Blackstone Asia executive to depart

Yan Yan, managing director at Blackstone’s real estate team in Asia, is set to leave the firm at the end of the year, PERE can reveal exclusively.

Yan joined the firm’s China real estate investment team in April 2018 and was the only Beijing-based person on the team back then, with the majority based in Shanghai, according to a source. PERE understands the executive and Blackstone are parting ways amicably, according to four sources close to the situation.

Prior to joining Blackstone, the Chinese real estate veteran was most recently the president at Chinese prime office developer SOHO China, where she spent 22 years. Before taking up the role as president in 2008, she served as the developer’s chief financial officer and chief operating officer. Before SOHO China, she also held management roles in Henderson Investment and Sheraton Hotels, both in China.

Yan is the second managing director who has resigned from Blackstone’s China real estate team in the past month. Tim Wang, senior managing director and head of real estate China at Blackstone, also resigned at the end of last month after more than 10 years at the firm.

Both Wang and Yan will remain with the New York-headquartered firm until the end of the year. It is understood that no replacements have yet been named for the two executives, according to two sources close to the situation.

Both Blackstone and Yan declined to comment.

PERE can reveal that the private equity real estate giant has more than 30 people dedicated to its China real estate team, three of whom are senior managing directors and have been with Blackstone for more than 10 years.

China has been one of Blackstone’s key markets in the region. Last year, the firm paid $480 million to acquire half of Taubman’s interests in Asian shopping centers, including two malls in China. Prior to that, the firm also purchased a 40 percent stake in Shenzhen-based shopping mall developer SCP for $400 million in 2013 and paid $1.2 billion for real estate assets from Singapore’s Mapletree Investments in 2018.