Acquire at development yields. Exit at institutional yields.
以開發收益率取得，以機構收益率退出
We create assets through development, drive them to stabilisation through professional operations, and exit through portfolios built to institutional standards.
我們以開發方式取得資產，透過專業營運推動資產至穩定期，再以符合機構標準的資產組合實現退出。
A focused strategy in Tokyo’s core
聚焦東京核心的專注策略
Focused
精準定位
Small boutique hotels on compact sites along and inside the Yamanote Line, and around Senso-ji and Tokyo Skytree — all within walking distance of stations.
聚焦山手線沿線及環線以內，以及淺草寺與東京晴空塔周邊的小型精品酒店，均位於車站步行可達之區域。
Value creation
價值創造
The spread between development yields and institutional market yields is the core of the Pre-REITs value proposition.
開發收益率與機構市場收益率之間的差距，構成 Pre-REITs 策略的核心價值空間。
Cluster approach
集群佈局
Distributed acquisition, centralised operations: multiple small projects in the same district build scale and prepare for portfolio exits.
「分散取地，集中營運」：在同一商圈滾動佈局多個小型項目，以規模化營運提升效率，為組合式退出奠定基礎。
Product philosophy
產品理念
The space of a high-end hotel at close to the price of an economy hotel — designed for families, groups and longer stays.
「高端酒店的空間，接近經濟型酒店的價格」——回應家庭、團體及中長住旅客的需求。
The Pre-REITs value chain
Pre-REITs 價值鏈
Six stages from land to exit. Typical timeline from acquisition to completion is around 12 to 16 months, subject to approvals and market conditions.
由土地至退出的六個階段。取地至竣工一般約12至16個月，視乎審批及市場情況而定。
Acquisition
土地取得
Research-led sourcing with strict underwriting discipline
研究驅動選地，嚴守投資紀律
Design
規劃設計
Efficient planning to maximise saleable room nights
小地塊高效規劃，最大化可售房晚
Construction
工程建設
Central procurement and tight cost and schedule control
統一採購，嚴控成本與工期
Opening
開業培育
Multi-channel distribution and revenue management
多渠道銷售與收益管理，加速爬坡
Stabilisation
穩定營運
Asset management and an auditable operating record
精細化資產管理，建立可審計營運紀錄
Exit
組合退出
Sale to REITs in Japan, Singapore or the US, private REITs or institutions
出售予日本、新加坡或美國 REIT、私募 REIT 或機構投資者
Capital · Investment · Management · Exit
募・投・管・退
True professionalism is not excellence in one stage, but the way every stage connects. We integrate four capabilities on one platform.
真正的專業，不在於某一環節的出色，而在於每一環節的環環相扣。我們將四大能力整合於同一平台。
Compliance as foundation, trust as the bond
以合規為基石，以信任為紐帶
- Structure. Hong Kong limited partnership fund structures for professional investors, supported by professional fund administration and legal counsel.合規架構：以香港有限合夥基金架構面向專業投資者，配備專業基金行政管理及法律顧問團隊。
- Partnership. Close collaboration with private banks, securities firms and family offices on product structures tailored to their clients.機構協作：與私人銀行、證券商及家族辦公室深度協作，按客群需求設計產品結構。
- Documentation. Complete institutional-grade documentation and data room to support partners’ product due diligence.文件完備：以機構級標準提供完整文件及數據室，支持合作夥伴之產品審查。
Research-driven, discipline first
研究驅動，紀律先行
- Research. Our research desk tracks Tokyo’s hotel, apartment-hotel and J-REIT markets and publishes the Tokyo Capital Weekly.深度研究：研究團隊持續追蹤東京酒店、公寓式酒店及 J-REIT 市場，並出版《Tokyo Capital Weekly》投資週刊。
- Site selection. Systematic screening across station access, visitor flows, zoning and floor-area ratio, site shape and natural hazard risk.系統選地：由車站距離、觀光動線、用途地域與容積率、地塊形狀，以至災害風險，逐項評估篩選。
