{"id":354010,"date":"2023-06-29T22:10:13","date_gmt":"2023-06-29T14:10:13","guid":{"rendered":"https:\/\/www.mingtiandi.com\/?p=354010"},"modified":"2023-07-04T07:34:59","modified_gmt":"2023-07-03T23:34:59","slug":"c-reits-a-game-changer-for-china-real-estate-says-warburg-pincus-executive","status":"publish","type":"post","link":"https:\/\/www.mingtiandi.com\/real-estate\/events\/c-reits-a-game-changer-for-china-real-estate-says-warburg-pincus-executive\/","title":{"rendered":"C-REITs a &#8216;Game-Changer&#8217; for China Real Estate Says Warburg Pincus Executive"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"Ellen Ng of Warburg Pincus -- MTD Hong Kong Forum\" src=\"https:\/\/player.vimeo.com\/video\/840117775?badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479\" width=\"780\" height=\"439\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe>China is rapidly expanding its domestic real estate investment trust (C-REIT) regime with the opportunity to sell portfolios of assets on the public markets offering new recapitalization options for institutional investors in a growing range of market sectors, according to Ellen Ng, managing director and head of China real estate for Warburg Pincus.<\/p>\n<p><a name=\"_Hlk138930655\"><\/a>\u201cAt the asset level, the exit optionality is much greater than we&#8217;ve ever seen in the past decade so that has also been quite game changing for us as we underwrite investments and evaluate how we can exit,\u201d Ng said in an interview at the Mingtiandi Hong Kong Focus Forum this week.<\/p>\n<p style=\"text-align: center;\"><div style=\"margin-left: auto; margin-right: auto; text-align: center; \" id=\"mingt-773066068\"><a data-no-instant=\"1\" href=\"https:\/\/info.altusgroup.com\/apac-altus-valuation\/?utm_campaign=23_AA_APAC_VA_Brand_Mingtiandi-Display-Ads_Website&#038;utm_medium=display-digital&#038;utm_source=&#038;utm_content=Website&#038;sfid=7012M000002m8TN\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"Altus - Valuation Management 780x250 Banner\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Valuation-management-Mingtiandi-ads-01.png\" alt=\"Altus - Valuation Management 780x250 Banner\"  srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Valuation-management-Mingtiandi-ads-01.png 1560w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Valuation-management-Mingtiandi-ads-01-400x128.png 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Valuation-management-Mingtiandi-ads-01-1024x329.png 1024w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Valuation-management-Mingtiandi-ads-01-1536x493.png 1536w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Valuation-management-Mingtiandi-ads-01-640x206.png 640w\" sizes=\"(max-width: 1560px) 100vw, 1560px\" width=\"780\" height=\"250\"  style=\"display: inline-block;\" \/><\/a><\/div><\/p>\n<p>DNE Group, a leading new economy infrastructure developer and operator backed by Warburg Pincus, sponsors a C-REIT which already debuted on the Shanghai Stock Exchange last year, and Hong Kong-listed ESR is also in the application process for a mainland REIT vehicle, but Ng sees the opportunity for much broader adoption of the publicly listed funds.<\/p>\n<p>After debuting on the market in 2021 as vehicles for infrastructure assets, C-REITs listed on mainland exchanges have expanded i<a href=\"https:\/\/www.mingtiandi.com\/real-estate\/retail\/china-expands-reit-regime-to-include-retail\/\">nto logistics and affordable housing properties<\/a>, and now have a combined market cap of approximately RMB 30 billion ($4.2 billion). However, Ng points out that this total is still just a fraction of the $1.3 trillion total market cap of REITs in the US, and she sees potential for expansion of the regime to include more property types.<\/p>\n<h3>Hope for Housing<\/h3>\n<p>With Warburg Pincus among the biggest investors in rental housing in mainland China, Ng sees a future where portfolios of urban apartment buildings could find a home on a mainland exchange.<\/p>\n<div id=\"attachment_354011\" style=\"width: 790px\" class=\"wp-caption alignnone\"><img decoding=\"async\" aria-describedby=\"caption-attachment-354011\" class=\"size-full wp-image-354011\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2115.jpg\" alt=\"Ellen Ng Warburg Pincus\" width=\"780\" height=\"542\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2115.jpg 780w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2115-400x278.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2115-640x445.jpg 640w\" sizes=\"(max-width: 780px) 100vw, 780px\" \/><p id=\"caption-attachment-354011\" class=\"wp-caption-text\">Warburg Pincus managing director Ellen Ng<\/p><\/div>\n<p>After the country\u2019s first REITs of affordable housing had their IPOs in August of last year, Ng expects a broader swathe of the residential market could soon be welcome to list publicly in Shanghai or Shenzhen.<\/p>\n<p>\u201cThere are already listed affordable rental housing REITs now in China and it is widely expected that this will further open to market priced rental apartment products, so it will apply to more asset classes,\u201d Ng said.<\/p>\n<p>Warburg Pincus has invested in a number of rental housing ventures across segments, including Mofang, the largest third-party centralized apartment operator in China, with projects nationwide; Golden Union, which operates 20 apartment projects in Shanghai and Beijing under the brand \u201cBase Living\u201d; and Vlinker, a Shanghai-based platform targeting young professionals, which now has eight projects around the mega-city with some 30,000 beds.<\/p>\n<p>\u201cOnce the rules become established and all the constituents are more comfortable, then we believe this (C-REIT) will take off in a much bigger way,\u201d she said.<\/p>\n<h3>Platform Builder<\/h3>\n<p>The C-REIT opportunity provides another exit option for investors like Warburg Pincus, which has made the incubation, development and expansion of real estate platforms the trademark of its business in China and around the region.