The PERE Forum: Asia - PEI Media

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The PERE Forum: Asia
Building on resilience
The Four Seasons Hotel, Hong Kong • 2-3 February 2010
Leading industry speakers include:
Daan van Aert,
Director, Head of
Strategic Real
Estate Asia,
APG Investments
Asia
Bart Coenraads,
Chief Investment
Officer & Head of
Real Estate,
Fortis
Goodwin Gaw,
Chairman &
Managing Principal,
Gaw Capital Partners
Ian Hally,
Chief Executive
Officer - Asia Pacific
Real Estate,
Aviva Investors Asia
James Quille,
Chief Executive
Officer,
MGPA
John Pattar,
Managing Director,
CLSA Capital Partners
(Hong Kong)
Ben Sanderson,
Director
International
Investment,
Hermes Real Estate
Investment
Management
Richard Price,
Chief Executive
Officer, Asia,
ING Real Estate
Investment
Management Asia
Jing Ulrich,
Managing Director &
Chairman - China
Equities &
Commodities,
J.P. Morgan
www.peimedia.com/pereasia10

The PERE Forum: Asia
Building on resilience
REGISTER
BEFORE 18TH
DECEMBER TO
SAVE USD$300
The Four Seasons Hotel, Hong Kong • 2-3 February 2010
A sample of the experts confirmed to speak:
Daan van Aert,
Director, Head of Strategic
Real Estate Asia,
APG Investments Asia
Stanley Ching,
Senior Managing Director &
Head of Real Estate Group,
CITIC Capital
Holdings Limited
Bart Coenraads,
Chief Investment Officer
& Head of Real Estate,
Fortis
Pietro Doran,
Chairman &
Principal Partner,
Doran Capital Partners
Frank Forelle,
Managing Director -
Corporate Investments,
Deutsche Bank AG
Goodwin Gaw,
Chairman &
Managing Principal,
Gaw Capital Partners
Ian Hally,
Chief Executive Officer -
Asia Pacific Real Estate,
Aviva Investors Asia
Edmund Ho,
Managing Director -
Commercial Real Estate
Origination & Client Coverage,
Standard Chartered
Nirav Kachalia,
Managing Director
of Investments,
Morgan Creek Capital
Management Asia
Wilson T. Leung,
Managing Director,
Angelo, Gordon Asia
Victor Lor,
Managing Director,
TAN-EU Capital
Nick Loup,
Chief Executive,
Grosvenor Asia Pacific
Peter Mitchell,
Chief Executive Officer,
APREA
John Pattar,
Managing Director,
CLSA Capital Partners
(Hong Kong)
Richard Price,
Chief Executive Officer, Asia,
ING Real Estate Investment
Management Asia
James Quille,
Chief Executive Officer,
MGPA
Ben Sanderson,
Director International
Investment,
Hermes Real Estate
Investment Management
Fred Schmidt,
Managing Director,
Morgan Stanley
Capital K.K.
Albert C. Tan,
Partner,
Haynes and Boone, LLP
Jon-Paul Toppino,
Representative Director,
Secured Capital Japan

Simon Treacy,
Chief Executive Officer -
Asia Investments,
MGPA
Sponsors:
Cocktail Reception Sponsor:
Jing Ulrich,
Managing Director &
Chairman - China Equities
& Commodities,
J.P. Morgan
Eddie Wong,
CEO,
Winnington
Capital Limited
Timothy Zee,
Managing Director -
Head of Asia Pacific
Real Estate Group,
Daiwa Securities
SMBC
Third and
subsequent
delegates recieve
a 50% discount -
call for more
details
Lead Sponsors:
Host Publication:
Data Partner:
Supporting Associations:

Welcome to the third annual PERE Forum: Asia
After the extraordinary happenings in the global and Asian economies of recent times, PEI is delighted to
once again provide you with a forum for the Private Equity Real Estate industry in Asia to meet, reflect and
perhaps most importantly strategise for the future.
The relative strength of many of the Asian economies still contrasts favourably with the conditions found in
other parts of the world. The prospects perhaps of a more stable and positive environment in Japan and
Korea, the extraordinary growth trajectory of China and the continued emergence of India will all be key
factors for those making decisions about Asian real estate over the months ahead.
