CBRE beefs up China team

Richard Ellis has appointed three senior executives to its team of China real estate professionals.

Greg Penn, joining as senior managing director of investment properties, will be based in Hong Kong. He will be responsible for the acquisition and disposition of property assets and will direct capital market real estate transactions. Penn will also serve as a member of the greater China strategic group.

Martin Woods, appointed executive director for CBRE projects in greater China, will be charged with project management and building consultancy for the company in mainland China, Hong Kong, Macau and Taiwan, in response to growing market demand.

Jane Martin, coming on as senior director for CBRE Consulting, will be leading corporate consulting assignments across greater China.

“The appointment of these senior executives reflects the continued commitment of Richard Ellis to the Greater China market as well as the focus of the company upon the delivery of added value to both domestic and international customers which have real estate requirements in Greater China,” Chris Brooke, president and chief executive of CBRE in greater China, said of the new hires in a statement
 
The real estate industry in China has grown rapidly as the economy has developed and urbanization has increased. Its greater China offices include Beijing, Shanghai, Guangzhou, Chengdu, Tianjin, Hangzhou, Shenzhen, Dalian, Hong Kong and Taipei.

This week, it was reported that the Pacific Alliance Group is launching a real estate fund dedicated to greater China. The Pacific Alliance China Land fund will have a target of $350 million and is set to launch in November. The vehicle will target the residential, commercial and industrial sectors. Sixty percent of the fund's portfolio will reportedly be invested in second and third-tier cities and the rest in first-tier cities like Hong Kong and Macau.

Richard Ellis has appointed three senior executives to its team of China real estate professionals.