The narrative of China's real estate industry is shifting from incremental development toward the value discovery of existing assets, refined operations, and long-term capital logic. At this historic turning point, "asset management capability" is replacing "development scale" as the new competitive barrier and valuation anchor.
Grounded in this new industry paradigm, the 2026 NYU Schack & NYU Shanghai ICREEM Global Convening：From Building to Managing—The Real Assets Agenda in Global and Emerging Markets kicked off on the afternoon of May 19 at the NYU Shanghai Qiantan campus. The summit was co-hosted by the NYU Shanghai Institute for Cities and Real Estate in Emerging Markets (ICREEM) and the NYU Schack Institute of Real Estate. Centered on core themes such as value discovery in the era of existing stock, urban renewal, REITs innovation, and digital-green integration, the event gathered top global asset management firms, investment banks, developers, academic think tanks, and industry leaders to jointly explore the profound transformation of China's real estate sector from development to operation, and from incremental growth to existing asset management.
Jeffrey Lehman, Vice Chancellor of NYU Shanghai
Speaking from the perspectives of cross-cultural education and global cities, Jeffrey Lehman, Vice Chancellor of NYU Shanghai, emphasized the university's pivotal role as a hub connecting China with the global knowledge network. He pointed out that the next chapter of real estate will inevitably require the integration of interdisciplinary thinking—involving not just finance and engineering, but also urban science, data governance, and social sustainability.
Left: David Atwill, Dean of Arts and Sciences, Professor of History, NYU Shanghai
Right: Adam Brandenburger, Faculty Director of Creativity + Innovation, Area Head of Economics, NYU Shanghai
Professor David Atwill, Dean of Arts and Sciences at NYU Shanghai reminded the attending practitioners that a city is never merely a physical space; rather, it is a vessel for social memory. He posed a critical question: What exactly have we lost amidst the rapid development of the past four decades? Standing at a new historical crossroads, he noted that while the "asset management era" may sound like a financial term, its true core lies in a profound responsibility to people—a historical mandate that this generation of professionals must answer. From an economic perspective, Professor Adam Brandenburger, Area Head of Economics at NYU Shanghai, incisively revealed the underlying shift in logic that defines this asset management era. He argued that the industry is entering a new, creativity-driven phase, where the "ticket" to the next stage of competition belongs to those who can infuse cold, rigid buildings with irreplaceable creativity.
Left: Marc Norman, Associate Dean of NYU Schack Institute of Real Estate
Right: Aleksandar Stojanovic, Director of the NYU Shanghai Institute for Cities and Real Estate in Emerging Markets (ICREEM)
The leaders of the two co-hosting institutions shared profound industry observations and a pragmatic vision for collaboration. Marc Norman, Dean of the NYU Schack Institute of Real Estate, reflected on his experience leading students on field research across several major Chinese cities. He noted, "The scale and complexity of the Chinese market are unparalleled. To understand China's transition toward managing existing assets is to understand the next decade of global real estate." He also announced that, starting in the Fall of 2026, NYU Shanghai students will officially be able to enroll in NYU's real estate minor. Together, the two institutions will cultivate the next generation of asset management professionals, equipped with both deep insights into China and a global perspective. Aleksandar Stojanovic, Director of the NYU Shanghai Institute for Cities and Real Estate in Emerging Markets (ICREEM), further emphasized that ICREEM is dedicated to focusing on emerging markets—the arenas characterized by the most rapid changes, the greatest challenges, and the most abundant opportunities. In his address, he stated, "I hope that today's discussions will pool our collective wisdom and provide continuous momentum for the real estate sector's profound transformation from development to asset management."
Recap
URBAN RENEWAL: SPACE TRANSFORMATION & EXPERIENCE VALUE CREATION
From left: Emily Tsiang, Kelly Hu, Chenghe Guan, Yan Li, Helena Rong
As the era of massive demolition and construction comes to a close, urban renewal is shifting from the traditional approach of "demolition, renovation, and preservation" to "experiential placemaking." Moderated by Helena Rong, Assistant Professor of Interactive Media and Business (IMB) at NYU Shanghai, this panel brought together urban designers, retail experts, and developer representatives. Using the Suzhou Creek revitalization as an example, Chenghe Guan, Assistant Professor of Urban Science and Policy at NYU Shanghai, pointed out that urban renewal should shift its focus from creating isolated landmarks to weaving urban networks. Drawing on retail leasing practices, Kelly Hu, Senior Director of Retail at CBRE East China, noted that brands choose historical neighborhoods to acquire a "narrative depth" that newly built commercial spaces simply cannot replicate. Reflecting on the evolution of projects like Xintiandi, Yan Li, General Manager of Product Innovation and Design Management at Shui On Land, emphasized that cultural content must prove its value within the asset model; otherwise, it merely becomes a cost burden. From the perspective of interactive design, Emily Tsiang, Associate Arts Professor of Interactive Media Business (IMB) at NYU Shanghai, noted that spatial design is essentially behavioral design, which directly impacts commercial performance. The overarching consensus of the panel was that the core of the next phase of urban renewal lies in transforming physical spaces into monetizable, dynamic environments.