Balancing with these positive aspects, of course, lay considerable challenges. The continued overhang of debt in some markets,
damaged balance sheets, concerned investors and over development in some sectors are just some of these challenges. Capital
shortages have surfaced in places also.
However, new sources of capital may be on the horizon, as increasingly investors from Asia are seeking broader growth
opportunities within the region. Others are moving more broadly outside of Asia, some for the first time. Whatever the strategy
behind the emerging capital, existing global investment patterns must be viewed in the context of the renewed and growing
strength of Asia. The scale, sophistication and growth of Asia simply cannot be ignored.
These two days in Hong Kong will offer us time to discuss these themes frankly and openly. Many see 2010 as the year that a much
more positive road is defined. As always you will benefit from a mixture of thoughtful presentations, lively and relevant discussions
and the opportunity to participate either during the principle discussions themselves, the roundtable debates or more simply during
the time allotted for networking.
There will be a broad range of senior figures from the real estate industry taking part and we very much look forward to
welcoming you to Hong Kong to join us.
Yours sincerely,
Richard A Johnson
Chairman

Just some of the
companies that attended
our PERE events in 2009:
Aberdeen Property Investors Eastern Europe ■ ADAM
Realty Partners ■ Advanced Capital ■ Aedas ■ Aetos
Capital Asia ■ AEW Europe ■ AG Holdings ■ Ajia Partners
Inc. Korea Ltd ■ Allianz Real Estate ■ Altan Capital ■
Alter Domus ■ AM alpha GmbH ■ Angelo Gordon Asia ■
APG Asset Management ■ APG Investments Asia ■ APREA
■ ARA Managers (Asia Dragon) ■ Arcapita ■ Ascendas Pte
Ltd ■ Ashurst ■ Asia Evolution Korea ■ Asian Real Estate
Association ■ Augentius Fund Administration ■ Aviva
Investors Asia ■ AXA REIM ■ Bae, Kim & Lee ■ Baker &
McKenzie ■ Barclays Capital ■ Bartlet Asset Management
BAZO Investments (Asia) ■ Brockton Capital ■ Brookfield
Asset Management ■ Brooks Properties ■ Brunei ■
Investment Agency ■ Calyon ■ Canada Pension Plan
Investment Board ■ Catalyst Capital ■ CB Richard Ellis
■ CBRE Investors ■ Centerboard Group ■ Century Bridge
Capital ■ Citco Hong Kong ■ CITCO REIF Services ■ Citi
Alternative Investment Services ■ Citi Property Investors
CITIC Capital ■ Citigate Dewe Rogerson ■ Civil Service
Employees Pension Fund of Oman ■ Clifford Chance ■
Colyzeo Investment Management ■ Composition Capital
Partners ■ Corestate Capital ■ Corpfin Capital Real Estate
Partners ■ Credit Suisse ■ Daiwa Securities SMBC ■
Deloitte ■ Delta Holding ■ Deutsche Bank ■ Deutsche
Bank International ■ Deutsche Bank Tokyo AG ■ DLA Piper
Hong Hong ■ Doran Capital Partners (Hong Kong) ■
Doughty Hanson ■ Doughty Hanson & Co ■ Eastdil
Secured & Wells Fargo Securities ■ EBRD ■ EG Capital
■ Ernst & Young LLP ■ Europa Capital ■ FF&P Private
Equity Limited ■ FF&P Private Equity Limited ■ FLAG
Capital ■ Fleming Family and Partners ■ FM Logistic
Fortis Investments ■ Forum Partners ■ Franklin
Templeton Real Estate Advisors ■ Freshfields Bruckhaus
Deringer 1 ■ Fried Frank ■ Frogmore Property Company ■
Gaw Capital Partners ■ GE RE IM ■ GED Real Estate ■
Gibson Dunn & Crutcher ■ GIC Real Estate Pte Ltd ■
GoldenTree Insite Partners ■ Goldman Sachs (Singapore)