<\/p>\n<p>With the company\u2019s real estate strategies focused on high growth sectors such as logistics, data centers and rental accommodation, Ng says that deciding on the next big deal starts with understanding secular trends influencing the economy.<\/p>\n<p style=\"text-align: center;\"><a data-no-instant=\"1\" href=\"https:\/\/www.mingtiandi.com\/real-estate\/events\/oxford-ivanhoe-kic-savills-on-singapore-india-markets\/\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"14 NOVEMBER 2023 conrad centennial Singapore\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore.jpg\" alt=\"\"  srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore.jpg 780w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore-400x128.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore-640x205.jpg 640w\" sizes=\"(max-width: 780px) 100vw, 780px\" width=\"780\" height=\"250\"   \/><\/a><\/p>\n<p>\u201cOur playbook has been quite simple and consistent across these years, which is to find these megatrends which are what we call \u2018decade durable,\u2019 find very talented entrepreneurs and try to create the top three companies, platforms in their respective sectors and markets,\u201d Ng said.<\/p>\n<p>Having co-founded ESR more than a decade ago, the company has taken a similar approach of teaming with entrepreneurs in the early stages in backing DNE Group, Vlinker and pan-Asia platforms like data center operator Princeton Digital Group (PDG), rental accommodation provider Weave Living and self-storage platform StorHub.<\/p>\n<p>\u201cThis is all part and parcel of what we call building up platforms, the platform strategy, which is being flexible and creative about how to create value on different dimensions and build scale,\u201d Ng said.<\/p>\n<h3>Real Estate Stars on Stage<\/h3>\n<p>Ng, who has been with Warburg Pincus for over a decade and a half, was among 30 industry stars speaking in the event at the Sheraton Hong Kong Hotel &amp; Towers in Tsim Sha Tsui on Tuesday.<\/p>\n<p style=\"text-align: center;\"><a data-no-instant=\"1\" href=\"https:\/\/www.mipim-asia.com\/?utm_source=mingtiandi&#038;utm_medium=barter_website&#038;utm_campaign=mipimasia2023\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"AR-607487_Mipim Asia_23_Banner Resize 780&#215;250\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/AR-607487_Mipim-Asia_23_Banner-Resize-780x250-1.jpg\" alt=\"\"  srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/AR-607487_Mipim-Asia_23_Banner-Resize-780x250-1.jpg 780w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/AR-607487_Mipim-Asia_23_Banner-Resize-780x250-1-400x128.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/AR-607487_Mipim-Asia_23_Banner-Resize-780x250-1-640x205.jpg 640w\" sizes=\"(max-width: 780px) 100vw, 780px\" width=\"780\" height=\"250\"   \/><\/a><\/p>\n<p>The event kicked off with a <a href=\"https:\/\/www.mingtiandi.com\/real-estate\/events\/apg-link-cw-and-wework-lead-off-hk-event\/\">keynote panel<\/a> comprising Graeme Torre, managing director and head of real estate for Asia Pacific at APG Asset Management; George Hongchoy, executive director and CEO of Link REIT; Francis Li, international director, vice president and head of capital markets for Greater China at Cushman &amp; Wakefield; and Conan Quan, vice president of WeWork Greater China..<\/p>\n<p>With over 200 attendees, the full-day event wrapped up with a discussion of value-add and opportunistic strategies in Hong Kong led by top executives from Blackstone, Weave Living, Lofter Group and Fairland Holdings.<\/p>\n<h3>Interview Illustrated<\/h3>\n\n\t\t<style type=\"text\/css\">\n\t\t\t#gallery-1 {\n\t\t\t\tmargin: auto;\n\t\t\t}\n\t\t\t#gallery-1 .gallery-item {\n\t\t\t\tfloat: left;\n\t\t\t\tmargin-top: 10px;\n\t\t\t\ttext-align: center;\n\t\t\t\twidth: 25%;\n\t\t\t}\n\t\t\t#gallery-1 img {\n\t\t\t\tborder: 2px solid #cfcfcf;\n\t\t\t}\n\t\t\t#gallery-1 .gallery-caption {\n\t\t\t\tmargin-left: 0;\n\t\t\t}\n\t\t\t\/* see gallery_shortcode() in wp-includes\/media.php *\/\n\t\t<\/style>\n\t\t<div data-carousel-extra='{\"blog_id\":1,\"permalink\":\"https:\\\/\\\/www.mingtiandi.com\\\/real-estate\\\/events\\\/c-reits-a-game-changer-for-china-real-estate-says-warburg-pincus-executive\\\/\"}' id='gallery-1' class='gallery galleryid-354010 gallery-columns-4 gallery-size-thumbnail'><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/img_2097\/'><img decoding=\"async\" data-attachment-id=\"354008\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2097.jpg\" data-orig-size=\"1024,683\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"IMG_2097\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2097-400x267.jpg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2097.jpg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2097-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"Ellen Ng Warburg Pincus\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2097-150x150.jpg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2097-90x90.jpg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2097-260x260.jpg 260w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon portrait'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/img_2092\/'><img decoding=\"async\" data-attachment-id=\"354017\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2092.jpg\" data-orig-size=\"1024,1536\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"IMG_2092\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2092-267x400.jpg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2092-683x1024.jpg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2092-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"Ellen Ng Warburg Pincus\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2092-150x150.jpg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2092-90x90.jpg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2092-260x260.jpg 