The management team of the Trustee-Manager comprises experienced professionals with extensive experience in managing Japan real estate investment trusts ("J-REITs") and private property funds, property development, investment, management, marketing and leasing, as well as finance.
Mr Jim Chang Cheng-Wen
Executive Director and Chief Executive Officer
Mr Chang was appointed as an Executive Director of the Trustee-Manager on 8 March 2012.
Mr Chang is the Chairman and Co-founder of Croesus Merchants in February 2010 and Croesus International Inc. in August 2004 with over 10 years of Asian real estate experience. Mr Chang began his career in 1990 negotiating sea port control rights, airline landing rights and strategic investments with foreign governments on behalf of the Evergreen Group. He rose to become Managing Director of the Evergreen Group’s investment activities in 2001.
From 1997 to 2005, Mr Chang led the investment and management interests of Evergreen Group in real estate, transportation and infrastructure across Asia with his extensive experience in managing Evergreen Group’s Asian hospitality, office and logistics real estate businesses. Mr Chang has also been on the Advisory Board of leading Asian institutions and organisations, notably Taiwan High Speed Rail Corporation (2004 to 2010) and Evergreen (2007 to 2011).
From 2007 to 2010, he managed a residential real estate fund in Japan for Citi Property Investors with combined equity and debt of US$500 million. He partnered with and advised world class players on their acquisition strategy for two real estate portfolios totalling over US$2 billion of Asian hospitality assets in 2006.
Mr Chang has a Bachelor of Arts in International Studies from Temple University (Pennsylvania, USA).
Mr Yong Chao Hsien Jeremy
Mr Yong is Co-founder of Croesus Merchants International Pte Ltd, the Sponsor of Croesus Retail Trust (a publicly listed property Business Trust on the main board of the Stock Exchange of Singapore). He oversees all corporate operations and the strategic development of Croesus Merchants. He is also Co-founder and Director of a number of Croesus group companies including Croesus Group Pte Ltd, Croesus Partners Pte Ltd, Croesus Retail Asset Management Pte Ltd and Evertrust Asset Management Pte Ltd.
Mr Yong began his career at JP Morgan Singapore in the mid-1990s. Since then, he founded or co-founded a number of companies involved in various types of investment strategies, including Jael Capital Ltd, a privately owned investment vehicle, involved in equities, global markets, foreign exchange and real estate investments, and ICG Japan, a private equity technology investment company, which subsequently merged with ICG Asia (a publicly listed company on the Stock Exchange of Hong Kong).
Mr Yong graduated from the London School of Economics, U.K. in 1991 with a Bachelor of Science (Hons) in Industrial and Business Economics.
Mr Tetsuo Ito
Chief Financial Officer
Mr Ito has 18 years of financing, accounting and corporate audit experience and has been overseeing the finance and accounting function of Croesus Retail Trust from 2012.
Mr Ito started his career at KPMG Japan in 1997 and performed financial audits and due diligence projects of major Japanese companies, mainly in the financial industry, as well as financial and corporate advisory services in various industries. During his career at KPMG Japan from 1997 to 2004, he dealt with a merger of two Japanese listed insurance companies having JPY6 trillion of total assets, as well as an acquisition of a Japanese insurance company by a US financial institution having JPY2 trillion of total assets.
From 2004 to 2005, he was with KPMG LLP New York and provided various accounting services to US and Japanese companies. From 2006 to 2007, Mr Ito was a representative director of the Phoenix Accounting Group Inc. Mr Ito has served as Deputy Chief Financial Officer for Croesus Japan Inc. from 2007 to 2012.
Mr Ito graduated from the University of Tokyo in 1998 with a Bachelor of Arts in Economics. Mr Ito is a Japan Certified Public Accountant with the Japanese Institute of Certified Public Accountants.
He is a Japan Certified Tax Accountant with the Japan Federation of Certified Public Tax Accountants’ Association and is a Chartered Accountant with the Institute of Singapore Chartered Accountants.
Mr Shunji Miyazaki
Chief Asset Management Officer
Mr Miyazaki has 12 years of banking and securitisation experience as manager with Mitsui Trust Bank (now Sumitomo Mitsui Trust Bank) from 1986 to 1998. He has 17 years of real estate experience and was Senior Managing Director / Chief Planning and Financial Officer of Consonant Investment Management Co., Ltd (formerly known as LCP REIT Advisors Co., Ltd) from 2010 to 2011. From 2005 to 2007, he was the CEO of Asset Management for a Japanese real estate investment trust (“J-REIT”), LCP Investment Corporation (currently Invincible Investment Corporation) and was with the Consonant Investment Management Co., Ltd (formerly known as LCP REIT Advisors Co., Ltd) from 2004 to 2010. From 1998 to 2004, he was the Senior Fund Manager at Chuo Mitsui Asset Management Co., Ltd in charge of investments in real estate securitised products including J-REITs
He speaks fluent Japanese and basic English.
Mr Miyazaki graduated from Hiroshima University in 1986 with a Bachelor of Economics.
Mr Miyazaki joined the Croesus Group in October 2011.
Mr Kiyoshi Sato
Chief Investment Officer
Mr Sato has 18 years of corporate finance experience, including 12 years with the Long-Term Credit Bank of Japan (now Shinsei Bank, Limited) as manager from 1987 to 1999, two years as Head of Syndicated Finance of HSBC Tokyo from 1999 to 2001 and four years as Director at IBK / Relationship Management of Merrill Lynch Japan from 2001 to 2005.
He has 10 years of real estate experience, including two years as Director of an Investment Advisory Company, RISA Partners from 2005 to 2007, and two years as head of CMBS origination of Nikko Citigroup Securities from 2007 to 2009. During the two years at RISA Partners, Mr Sato was responsible for sourcing and underwriting more than 100 real estate investment opportunities.
During the two years at Nikko Citigroup Securities, being the head of CMBS origination team, Mr Sato originated more than US$3 billion of non-recourse loans / bonds backed by Japanese real estate, including hotels, retail malls, offices and residential assets. Mr Sato was General Manager, Corporate Finance division of Capital Partners Securities Co., Ltd from 2009 to 2011, where he acted as adviser to several real estate funds for their capital raising efforts and restructuring of their present capital structure to resolve the issues of each client fund. He speaks fluent English, French and Japanese.
Mr Sato graduated from Waseda University in 1987 with a Bachelor of Economics. He holds a Master of Business Administration and Diplome de l’ESSEC from Ecole Superieure des Sciences Economics et Commerciales.
Mr Sato joined the Croesus Group in November 2011.