- Discipline. Strict yield and leverage criteria, with related-party transactions disclosed and independently valued.投資紀律：嚴守收益率及槓桿標準；關聯交易事先披露，並以獨立估值定價。
End-to-end control, crafted with care
全流程掌控，匠心營造
- Design. Highly efficient planning on compact urban sites to maximise rooms and guest experience.設計管理：以小地塊高效規劃見長，兼顧客房數量與住客體驗。
- Construction. Central procurement, contingency reserves, and direct agreements with step-in rights for contractors.工程管理：統一採購、預留不可預見費用，並與施工方簽訂直接協議及保留介入接手權。
- Operations. Our affiliated boutique hotel brand works with professional operators on distribution, pricing and revenue management.營運管理：集團關聯精品酒店品牌與專業營運夥伴協同，負責分銷、定價及收益管理。
Begin with the end, build for the exit
以終為始，為退出而建
- REIT-ready. Assets are designed from the outset to the acquisition due-diligence standards of J-REITs, Japanese private REITs, Singapore REITs and US REITs.REIT-Ready 標準：資產自設計之初即對標 J-REIT、日本私募 REIT、新加坡 REIT 及美國 REIT 的收購盡調標準。
- Multi-market exit. REITs in Japan, Singapore and the United States — listed and private — are our core exit routes, alongside other institutional buyers and refinancing.多元退出：以日本、新加坡及美國的上市及私募 REIT 為核心退出路徑，亦可出售予其他機構投資者或透過再融資回收資本。
- Portfolio value. Building scale through clusters to exit as portfolios, improving liquidity and negotiating position.組合價值：以集群方式累積規模，力求以資產組合形式退出，提升流動性與議價能力。
From site to stabilisation
從選地到穩定營運的全流程管控
We do not promise zero risk. We promise that every identifiable risk is managed with discipline and transparency.
我們不承諾零風險；我們承諾的，是以系統化的管控，透明管理每一項可識別的風險。
| Stage環節 | Core task核心任務 | Key controls關鍵管控 | Objective管控目標 |
|---|---|---|---|
| Site selection選地 | Identify core-location sites with clear income potential篩選核心區位、具收益潛力之地塊 | Yield underwriting · zoning, volume and hazard due diligence · independent valuation收益率測算 · 法規、容積及災害風險盡調 · 獨立估值 | Sound entry price and a clear exit path取得價格合理，退出路徑清晰 |
| Design management設計管理 | Maximise room efficiency and product value within regulations在法規框架內最大化客房效率與產品價值 | Standardised product modules · multi-stage design review · compliant permitting標準化產品模組 · 設計方案多輪審核 · 合規報建 | Optimal unit cost and a competitive product單位成本最優，產品具競爭力 |
| Construction management工程管理 | Deliver on budget, on schedule and to specification按預算、按工期、按品質交付 | Central procurement · contingency reserves · direct agreements and step-in rights · monthly cost and progress monitoring統一採購 · 預留不可預見費用 · 直接協議及介入權 · 成本與進度月度監控 | Cost and schedule under control成本可控，工期可控 |
| Operations management營運管理 | Drive the asset to stabilisation and keep improving income推動資產至穩定期，持續提升收益 | Multi-channel distribution and dynamic pricing · monthly operating reports · flexibility to convert to longer stays多渠道分銷及動態定價 · 月度營運報告 · 保留轉作中長租之彈性 | Stable cash flow and a tradeable asset現金流穩定，資產可交易 |
The more mature a REIT market, the more it needs a supply of ready assets
REIT 市場越成熟，越需要合格資產的穩定供給
REITs are long-term owners of stabilised, income-producing property — not vehicles for land acquisition, construction and ramp-up risk. Pre-REITs private funds incubate assets, convert risk and standardise them before REITs take over.
