A bridge between global capital and Tokyo’s scarcest assets
在香港，成為全球資本與東京稀缺資產的專業橋樑
Headquartered in Hong Kong with a presence in Tokyo and the United States, Tokyo Capital brings institutional discipline to one of the world’s most liquid and transparent real estate markets.
Tokyo Capital 總部設於香港，並於東京及美國設有分支機構，以機構級的紀律，深耕全球流動性最強、透明度最高的房地產市場之一。
An integrated Pre-REITs private fund
一體化的 Pre-REITs 私募基金
Tokyo Capital is a Pre-REITs private fund focused on the development, operation and asset management of small boutique hotels in central Tokyo. With Hong Kong as our capital platform and Tokyo as our asset base, we have built an integrated investment system that spans the full cycle — capital formation, investment, management and exit — and the full process from site selection to operations.
Tokyo Capital 是一家專注於東京都內小型精品酒店開發、營運與資產管理的 Pre-REITs 私募基金。我們以香港為資本平台，以東京為資產腹地，構建起涵蓋「募、投、管、退」全週期、由選地至營運全流程的一體化投資體系。
We aspire to be the most trusted alternative investment partner for private banks, securities firms and family offices in Hong Kong — earning trust through expertise, and keeping it through transparency.
我們致力成為香港私人銀行、證券商及家族辦公室最值得信賴的另類投資合作夥伴——以專業贏得信任，以透明守護信任。
Where value is created
價值在這裡創造
Pre-REITs refers to the investment stage in which an asset is developed, incubated and enhanced before it enters a real estate investment trust or an institutional portfolio. It is the part of the real estate value chain where value creation is most concentrated — and where professional capability matters most.
Pre-REITs，是指資產在進入房地產投資信託基金（REITs）或機構投資者組合之前，完成開發、培育與價值提升的投資階段。這是房地產價值鏈中增值最集中、亦最考驗專業能力的環節。
Land
土地
Scarce, well-located sites in Tokyo’s core wards, acquired with disciplined underwriting.
以嚴謹的投資紀律，取得東京核心地段的稀缺地塊。
Pre-REITs stage
Pre-REITs 階段
Design, construction, opening and stabilisation — the stage where Tokyo Capital creates value.
設計、建設、開業與培育至穩定——Tokyo Capital 創造價值的階段。
Institutional ownership
機構持有
Stabilised, compliant assets for J-REITs, Japanese private REITs, Singapore REITs, US REITs and other institutional investors.
已穩定、全合規的資產，交予 J-REIT、日本私募 REIT、新加坡 REIT、美國 REIT 及其他機構投資者長期持有。
Real estate, hospitality and finance under one roof
地產、酒店與金融的專業融合
Our team draws on decades of experience across leading real estate groups and financial institutions in Japan and Greater China, and across multiple economic cycles.
團隊成員曾任職於日本及大中華地區的大型不動產集團與金融機構，積累了跨越多個經濟週期的實戰經驗。
Real estate development
房地產開發
Land sourcing, planning approvals, design and construction management in central Tokyo.
東京都心的土地獲取、規劃報建、設計及工程管理。
Hospitality operations
酒店營運
Boutique and apartment-style hotel operations, distribution and revenue management.
精品及公寓式酒店營運、渠道分銷及收益管理。
Finance and investment
金融投資
Fund structuring, financing, valuation and investor reporting to institutional standards.
以機構標準進行基金架構、融資、估值及投資者報告。
Built on structure, transparency and accountability
以架構、透明與問責為基石
Institutional structures
機構級架構
Established fund and holding structures in Hong Kong and Japan, with clear separation of vehicles.
採用香港及日本成熟的基金與持股架構，投資載體清晰隔離。
Licensed partners
持牌夥伴
We work alongside licensed institutions in Hong Kong and Japan.
與香港及日本的持牌機構攜手合作。
Independent valuation
獨立估值
Related-party transactions are disclosed in advance and priced on independent valuations.
關聯交易事先披露，並以獨立估值定價。
Transparent reporting
透明報告
Regular, clear and accurate reporting on development progress and operations.
定期、清晰、如實地披露開發進度及營運狀況。
Frequently asked questions
常見問題
What is Tokyo Capital?Tokyo Capital 是一家怎樣的機構？
Tokyo Capital is a Hong Kong-headquartered Pre-REITs private fund. It develops and operates boutique hotels in central Tokyo and prepares stabilised assets for acquisition by REITs and institutional investors. It has offices in Hong Kong, Tokyo and Tampa.
Tokyo Capital 是一家總部設於香港的 Pre-REITs 私募基金，在東京都心開發及營運精品酒店，並把穩定資產打造成可供 REIT 及機構投資者收購的標的。辦公室設於香港、東京及坦帕。
What does a Pre-REITs private fund do?Pre-REITs 私募基金做甚麼？
A Pre-REITs private fund works on assets before they enter a REIT: it sources land, develops and opens the property, stabilises operations, builds an auditable operating record and completes the legal and technical documentation that REIT buyers require. It acts as an asset incubator, risk converter and standardisation platform for REITs.
Pre-REITs 私募基金在資產進入 REIT 之前工作：取得土地、開發及開業、穩定營運、建立可審計的營運紀錄，並完成 REIT 買家要求的法律及技術文件。它是 REIT 的資產孵化器、風險轉換器與標準化平台。
Where does Tokyo Capital invest?Tokyo Capital 投資在哪裡？
In central Tokyo, in two zones: along and inside the Yamanote Line, and around Senso-ji (Asakusa) and Tokyo Skytree (Oshiage) in Taito and Sumida wards.
東京都心兩大區域：山手線沿線及環線以內，以及台東區、墨田區的淺草寺（淺草）與東京晴空塔（押上）周邊。
Who buys stabilised assets from a Pre-REITs fund?穩定後的資產由誰收購？
Typical buyers are J-REITs, Japanese private REITs, Singapore REITs, US REITs and other institutional investors. Assets are prepared to their due-diligence standards from the start.
主要買家包括 J-REIT、日本私募 REIT、新加坡 REIT、美國 REIT 及其他機構投資者。資產自一開始便按其盡職審查標準打造。
Who can access fund information?誰可以查閱基金資料？
Only professional investors as defined in Hong Kong’s Securities and Futures Ordinance, and financial-institution partners, after registration and verification in the investor centre. Any fund referred to is not authorised by the Securities and Futures Commission.
只限《證券及期貨條例》所界定之專業投資者及金融機構合作夥伴，並須在投資者專區註冊及完成身份確認。所提及之任何基金均未經證監會認可。
How does Tokyo Capital approach ESG?Tokyo Capital 如何看待 ESG？
ESG is part of being REIT-ready. Tokyo Capital builds environmental, social and governance practices into site selection, design, construction and operations — such as energy-efficient design, tracking energy and water data from opening, fair labour standards for partners, independent valuation and KYC — because REITs and long-term investors increasingly assess these factors.
ESG 是「為 REIT 收購而生」的一部分。Tokyo Capital 把環境、社會及治理措施融入選地、設計、工程及營運，例如節能設計、自開業起記錄能源及用水數據、要求合作夥伴遵守公平勞動標準、獨立估值及 KYC，因為 REIT 及長期投資者越來越重視這些因素。
Does Tokyo Capital publish research?Tokyo Capital 有發表研究嗎？
Yes. The Insights section publishes weekly market reviews and research notes on Tokyo hotels and on REIT markets in Japan, Singapore and the United States.
有。「研究洞察」欄目發表每週市場回顧及研究報告，內容涵蓋東京酒店，以及日本、新加坡和美國的 REIT 市場。