260w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/img_2115-2\/'><img decoding=\"async\" data-attachment-id=\"354016\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2115-1.jpg\" data-orig-size=\"780,542\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"IMG_2115\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2115-1-400x278.jpg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2115-1.jpg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2115-1-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"Ellen Ng Warburg Pincus\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2115-1-150x150.jpg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2115-1-90x90.jpg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2115-1-260x260.jpg 260w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon portrait'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/img_2145\/'><img decoding=\"async\" data-attachment-id=\"354015\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2145.jpg\" data-orig-size=\"1024,1536\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"IMG_2145\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2145-267x400.jpg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2145-683x1024.jpg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2145-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"Ellen Ng Warburg Pincus\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2145-150x150.jpg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2145-90x90.jpg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2145-260x260.jpg 260w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt><\/dl><br style=\"clear: both\" \/><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon portrait'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/img_2150-2\/'><img decoding=\"async\" data-attachment-id=\"354014\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2150-1.jpg\" data-orig-size=\"1024,1536\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"IMG_2150\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2150-1-267x400.jpg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2150-1-683x1024.jpg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2150-1-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"Ellen Ng Warburg Pincus\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2150-1-150x150.jpg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2150-1-90x90.jpg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2150-1-260x260.jpg 260w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon portrait'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/img_2104\/'><img decoding=\"async\" data-attachment-id=\"354013\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2104.jpg\" data-orig-size=\"1024,1536\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"IMG_2104\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2104-267x400.jpg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2104-683x1024.jpg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2104-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"Ellen Ng Warburg Pincus\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2104-150x150.jpg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2104-90x90.jpg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2104-260x260.jpg 260w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon portrait'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/img_2150\/'><img decoding=\"async\" data-attachment-id=\"354009\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2150.jpg\" data-orig-size=\"1024,1536\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"IMG_2150\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2150-267x400.jpg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2150-683x1024.jpg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2150-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"Ellen Ng Warburg Pincus\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2150-150x150.jpg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2150-90x90.jpg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2150-260x260.jpg 260w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/img_2157\/'><img decoding=\"async\" data-attachment-id=\"354007\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2157.jpg\" data-orig-size=\"1024,683\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"IMG_2157\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2157-400x267.jpg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2157.jpg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2157-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"Ellen Ng Warburg Pincus\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2157-150x150.jpg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2157-90x90.jpg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/06\/IMG_2157-260x260.jpg 260w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt><\/dl><br style=\"clear: both\" \/>\n\t\t<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>\ufeffChina is rapidly expanding its domestic real estate investment trust (C-REIT) regime with the opportunity to sell portfolios of assets on the public markets offering new recapitalization options for institutional investors in a growing range of market sectors, according to&#8230;&nbsp;<a href=\"https:\/\/www.mingtiandi.com\/real-estate\/events\/c-reits-a-game-changer-for-china-real-estate-says-warburg-pincus-executive\/\">Read&nbsp;More>><\/a><\/p>\n","protected":false},"author":553,"featured_media":354011,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[3456],"tags":[5382,3282,3013,694,9071,8380,8400,1504],"ppma_author":[8838],"authors":[{"term_id":8838,"user_id":553,"is_guest":0,"slug":"mingtiandi-team","display_name":"Mingtiandi 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