Management Board
The members of the Management Board (MB), the majority of whom are institutional investors, set the strategic direction of the Association and have delegated day-to-day management to the Executive Office. The MB is regularly advised on strategic direction by the Investor Advisory Board.
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close01ChairpersonChiang Ling NgChief Investment Officer, Asia - Hines
Chiang Ling Ng serves as Chief Investment Officer, Asia, and is responsible for investment and fund strategies for Hines in the Asia region. She provides additional coverage for Asian investors to access global opportunities and plays a key role in steering Hines’ global investment strategy as a member of the firm’s Executive and Investment Committees.
Based in Singapore, Chiang Ling brings more than 25 years of investment management experience in the Asian real estate private equity industry, having previously held leadership roles at M&G Real Estate Asia and the real estate private equity division of Goldman Sachs.
Chiang Ling is the current chairperson for the Asian Association for Investors in Non-Listed Real Estate Vehicles (ANREV) and served as the association’s deputy chairperson from 2022-2023.
Chiang Ling is a graduate of Princeton University and holds a BSE in Electrical Engineering. She is fluent in English, Mandarin and Japanese.
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close01Deputy ChairPeter KimManaging Director, Asia, QuadReal
Peter Kim joined QuadReal as Managing Director, Asia in November 2017, and was responsible for building and leading the firm’s investment activities in the Asia-Pacific region. In November 2023, Peter assumed his current role as global head of QuadReal’s Strategic Partners group, responsible for originating, structuring, and managing the firm’s strategic relationships with institutional partners across the globe.
Peter was formerly a Senior Portfolio Manager in the Real Estate and Infrastructure Department at the Abu Dhabi Investment Authority (ADIA), based in Abu Dhabi and specifically focused on direct investments. Prior to ADIA, Peter was a Managing Director at CBRE Investment Management (formerly ING Real Estate) in Hong Kong where he held a dual role as Head of Acquisitions for Asia Pacific and Fund Manager of the CBRE Phoenix Real Estate Fund, a pan-Asian opportunistic strategy. He also spent 11 years in the New York, London, Tokyo, and Hong Kong offices of Lehman Brothers where he last held the position of Head of Real Estate Investment Banking for Asia.
Peter graduated Cum Laude with a Bachelor of Arts Degree from Wesleyan University in Middletown, Connecticut.
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close01SecretaryMin H. LimPartner, Head of Asia Pacific, The Townsend Group
Min H. Lim is a Partner, Head of Asia Pacific, and member of the Investment Committee and Global Macro Strategy Committee at The Townsend Group. Mr. Lim is responsible for leading Townsend’s business across Asia Pacific including investment, portfolio management, and business development. He currently serves on the Management Board and Investor Advisory Council of ANREV (the Asian Association for Investors in Non-Listed Real Estate Vehicles).
Prior to joining The Townsend Group, Mr. Lim was an Associate with AllianceBernstein’s Real Estate Private Equity Group in New York, where he was responsible for underwriting, executing, and asset managing real estate investments in office, multifamily, condominium, and hotel properties in the US. Prior to AllianceBernstein, Mr. Lim was an Analyst at Citigroup Real Estate Investment Banking in New York. At Citigroup, Mr. Lim primarily worked on advising public REITs on M&A transactions, strategic alternatives, and public and private capital formation.
Mr. Lim received a Bachelor of Science in Business Administration concentrating in Finance from Kenan-Flagler Business School at the University of North Carolina at Chapel Hill.
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close01TreasurerJohn TimpanyTax Partner, Head of Tax, KPMG
John Timpany serves as Tax Partner, Head of Tax of KPMG. He is based in Hong Kong with over 25 years of experience in KPMG’s tax practices in Hong Kong and New Zealand. He specializes in providing tax advisory services.
John is a Member of the Hong Kong Institute of Certified Public Accountants. He is also a Fellow of Chartered Accountants Australia and New Zealand.
John holds a Bachelor of Laws and Bachelor of Commerce (Accounting) (Hons) in University of Otago.
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close01Calvin ChouManaging Director, Head of Asia Pacific, Invesco Real Estate
Calvin Chou is a Managing Director and the Head of Invesco Real Estate in Asia Pacific.
Calvin joined Invesco Real Estate in 2015. Prior to Invesco, he was the head of Morgan Stanley Real Estate Investing (MSREI) for Greater China and Southeast Asia since 2006. Calvin began his career working for Morgan Stanley from 1998 to 2015 in New York, Singapore, Shanghai and Hong Kong. Based in Asia since 2000, Calvin has extensive experience in all phases of real estate investing across the Asia Pacific region and has worked with many of the leading developers and local operators in the region. Calvin has served as Deputy Chair of the Manager Advisory Council to ANREV, Co-Chair of the Real Asset committee of the HKVCA and is a member of the Urban Land Institute in Hong Kong.
