Yeu-Liong Chong is Fund Head of Fudo Capital, responsible for the investment and fund management activities of the platform. He joined CLSA in November 2007 as the Chief Financial Officer of Fudo Capital, and was then responsible for all the financial, treasury and tax structuring matters of Fudo Capital and its underlying investments. Since 2011, he has led all investment reviews and responsible for the daily operational matters of the platform. Prior to joining CLSA, Mr. Chong was a Senior Vice President of Group Treasury at The Ascott Group Limited for more than 10 years. The Ascott Group Limited is a pan-Asian/European hospitality real estate group with operations that span 47 cities in 18 countries. As Treasurer for The Ascott Group Limited, Mr. Chong also managed the treasury functions, including all aspects of the liquidity and funding requirements as well as rate risk management, for the listed Ascott Residence Trust (REIT) and Ascott Serviced Residence China Fund (Incubator Fund). His experience includes debt funding for various forms of real estate transactions, acquisition financing, cross- border structured transactions and debt capital market transactions. Prior to The Ascott Group, he had experience in sales and trading positions in currency and interest rate markets at Citibank and UBS. Mr. Chong holds a Bachelor of Accountancy degree from the National University of Singapore.

Byron Zhao joined CLSA in April 2006, and is responsible for overseeing acquisitions and asset management of real estate investments in the Fund. Mr. Zhao has 23 years of experience in real estate investment and leasing in Greater China. At CLSA, Mr. Zhao has led the acquisition of over USD1 billion of office assets in China and Taiwan. Prior to joining CLSA, Mr. Zhao was instrumental in developing ERGO Trust Asia’s direct investment and fund management activities in China. Before then, Mr. Zhao was the head of investment sales at DTZ Debenham Tie Leung in Shanghai, where he had started his career in 1993 and had since accumulated a wealth of knowledge of China real state and network of contacts through numerous leasing and investment transactions involving over 6 million sf of office, retail and residential properties across project development cycles. Mr. Zhao holds an MBA with a focus in Corporate Finance / Real Estate from York University in Toronto, Ontario as well as a Bachelor degree in English from Shanghai University.

Sherman Chen joined the Fudo platform in October 2005, and is primarily responsible for investment and asset management activities in China. Since joining the Fudo platform, Mr. Chen has led the China team to source, execute, manage and divest all 4 China investments valued at approximately US$750 million and has been involved in the execution, asset management and divestment of 5 Singapore investments valued at approximately US$850 million. Prior to joining the Fudo platform, Mr. Chen spent four years as a financial analyst and project manager at Shanghai Golden Bound Group, a tier-one real estate development company in Shanghai, and as investment manager Jin Wen Investment Management, a real estate development and asset management firm in Shanghai. Mr. Chen holds a master's degree in Finance from London Business School, UK and a bachelor's degree in Economics from Shanghai University of Finance and Economics, China.

Yosuke Nakagawa joined the Fudo platform as an investment manager in February 2010, responsible for sourcing, acquisition, and underwriting real estate investments across Japan. Mr. Nakagawa has 20 years of real estate experience in Japan including acquisition, due diligence, underwriting, market analysis, asset disposition, and finance. Prior to joining the Fudo platform, Mr. Nakagawa was a manager at K.K. daVinci Advisors ("DA") and was involved in the acquisition of over US$4 billion in assets to build up portfolios in Japan. He also worked as a senior manager for DA’s fund finance team. Prior to joining DA, Mr. Nakagawa was a manager at Chuo Mitsui Trust Bank where he worked as a real estate broker. Mr. Nakagawa holds a Bachelor of Law degree from Sophia University, Japan.