August 27, 2012 -- CBRE, the world’s leading commercial real estate services company, has recently announced the appointment of Frank Chen as Executive Director, CBRE Research, China. Frank will be responsible for the management and direction of CBRE’s research platform in China.
The move demonstrates CBRE’s commitment to further enhancing its research capabilities to support the needs of both clients and the industry. Frank will be based in Shanghai, overseeing the overall operation of the research activities being conducted by CBRE across the country.
“Research is an increasingly important component of our broader business platform as we look to establish ourselves as the leading commercial property services firm in China. With the appointment of Frank to this role, we will shortly be launching a number of new initiatives within China relating to thought leadership, knowledge management and client oriented research. We believe that these initiatives will enhance our ability to assist our clients to make well-informed decisions in connection with their real estate activities in China,” said Chris Brooke, the President & CEO of CBRE, in China.
“We are extremely fortunate that Frank Chen has joined CBRE. With many years of experience in financial investment and real estate in both China and international markets, Frank brings a diverse knowledge of business management practices, and real estate related research experience, “said Nick Axford, Executive Director and Head of Research, CBRE in Asia Pacific.
"I am very excited about this new opportunity at CBRE, and look forward to working with the team here to add value to the business activities of both domestic and international clients, “said Frank Chen.
Commenting on the China real estate market, Mr. Chen indicated that monetary loosening, especially for first-home buyers, coupled with some price cuts have resulted in a recovery of the sales volume of residential properties in recent months. Having said this, it is considered that the central government remains determined to control prices and limit speculative demand. Given this situation, CBRE believes the market will remain stable in the near term, driven by fundamental demand.
Mr. Chen also added that, in relation to the commercial sector, despite some concerns regarding economic growth both globally and domestically, resilient demand is still being seen from international companies, coupled with increasing demand from domestic companies in line with the ongoing evolution of the Chinese economy.
The key challenge to the market will be presented by the substantial level of supply in the pipeline within various provincial capitals. A number of second-tier cities are developing new CBDs, which is leading to significant supply in new areas in conjunction with the development of both infrastructure and public facilities.
Prior to joining CBRE, Mr. Chen was most recently at BNP Paribas, where he was Executive Director and Head of Property Research within the Equities Research department. He has worked in several international markets, including Hong Kong, Australia and New Zealand, and held equity research and investment banking roles at organizations such as JP Morgan Securities, Cazenove and Macquarie Bank. Frank was educated in both China and overseas.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