REIT 是成熟收益型物業的長期持有人，而非承擔取地、施工及開業爬坡風險的載體。Pre-REITs 私募基金在 REIT 接手之前，完成資產孵化、風險轉換與標準化。
| Market市場 | Scale (public data)規模（公開資料） | What it means for Pre-REITs對 Pre-REITs 的含義 |
|---|---|---|
| J-REITs日本 J-REIT | 58 listed REITs; market value ¥15.6tn; assets ¥24.6tn; 4,970 properties (Aug 2026)58隻上市 REIT；市值15.6兆日圓；資產規模24.6兆日圓；物業4,970項（2026年8月） | A mature public buyer that needs disclosable, valuable assets it can hold for the long term.成熟的公開市場買家，需要可披露、可估值、可長期持有的合格資產。 |
| Japanese private REITs日本私募 REIT | 61 REITs; assets ¥8.07tn; 2,244 properties; hotels ¥473bn or 5.9% (Jun 2026)61個投資法人；資產8兆665億日圓；物業2,244項；酒店4,732億日圓，佔5.9%（2026年6月） | Long-term institutional capital that values stable distributions, governance and standardised portfolios.長期機構資金重視穩定分配、治理透明與標準化資產組合。 |
| Singapore REITs新加坡 REIT | 42 REITs and property trusts; market value about S$102bn; over 85% hold overseas assets (Q2 2026)42隻 REIT 及房地產信託；市值約1,020億新元；逾85%持有海外資產（2026年第二季） | Cross-border platforms that rely on local partners to source, de-risk and standardise assets.跨境 REIT 平台，需要本地化的前端資產管道與標準化管理。 |
| US REITs美國 REIT | FTSE Nareit All REITs equity market value US$1.604tn; REITs own over US$4.5tn of commercial real estate (May 2026)FTSE Nareit All REITs 股本市值1.604兆美元；REIT 持有逾4.5兆美元商業不動產（2026年5月） | Highly specialised sectors — lodging is its own sector — reward sector-specific asset incubation.板塊高度專業化，酒店為獨立板塊，越成熟越需要行業化的資產孵化。 |
Sources: ARES Monthly Report, September 2026; ARES Private REIT Quarterly No.43; SGX Research, S-REITs & Property Trusts Chartbook Q2 2026; Nareit, Media Fact Sheet, May 2026. Figures relate to different dates and definitions.資料來源：ARES 月報（2026年9月）；ARES《私募 REIT 季報》第43期；SGX Research《S-REITs & Property Trusts Chartbook》2026年第二季；Nareit《Media Fact Sheet》2026年5月。各數據時間點與統計口徑不同。
Built for acquisition by REITs in Japan, Singapore and the United States
全方位合規，對標日本、新加坡及美國 REIT 收購標準
Exit efficiency depends on the completeness of compliance. By the time an asset stabilises, it is already a REIT-ready asset: clear title, complete documentation and auditable data.
退出的效率，取決於合規的完整性。當資產進入穩定期之時，它已是一項產權清晰、文件齊備、數據可審計的「即可收購」標的。
| Dimension審查維度 | Our standard我們的標準 |
|---|---|
| Title and transaction structure產權與交易結構 | Clear land title and confirmed boundaries. Assets are held as real estate trust beneficial interests through GK-TK structures — the prevailing acquisition format for J-REITs and Japanese private REITs, and a structure commonly used by Singapore REITs holding Japanese assets — enabling efficient transfer.土地權屬及境界確認清晰；以 GK-TK 結構持有不動產信託受益權，與 J-REIT 及日本私募 REIT 的主流收購形式一致，亦是新加坡 REIT 持有日本資產的常見架構，可高效完成交割。 |
| Building compliance建築遵法性 | New buildings obtain building confirmation and completion inspection certificates and comply with the Building Standards Act, fire regulations and the Hotel Business Act.新建項目依法取得建築確認及竣工檢查證明，符合《建築基準法》、消防法規及《旅館業法》等要求。 |
| Technical and environmental技術及環境盡調 | Engineering reports and soil and environmental surveys can be completed for acquirers; new-build condition makes long-term capex predictable.可配合收購方完成工程報告及土壤、環境調查；新建資產狀況清晰，中長期修繕成本可測。 |
| Operating record營運實績與契約 | Auditable monthly data on occupancy, ADR, RevPAR and NOI, with operating agreements structured to acquirer requirements.建立可審計的月度營運數據（入住率、ADR、RevPAR、NOI），營運契約結構可按收購方要求安排。 |
| ESG and sustainability dataESG 與可持續發展數據 | Energy, water and waste data tracked from opening, and designs that can support green-building certification (such as BELS or CASBEE) and the ESG reporting REIT buyers expect.自開業起記錄能源、用水及廢棄物數據；設計可支援綠色建築認證（如 BELS、CASBEE），以及 REIT 買家所要求的 ESG 披露。 |
| Valuation and governance估值與合規治理 | Independent appraisal, advance disclosure of related-party transactions and full KYC and anti-social-forces screening.獨立不動產鑑定估值；關聯交易事先披露；交易對手 KYC 審查及反社會勢力排查程序完備。 |
Responsible assets are easier to own for the long term
負責任的資產，才值得長期持有
Long-term owners increasingly judge assets on environmental, social and governance performance. In Japan, J-REITs participating in the GRESB real estate assessment rose from 60% of market capitalisation in 2015 to 98.6% in 2021. For a Pre-REITs fund, ESG is part of being REIT-ready — we build it into each stage, from site selection to operations.
