japan branch, which invested in one of the largest multi-family property portfolios in Japan with a value of approx. US$3bn. The portfolio was successfully sold to Blackstone in 2020, which also marked the largest ever real estate transaction in Japan at the time.
Mr. Yin has nearly 20 years experience in real estate industry. He has built up his career at a number of global institutions including Mitsubishi Morgan Stanley (Tokyo), M3 Capital (Hong Kong), Barclays Capital (Hong Kong) and Mori Building (Tokyo), worked on a wide range of deals from real estate M&A, public and private capital market and corporate finance

Hospitality

– Equity offering for Invincible REIT’s 6 hotel portfolio acquisition, US$100MM (2016)
– Equity offering for Invincible REIT’s 11 hotel portfolio acquisition (sponsored by Fortress), US$300MM (2015)
– Exit strategy planning for Park Hyatt Shanghai (hotel segment of Shanghai World Financial Centre (SWFC)) (2011)

– Sales strategy for Mauna Lani Bay Hotel (Hawaii Island) owned by Tokyu, US$60MM (2008)
Residential
– Anbang International’s acquisition and disposition of c.US$3bn residential property portfolio in Japan (2017 and 2020)
– Private equity raising for Shui On Land’s knowledge centre / residential development fund, US$600MM (2014)
Office and Others
– M3 Capital / Evergreen’s acquisition of US$400MM self-storage owner / operator Quraz in Japan (2013)
– Mori Building’s strata-tile sale of SWFC office floors (approx. US$200MM) (2011)
– Private equity raising for CREED’s value-add office fund US$400MM (2008)

Equity and Finance

– Anbang International’s refinancing of US$1.0bn asset finance for residential portfolio in Japan (2019)

– Mirai REIT’s US$500MM IPO (2016)

– SOHO China’s US$1.0bn senior note (2012)

– Nippon Commercial REIT’s US$1.0bn IPO (2006)

Mr. Yin holds a certificated master degree from Association of Real Estate Securitization of Japan. He is also a registered real estate broker.
Mr. Yin graduated from Graduate School (Law and Politics) of Tokyo University with a master degree, and Faculty of Economics of Tokyo University with a bachelor degree.

Mrs. Ashlee Lee is the Founder and CFO of AB Capital Investment Limited, a SFC licensed real estate private equity that focuses in APAC.

Before founding AB Capital, Mrs. Lee was Chief Financial Officer of Kanpai Wines, a winery in Napa Valley, California, where they produced a variety of wines including cabernet, pinot noir, sauvignon blanc, and rose. Kanpai Wines is also a partner of the famous Drops of God manga, which has over 300 million readership. Mrs. Lee was responsible for company’s corporate strategy and business plan.
Prior to joining Kanpai Wines, Mrs. Lee was the Portfolio Manager of Pacific Foundation Securities Limited (Type 1 and Type 9 Representative), managing over US$800MM in AUM, mainly trading cash equities and options. Mrs. Lee managed funds and discretionary accounts, including performing valuation analyses; conducting top-down and bottom-up research on Hong Kong/China listed companies in sectors including real estate, technology, energy, and consumption.
Prior to joining Pacific Foundation Securities Limited, Mrs. Lee was an analyst/trader in the Hedge Fund Division of Adamas Asset Management (HK) Limited. Mrs. Lee worked directly with portfolio managers to generate and evaluate long/short investment ideas for funds and discretionary managed accounts.
Mrs. Lee graduated with Honors from the Marshall School of Business, University of Southern California with a Bachelor of Science degree, concentrating in Finance.
Mrs. Lee graduated from the University of Hong Kong with a Masters of Finance degree.
Mrs. Lee is a alumni of the Alpha Kappa Psi Business Fraternity.

Mr. Alan Kam is the Founder and CEO of AB Capital Investment Limited, a SFC licensed real estate private equity investment manager that invests in Asia Pacific properties, with an initial focus in Japan hospitality assets.
Prior to founding AB Capital, Mr. Kam started his career at Citibank Investment Banking Hong Kong, overseeing transactions of more than US$8bn, spanning across M&A, debt, and equity. Mr. Kam focused on Hong Kong conglomerates, real estate, and gaming companies during his time at Citibank.

Selected notable transactions including:

Hospitality Real Estate

– Acquisition of APA Hotel Kamataeki-Higashi (2023)

– The rebranding of Crystal Shinsaibashi Hotel to Folio Sakura Shinsaibashi Osaka by Banyan Tree Group, the first of Folio brand in Japan (2022)

– Acquisition of LiVEMAX Shinjuku Kabukicho Meijidori (2022)

– Acquisition of Prostyle Ryokan Tokyo Asakusa (2021)

– Acquisition of Crystal Shinsaibashi Hotel (2020)

Corporate Finance

– Li & Fung’s restructuring / US$1.1bn strategic divestment of product verticals to Fung Group & Hony Capital (2017)

– Crystal International’s US$512MM IPO (2017)

– Nan Fung’s US$500MM fixed-for-life perpetual (2017)

– Sun Hung Kai Properties’ US$500MM fixed-for-life perpetual (2017)

– Caesars Entertainment Corp’s 50% stake sell (US$241MM) in Incheon Korea Casino Project to R&F Properties (2016)

– VPower Group International Holdings Limited US$208MM HK IPO (2016)

– Champion REIT rating advisory (2016)

– Li & Fung US$2bn MTN setup (2016)

– New World China Land US$900MM Reg S bond offering (2014)

– Xinyi Solar’s US$101MM equity placement (2014)

– Kerry Logistics US$327MM HK IPO (2013)

Mr. Kam is also the Advisory Board Member of International Hospitality Investment Forum Asia (IHIF Asia).
Mr. Kam graduated from the Marshall School of Business, University of Southern California with a Bachelor of Science degree, concentrating in Finance and Marketing.