Private equity real estate powerhouse Blackstone has appointed a head of China real estate a year after the latest incumbent in the position departed.
Justin Wai has been promoted to senior managing director and head of real estate Greater China for Blackstone. Reporting to the firm’s chairman of Asia Pacific and the head of real estate Asia Chris Heady, Wai will lead the acquisitions and management of Blackstone’s real estate investments in the country. He is also responsible for growing a diversified real estate portfolio in China with a focus on logistics, office and multifamily assets.
Wai, who is based in Hong Kong currently, will spearhead the expansion of Blackstone’s real estate team in Shanghai this year. At the moment, Blackstone’s real estate team has 63 members in Greater China, with 48 based in Hong King and 15 Shanghai.
Wai has been with the firm for 14 years and has played a key role in its expansion in China. He was involved in Blackstone’s establishment of logistics portfolio DragonCor in China, including the acquisition of the R&F logistics park, a giant logistics hub in Guangzhou, in which the firm acquired a stake last year. He also participated in the firm’s acquisition of a 50% stake in Taubman Asia’s portfolio in 2019 and in the acquisition of Hong Kong developer Tysan Holdings in 2014.
Wai follows Tim Wang, Blackstone’s former head of real estate in China and senior managing director, who had been with the firm for 10 years. The firm had not found a replacement since he left in 2020.
Wai is understood to have taken on an expanding role to oversee the firm’s activities in the region in the past year.
China has been one of Blackstone’s key markets in the region, with logistics as its main investment strategy. Last year, the firm completed the acquisition of the largest logistics park in Greater Bay area from Chinese developer R&F Group. It also named a chief executive officer for the DragonCor logistics business.