Coming soon

2020 has been a challenging year globally as we've all found ourselves impacted by an unprecedented COVID-19 pandemic. While the coronavirus situation has largely been contained in China, many areas in the rest of the world are still struggling with the spread of this pandemic. I write this letter at the end of this special year with the hope that we might all go back to normal in 2021, given the comprehensive measures that have been taken and the availability of coronavirus vaccines. Our gratitude goes out to all those organizations and individuals serving on the front line of this crisis.

While many businesses were facing significant challenges to survive, or even grow, during COVID-19, I was still determined to create my own world-class company, INNOV Real Estate, based on my strong faith in China's long-term growth opportunities in the real estate market, and the rapidly increasing demand for high-quality spaces and services. INNOV was established in May 2020 with a mission to create extraordinary spaces, provide outstanding service, and deliver sustainable, long-term value for our customers, clients, and society.

In September 2020, we opened our office at One Museum Place, a prime office tower developed by Hines, in Shanghai's Jing'an district. As a neighbor to world-renowned companies - Hines, Greystar, LaSalle, and Gensler - who all have their offices in the same building, INNOV positions itself as a high-quality property developer and operator, and a responsible investment manager that places a high importance on sustainable development. You can read about our ESG commitment in the accompanying company profile, but at the heart of it all, we are working hard to ensure all our communities are better places to live and work.

When it comes to investment opportunities, we believe China still offers abundant opportunities for us to create value and add value to existing properties, given China's mid-to-high economic growth, large population base, rapid urbanization, and the burgeoning growth of middle-income earners. Having said this, after nearly three decades of rapid growth, the Chinese real estate market has begun to pursue higher quality rather than quantity.

This is a key reason why INNOV was created.

Creating long-term social value and fulfilling our fiduciary duty to our clients is one of our top priorities. INNOV's initial focus is the investment, development, and management of high-quality multifamily and mixed-use communities, and existing asset repositioning projects. We believe, among some other market segments, that these sectors will present long-term and attractive investment opportunities in China. In addition, the management team's solid experience in high-quality, international standard residential communities and asset repositioning projects enable us to deliver unparalleled products and services in these product areas.

We know that the vastness of the China market can seem daunting to many. As we journey forward, we welcome like-minded clients and partners who share our values to work with us, knowing that in INNOV they have a trustworthy and capable partner. We believe our high-level integrity, strong social responsibility, and world-class experience in real estate development, nvestment, asset and fund management have positioned us to bring our investors and clients sustainable and long-term value. We invite you to contact us and learn how we can help you achieve your investment objectives in China. We look forward to hearing from and working with you.

Sincerely,

Michael Chen 

Founder & CEO, INNOV Real Estate

December 2020