Calvin earned a Bachelor of Arts degree in Economics from the University of California, Berkeley. He is a member of the Global Executive Committee and serves as Chairman of both the Executive Committee and the Investment Committee of Invesco Real Estate Asia.
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close01Esther TeoSenior Vice President, Head of Southeast Asia, GIC Real Estate
Esther is responsible for GIC Real Estate's investments in Southeast Asia, including Indonesia, Vietnam, Malaysia, Thailand and the Philippines. Over her 15 years in GIC Real Estate, she has been involved in investments and asset management across Asia markets such as Australia, China, India, Korea, Hong Kong and Taiwan.
Esther holds a Diplom Kauffrau from Ludwig-Maximilians Universitaet in Munich, Germany and a Master of Science in Management Science and Engineering from Stanford University in the USA.
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close01Louise KavanaghChief Investment Officer and Head of Asia Pacific, Nuveen Real Estate
Louise is the Chief Investment Officer and Head of Asia Pacific. She sits on the Asia Pacific Real Estate Leadership team and is Chair of the Investment Committee. As a senior leader within the business and member of the Global Executive Leadership team, she is responsible for the Nuveen Real Estate business in the region. Louise joined the firm in 2017 from Invesco Real Estate having been the fund manager for the Invesco Real Estate Asia Strategy since its inception.
Prior to joining Invesco Real Estate, she head of acquisitions and asset management for Asia Pacific at Deutsche Bank, RREEF Real Estate Asia Pacific. She has also held a number of roles in Australia and Hong Kong.
Louise graduated with a Bachelor’s of Commerce in Land Economy and has a Graduate diploma of Applied Finance and Investment from the Securities Institute of Australia. She serves as a Global Governing Trustee for the Urban Land Institute (ULI), responsible for representing and serving as the voice of the broad and diverse membership in substantive matters facing ULI in the execution of its mission. Louise is also a committee member of LEAD a Nuveen industry affinity organization leading the dialogue on gender diversity. Awards include being named as one of Globe St’s Women of Influence in 2021.
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close01Paul KeoghManaging Director, Morgan Stanley Real Estate Investment
Paul Keogh is a Managing Director of Morgan Stanley and Head of PRIME Property Fund Asia, Morgan Stanley’s flagship fund in Asia. He has been based in Asia for approximately 19 years of his 27-year career in real estate. Prior to joining Morgan Stanley in 2014, Paul served as Head of Real Estate Direct Investments for Australian Super where he led the establishment of the global direct investment platform.
Paul has been CIO of RREEF Asia Pacific (now DWS), where he also served as Chairman of the RREEF Asia Pacific Investment Committee, member of the RREEF Global Investment Committee and President of RREEF Korea.
Paul is the current Chairman of the Manager Advisory Council of the Asian Association of Investors in Non-Listed Real Estate Vehicles (ANREV).
Paul received a Bachelor of Business – Property, from RMIT University.
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close01Sean K. LeeManaging Director / Group Head, Real Estate Group - Korea Investment Corporation
Mr. Lee Sean K.(Seung Kul) is a Managing Director and global head of real estate group in KIC. Before that, he was heading Asia RE & Infra investment and based in Singapore for almost 4 years. He mediated the investment allocation of RE & Infra portfolio and executes global real estate deals directly and indirectly before he moved to Singapore. He was also in charge of strategic asset allocation and risk budgeting as a director, and senior portfolio manager on fixed income investments.
Mr. Lee has over 23 years of investment experience. Prior to join the KIC, he worked as head of product development team for IBK - Societe Generale asset management for 5 years. At that period, he initiated and launched various overseas products such as Market neutral strategy, India Infrastructure and Gold Mining equity fund. He also fulfilled Investment bank experience in Samsung before he moved to asset management territory.
Mr. Lee earned his LL.B. degree from Sungkyunkwan University in Korea, and two Master’s degree focused on finance in Broad Graduate school of Management, Michigan State University and real estate in National University of Singapore.
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close01Stephen A. TrossChief Investment Officer - International Investments, Bouwinvest Real Estate Investors B.V.
Stephen Tross joined Bouwinvest as COO International Investments in 2009.
As per January 1st, 2010 he was appointed Chief Investment Officer - International Investments and subsequently joined the Management Board of Bouwinvest.
He has over twenty years of experience in the international real estate industry. Previously, he was a Director at KPMG responsible for KPMG's real estate audit practice in The Netherlands and held several positions with PricewaterhouseCoopers in The Netherlands, the U.K. and the U.S. Stephen also serves on the Management Board of ANREV, the Asian Association for Investors in non-listed real estate vehicles, and on the Board of Directors of AFIRE, the Association of Foreign Investors in Real Estate with main focus on the US.
He is a certified public accountant in the Netherlands and a professional member of The Royal Institution of Chartered Surveyors.