Goodman Asia ■ Goodwin Procter LLP ■ Grindrod Bank
Grosvenor Asia ■ Hang Lung Properties Limited ■ Harvest
Capital Partners Limited LLC ■ Haynes and Boone, LLP
Hines ■ IL&FS Investment Managers ■ ING Real Estate
Asia ■ ING Real Estate Investment Management Asia ■
Inmobiliaria Norte Sur ■ International Finance
Corporation (IFC) ■ Internos Real Investors ■ Investment
Property Databank ■ IPES ■ J. P. Morgan Securities (Asia
Pacific) ■ Jen Capital Advisors ■ Jones Lang LaSalle
JP Morgan Securities (Asia Pacific) ■ JSM ■ JT Partners
LLC ■ Kaizen Global Limited ■ Kirkpatrick Executive
Search & Selection ■ Knight Frank ■ Landmark Partners
Langham Hall Hong Kong ■ LaSalle Investment
Management ■ Lehman Brothers Real Estate Partners
Lend Lease Investment Management - Asia ■ Liquid
Realty Partners ■ M3 Capital Partners ■ Macquarie
Capital Advisors ■ Macquarie Goodman Japan ■ Marathon
Asset Management ■ Mayer Brown International LLP ■
MEAG Pacific Star Asia ■ Merrill Lynch (Asia Pacific) ■
MetLife Investments ■ MetLife Real Estate Investments
Meyer Bergman ■ MGPA Singapore ■ Minter Ellison ■
Mirvac ■ Monument Group ■ Morgan Creek Capital
Management Asia ■ Morgan Stanley Asia ■ Mosaic
Property Llp ■ Mourant Fund Service Singapore ■ Mousse
Partners ■ NEINVER ■ NIBC Infrastructure Partners ■
Nitesh Estates ■ Nomura International ■ Nomura
Securities ■ O'Melveny & Myers ■ Oxley Capital Group
Pacific Alliance ■ Pacific Star Asia Pte Ltd ■ Palatium
Investment Management ■ Partners Group ■ Patron
Capital UK ■ Pension Protection Fund ■ Pradera Asia
Pramerica Real Estate Investors ■ Presidio Partners
PricewaterhouseCoopers ■ Probitas Partners ■
Property & Portfolio Research ■ Prudential Property
Investment Management, Singapore ■ Quilvest
Rankvale Holdings Plc ■ Raven Russia ■ RBS ■ Real
Capital Analytics ■ Realdania ■ Red Fort Advisors ■
Retalia Retail Invest S.L. ■ Reynolds Ventures ■ Rio Bravo
Investimentos ■ Rockpoint Group ■ RREEF ■
Sachverständigen Kanzlei Schlicht ■ SC Consulting ■
Schroder Investment Management (Hong Kong) ■ Secure
Management ■ Secured Capital Japan ■ Simmons &
Simmons ■ SJ Berwin ■ SK D&D ■ Squadron Capital
Standard Chartered IL&FS Asia Infrastructure Growth
Fund ■ Surbana Fund Management ■ Susterra Partners
Syntrus Achmea Real Estate ■ Taubman Asia Limited
Taxand ■ Temasek Holdings ■ The Blackstone Group ■
The Hong Kong Jockey Club ■ The Investment Fund for
Foundations (TIFF) ■ The Norinchukin Bank ■ The
Townsend Group ■ The Wellcome Trust ■ Tishman Speyer
Touchstone Capital Securities ■ Trafalgar Asset Managers
Tristan Capital Partners ■ TRW Asia ■ UBS ■
VinaCapital Group ■ Wachovia Securities ■ Warburg
Pincus ■ Wayne Capital Partners ■ Westbrook Partners ■
WestImmo ■ Yardi Systems
"The PERE Asia Forum was a successful
conference, bringing together the major players
in the real estate industry in Asia."
Jason Lee,
Managing Director and Head of Carlyle Asia Real Estate Group,
The Carlyle Group
Programme highlights:
Day One, 2nd February
Day Two, 3rd February
Delegates at the 2009 forum
Opening Keynote:
A bird's eye view on how to make meaningful returns in real
estate in Asia
The Big Debate:
The House believes that the “blind pool” is dead - club style
fund structures with LPs is the way for PERE funds to invest
for the future
Panel Session:
Distressed opportunities: have they arrived?
