Gary Chan, the Shanghai-based managing director of Fosun Property Holdings, the property investment and management platform of the Chinese conglomerate Fosun Group, has left the firm after an association of over a year.
PERE can reveal that Chan is understood to be gearing up for the launch of his own private equity firm, which would invest in real estate along with other asset classes. The firm will focus on making investments in the healthcare, medical and sports-related sectors in Asia, particularly Greater China, Europe and the US markets. It will also assist Chinese institutional investors in sourcing investments in overseas markets.
Chan will be the chief executive officer of the Shanghai-headquartered firm.
Chan joined Fosun Property in May 2014. His role involved looking after capital markets-related activities along with the overseas business development function for the firm.
An experienced real estate professional in China, Chan has previously worked with the capital markets department for Harvest Real Estate Investments for over two years where he led fundraising efforts for two RMB real estate funds. Harvest Real Estate Investment was formed as a joint venture investment management platform over three years ago by asset managers Grosvenor Fund Management and Harvest Fund Management, but the venture decided to stop making any investments in China in April last year and instead focus on advising Chinese institutions on overseas investments.
Chan has also worked with the Hong Kong-headquartered financial services firm China Everbright where he was involved in the launch of two private equity real estate funds, and the global property consultancy CBRE’s China team among other real estate roles in other firms.
Fosun did not respond to requests for comment on whether a replacement for Chan has been hired.