長期持有人越來越重視資產在環境、社會及治理方面的表現。在日本，參與 GRESB 不動產評估的 J-REIT，按市值計由2015年的60%升至2021年的98.6%。對 Pre-REITs 基金而言，ESG 是「為 REIT 收購而生」的一部分；我們把它融入由選地到營運的每一個環節。
Environmental
環境
- Compact infill sites within walking distance of stations, reducing reliance on cars.選擇車站步行可達的小型市區地塊，減少對汽車的依賴。
- Energy-efficient design: insulation, LED lighting, high-efficiency air-conditioning and water-saving fixtures.節能設計：隔熱、LED 照明、高效空調及節水設備。
- Energy, water and waste tracked from opening; green-building certification (such as BELS or CASBEE) pursued where practical.自開業起記錄能源、用水及廢棄物數據；在可行情況下申請綠色建築認證（如 BELS、CASBEE）。
- Less waste in operations, such as amenities on request instead of by default.營運中減少浪費，例如備品按需提供。
Social
社會
- Guest safety and fire compliance, with accessibility considered in design.住客安全與消防合規，設計上兼顧無障礙需要。
- Fair, lawful working conditions expected of contractors and operators, including Japan’s working-hour rules.要求承建商及營運夥伴遵守合法、公平的勞動條件，包括日本的工時規定。
- Respect for neighbourhoods such as Asakusa: house rules on noise and waste, and local suppliers where possible.尊重淺草等社區：訂立噪音及垃圾處理守則，並盡量採用本地供應商。
- Rooms for families, groups and longer stays, supporting visitors who spend in the local economy.提供家庭、團體及中長住房型，支持為本地經濟帶來消費的旅客。
Governance
治理
- Related-party transactions disclosed in advance and priced on independent valuations.關聯交易事先披露，並以獨立估值定價。
- KYC, anti-money-laundering and anti-social-forces screening for investors and counterparties.對投資者及交易對手進行 KYC、反洗錢及反社會勢力審查。
- Licensed partners in Hong Kong and Japan, with clear separation of fund and project vehicles.與香港及日本的持牌機構合作，基金與項目載體清晰隔離。
- Regular, accurate reporting to investors, and personal data handled under Hong Kong’s privacy law.定期、如實地向投資者匯報，並按香港私隱條例處理個人資料。
Source: ARES Monthly Report, September 2026 (GRESB participation by market capitalisation). ESG practices are applied project by project and may vary with each site and partner.資料來源：ARES 月報（2026年9月）（按市值計的 GRESB 參與率）。ESG 措施按個別項目執行，或因地塊及合作夥伴而有所不同。
The Yamanote Line, and around Senso-ji and Tokyo Skytree
以山手線為軸，聚焦淺草寺與東京晴空塔
We concentrate on two zones that combine transport access, visitor demand and liquidity for institutional buyers.
我們聚焦兩大區域，兼具交通便利、旅客需求及機構買家的流動性。
Along and inside the Yamanote Line
山手線沿線及環線以內
Station-front sites on Tokyo’s central loop — linking Tokyo, Shinagawa, Shibuya, Shinjuku, Ikebukuro, Otsuka, Ueno and Akihabara — and in the districts within it, where business and leisure demand meet and buyers see the deepest liquidity.
東京核心環線的站前地塊——串連東京、品川、澀谷、新宿、池袋、大塚、上野及秋葉原——以及環線以內的區域；商務與旅遊需求交匯，亦是機構買家流動性最深的地段。
Around Senso-ji and Tokyo Skytree
淺草寺及東京晴空塔周邊
East Tokyo’s cultural and visitor corridor along the Sumida River: Asakusa, Komagata, Kuramae and Asakusabashi in Taito Ward, and Oshiage and Mukojima in Sumida Ward.
沿隅田川的東京東部文化及觀光走廊：台東區的淺草、駒形、藏前、淺草橋，以及墨田區的押上、向島。
This page describes Tokyo Capital’s general investment approach and does not refer to any specific fund or investment product.本頁內容僅描述 Tokyo Capital 的一般投資理念，並不涉及任何特定基金或投資產品。