The China Panel:
More hype than a
fundamentally solid
market?
The PEI Interview:
with a veteran real
estate investor:
James Quille, MGPA
The LP Panel:
Their perspectives
• Managing the LP-GP
relationship: are
cracks showing?
• Co-investments: to what
extent are LPs ready?
• Calibrating realistic return
expectations from 2010
vintage funds
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Day 1: February 2 2010
08:15 - 09:00 Registration and coffee
09:00 - 09:15 PERE welcome & chairman's opening remarks
Richard Johnson,
Chairman of the forum
11:45 - 12:30 The Big Debate: This House believes that the “blind
pool” is dead - club style fund structures with LPs
is the way for PERE funds to invest for the future
09:15 - 09:45 Opening keynote: Is the growth story in Asia still
compelling given the distressed opportunities in
North America and Europe?
A bird's eye view on how to make meaningful returns in real
estate in Asia
09:45 - 10:30 Scene setting panel: Asian PERE in the
macro-context
• How do key Asian real estate markets compare with the 2009 hotspots
of UK, US and Australia?
• In the wake of fund fallouts in the past 12 months, will PERE fund
managers have to review their strategies?
• Should sponsored funds make way for more independent ownership
fund structures?
Richard Price,
ING Real Estate
Wilson Leung,
Angelo Gordon Asia
Simon Treacy,
MGPA
10:30 - 11:00 Coffee break
11:00 - 11:45 Deal Panel: Securing financing in the current
economic environment
• Are lenders more confident financing core strategies than
opportunistic plays?
• Are banks more willing to back developers than fund investors?
• Capital commitment financing - working capital or quasipermanent
financing?
• Key distinctions in the bank loan market of Asia versus rest of the world
Albert C. Tan,
Haynes and Boone, LLP
Victor Lor,
Tan-Eu-Capital
Frank Forelle,
Deutsche Bank AG
Timothy Zee,
Daiwa Securities SMBC
Edmund Ho,
Standard Chartered
John Pattar,
CLSA
Daan Van Aert,
APG Asset Management Asia
Pietro Doran,
Doran Capital Partners
12:30 - 14:00 Lunch
14:00 - 15:00 Workshops A & B – See below
15:00 - 15:30 Coffee break
15:30 - 16:30 Workshops C & D – See below
16:30 - 17:30 Panel: Distressed opportunities: have they arrived?
• Did most Asian markets dodge the full-blown effects of the global
financial crisis, or are there more dire consequences pending in 2010?
• Is Japan officially in distress?
• Are asset sales in 2010 evidence of the region’s resilience?
• What’s the story Down Under?
Jon-Paul Toppino,
Secured Capital Japan
Fred Schmidt,
Morgan Stanley
17:30 - 19:30 Cocktail reception hosted by:
"PEI have differentiated themselves
through the quality of the content of
their conferences in Asia, bringing
a fresh approach to the Asian
private equity conference circuit."
Hugh Dyus,
Senior Vice President,
Macquarie Funds Group

"A great conference with a club-like environment among senior practitioners
in Private Equity Real Estate. Truly a forum like experience. The high energy
and high level of participants allow free flow of information, making the event
highly informative."
Goodwin Gaw,
Chairman & Managing Principal,
Gaw Capital Partners
Workshops
14:00 - 15:00 WORKSHOPS I - FUND OPERATIONS
Workshop A: Building a solid, amicable and equitable
GP-LP relationship
• Does it boil down to reviewing fund terms and conditions especially for
new funds being raised?
• Veto rights of LPs: more money, more say?
• Makeup of an investment committee: criteria for selection of LP
representatives
Workshop B: Diversifying portfolio risks for opportunistic strategies
• Are emerging markets such as India, Vietnam and Malaysia markets
fund managers should consider making investments into if they have
not done so already?
• Why are most Asian funds staying away from India but flocking to China?
• Are country-focused funds the best way to access India and Vietnam?
15:30 - 16:30 WORKSHOPS II - MARKET OPERATIONS
Workshop C: Looking at alternative sectors
• What are they?