NEW OPENINGS IN CHINA'S REITS DEVELOPMENT MODEL
Front row, from left: Wilson Chen,Yisheng Zhou
Back row, from left: David Chen, Yanping Yu
With the breakthrough of the commercial real estate REITs pilot program, the industry is celebrating its "coming of age." Moderated by Yisheng Zhou, Adjunct Professor at NYU Shanghai and Co-founder of GoHigh Capital, this dialogue brought together perspectives from regulatory bodies, investment banks, and international capital. Yanping Yu, Head of the REITs and ABS Department at China Securities, pointed out that converting commercial projects into REITs is far more complex than doing so for infrastructure. The core challenge lies in the transparency and compliance of operational data, which acts as a stress test for an asset's maturity. From a global perspective, Wilson Chen, Chief Executive Officer of Tishman Speyer China, noted that REITs are not a panacea for exit strategies, but rather a "litmus test" for assets—an asset must first prove itself as a high-quality property recognized by the public market before securitization can even be discussed. David Chen, Chairman of F.O.G. Asset Management and APREA, emphasized the critical importance of the Pre-REITs stage, noting that excess returns are often generated before an asset gains public market recognition. The panel concluded that this is not merely an iteration of financial instruments, but a comprehensive reshaping of the operational discipline for existing assets in China.
THE CONVERGENCE OF DIGITAL ASSETS AND GREEN ASSETS: A NEW PARADIGM FOR ASSET MANAGEMENT
From left： Vera Gao, Pine Liu
"Digital-green integration" has become the new frontier in the real estate industry, with data emerging as the third major factor of production after land and capital. Moderated by Pine Liu, Adjunct Professor of ICREEM at NYU Shanghai and Co-founder and CEO of Hanverse, this panel tackled the three major pain points of building data: the difficulties of establishing data rights, recognizing data as a balance sheet asset, and securing data-backed financing. From a legal perspective, Vera Gao, Seninor Partner at Duan & Duan Law Firm, analyzed that future data property rights must achieve "tiered rights confirmation" through contract design and data trusts. Professor Liu concluded the session by noting that once energy consumption, carbon emissions, and behavioral data can be authenticated, measured, and traded, traditional valuation models will be entirely reshaped, pushing real estate asset management into a new era of digital existence.
VALUE DISCOVERY & ASSET ENHANCEMENT IN THE STOCK
From left：Lola Woetzel、Yiwen Yang、Frank Zhao、Frank Wang
Moderated by Frank Wang, Analyst at Warburg Pincus, this panel focused on the hard metrics of existing assets: location, leases, operations and maintenance (O&M), and renovation capabilities. Lola Woetzel, Visiting Professor at NYU Shanghai and Former Co-Director of the McKinsey Global Institute, pointed out that the industry's critical gap lies in "systematic operational capabilities." She noted the necessity of shifting away from a reliance on land value appreciation toward refined operations and capital discipline. Frank Zhao, Managing Director of Real Estate for China at Blackstone, emphasized that in the logistics and warehousing sector, the focus should be placed on hub assets supported by structural demand rather than short-term supply. Yiwen Yang, Managing Director at Brookfield Asset Management, explained how to transform a cost center into a value engine through a proactive cycle of "acquisition, renovation, green upgrading, and refinancing," noting that ESG investments are already demonstrating the ability to drive rent premiums. The discussion clearly revealed a fundamental truth: core competitiveness in the era of existing stock is not about buying assets at low prices, but rather enabling them to weather market cycles and continuously appreciate in value through ongoing operations and enhancements.
A DIALOGUE ON CHINA'S CYCLE AND GLOBAL BEST PRACTICES
From left：Lun Feng、Marc Norman
Lun Feng, an iconic figure in Chinese real estate—Founder of Beijing Vantone Real Estate, Chairman & CEO of Yufeng Capital, Member of NYU Board of Trustees—engaged in a fireside chat with Marc Norman, Dean of the NYU Schack Institute of Real Estate. Together, they held an in-depth dialogue covering macro-level assessments, practical case studies, and the future of the industry.
Taking the release of his new book, The True History of Real Estate, as a starting point, Feng Lun pointed out that China's real estate sector has entered a "post-development era." Its underlying logic is shifting from "relationship- and resource-driven development" to operations-focused "professional service-oriented asset management." Drawing on his practical experience leading the hundred-billion-yuan restructuring of Jinke Property, he detailed the "tactics" of utilizing trust mechanisms for asset carve-outs and debt resolution. Navigating the differing market environments between China and the U.S., he suggested that "REITs + professional asset management" represents a crucial direction, though not a panacea; the core still lies in the operational capabilities underlying the assets themselves. Responding from a global perspective, Marc Norman noted that the ultimate form of real estate is the deep integration of finance, urban science, and the art of operations. He emphasized that China's transformative practices will serve as a critical case study for the global industry over the next decade. Both leaders agreed that the industry's future does not lie in passively waiting for the economic cycle to turn. Instead, it relies on restructuring educational systems and competency models to cultivate interdisciplinary talent capable of bridging the chasm between "developers" and "asset managers."
PARTNER INSIGHTS
Following the main forum, during the subsequent closed-door networking' session, a representative of Xinqiaogao spoke on behalf of the premier partner, Galaxy Midtown, shared how this approximately 650,000-square-meter industry-city integrated complex—leveraging a "district-enterprise collaboration" model—has become a vivid practical case study in the regeneration of existing urban spaces and the rise of a new regional growth pole.
China's real estate and urban development industry is standing at a historic juncture, transitioning fully from "incremental expansion" to the "refined cultivation of existing assets." A successful transformation will rely on the deep integration of financial innovation, refined operations, and technological sustainability. It also requires building an ecosystem that encompasses academic research, professional education, and international dialogue. We look forward to joining hands with all our industry peers—bringing a more professional approach and more open collaboration—to collectively shape a more resilient, valuable, and people-centric urban future.