• Rewards & challenges
• Healthcare and private nursing/ aged care facilities and service
apartments are not quite opportunistic as much as riding on the
region’s growth story - true or false?
Workshop D: Are grade-A offices still a sure bet?
• Casting the spotlight on Singapore, Tokyo, Sydney and Shanghai
• Will revamping Grade-B buildings make more sense in some cities?
• Are mixed use developments a safer bet than office buildings?
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Day 2: February 3 2010
09:00 - 09:15 Chairman’s recap
Richard Johnson,
Chairman of the forum
11:00 - 11:30 The PEI Interview: with a veteran real estate investor
James Quille,
MGPA
09:15 - 0945 Opening Keynote: Diversifying your real estate
portfolio risks
A strategist shares his thoughts on how to approach investing
into real estate from a macro-perspective: across assets
classes and geography
Ben Sanderson,
Hermes Real Estate Investment Management
09:45 - 10:30 The China Panel: More hype than a fundamentally
solid market?
• Rationale of a RMB fund
• Beyond Shanghai and Beijing: are second and third-tier
cities worth the trouble?
• Is China a pure opportunistic play or is it a value-add strategy?
Stanley Ching,
CITIC Capital
11:30 - 12:30 The LP Panel: Their perspectives
• Managing the LP-GP relationship: are cracks showing?
• Co-investments: to what extent are LPs ready?
• Calibrating realistic return expectations from 2010 vintage funds
Ian Hally,
Aviva Investors
Nirav Kachalia,
Morgan Creek Capital
Management Asia
12:30 - 14:30 Networking lunch and close of conference
Goodwin Gaw,
Gaw Capital Partners
Eddie Wong,
Winnington Capital Limited
10:30 - 11:00 Coffee break
"Thought provoking subjects, expert
panelists, excellent organization. A
"must do" conference for anyone
seeking the latest trends and
opinions regarding the Private
Equity Real Estate Market"
Charles L. Voss,
Managing Director,
Aberdeen Property Investors St. Petersburg OOO
"The PERE Forum was very well
attended and offered a focused
program and format which allowed
participants to learn more about the
Asian market, the opportunities and
the risks."
Simon Treacy,
CEO - Asia Investments,
MGPA

Venue:
Four Seasons Hotel, Hong Kong
8 Finance Street, Central, Hong Kong, China
T +852 3196-8888 F +852 3196-8899
W www.fourseasons.com/hongkong
On the waterfront overlooking Victoria Harbour and the financial district, Four
Seasons redefines luxury and excellence in a city renowned for exceptional
accommodation. As part of the prestigious International Finance Centre, it offers
unrivalled links to Hong Kong Station, with the famed Star Ferry steps away.
We have negotiated special room rates for the forum:
■ Deluxe Peak View Room at HK$2,200
■ Deluxe Harbour View Room at HK$3,000
(Rates are subject to 10% service charge)
Please quote
020110PEI
when booking
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Regional breakdown
of delegates from
the 2009 forum:
■ Hong Kong
■ Singapore
■ Europe
■ Korea
■ India
■ Japan
■ China
■ USA
■ Other
PERE funds closed -
Asia ahead in 2009:
■ Asia/RoW 29%
■ Americas 27%
■ Europe 23%
■ Global 21%
Percentage of total fundraising by geographic focus
for funds closed in 2009.
Key themes
for 2010:
• Is Asia looking at a bubble or
is a sustainable recovery
well underway?
• How do opportunities in
Asia compare to US and
Western Europe?
• Is China more hype or truly a
market that investors cannot
afford to ignore?
• Is Japan officially in distress?
If so, is now the time for
bargain-hunters?
• Are limited partners’ rising
inclinations toward co-investing
misguided especially at
resource-starved institutions?
"Timely and topical, the PERE event provided a
forum for discussion and debate that was more
sharply focused on emerging issues for private
equity investors than other real estate
conferences in Asia."
Timothy Bellman,
Global Head of Research and Strategy,
ING Real Estate Investment Management
For further information on the
agenda contact:
Eric Chiu on +852 2836 6884 or
eric.c@peimedia.com
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The PERE Forum: Asia, 2-3 February 2010, Hong Kong
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