Blackstone Announces Peter Hwang as CEO of its Expanding China Logistics Platform, DragonCor
SHANGHAI, July 15, 2021 – Blackstone (NYSE: BX) today announced the appointment of Peter Hwang as Chief Executive Officer of DragonCor, the logistics platform in China owned and managed by Blackstone Real Estate funds. Hwang will oversee the management and development of DragonCor, a nationwide portfolio of high-quality modern warehouses spanning 5 million square meters, which includes the largest urban logistics park in the Greater Bay Area where Blackstone has a majority stake.
Cliff Chen, a Blackstone Real Estate Managing Director based in Shanghai, said: “Blackstone has built the DragonCor portfolio over the last three years into a collection of carefully selected high-quality logistics assets strategically located in China’s major hubs, with a diversified tenant base across fast-growing sectors such as technology and third-party logistics. Backed by Blackstone’s global scale and logistics expertise, and a world-class management team on the ground, DragonCor today is one of China’s leading logistics portfolios.”
Peter Hwang said: “I look forward to working with the DragonCor team and further expanding Blackstone’s logistics footprint, which is already among the biggest in China. This is an especially exciting time for the sector in China, which is seeing robust demand for warehouses driven by e-commerce trends.”
Previously, Hwang was Managing Director, Asia, at Iron Mountain, a global leader in information management, where he has led a number of successful mergers and acquisitions. Under his leadership, the company’s revenue in Asia grew significantly, making it the region’s leading document and data management company. Prior to this, he was with the Zuellig Group as Group General Manager, Business Development.
Justin Wai, a Blackstone Real Estate Managing Director based in Hong Kong, said: “We are thrilled to welcome Peter, a recognized leader, to spearhead the continued growth of DragonCor. Peter brings years of experience leading a regional team and orchestrating major transactions, and we’re confident he’ll play an important role in building our rapidly growing China logistics platform.”
Mr. Hwang will assume his new role in July 2021.
Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has $196 billion of investor capital under management. Blackstone is one of the largest property owners in the world, owning and operating assets across every major geography and sector, including logistics, multifamily and single family housing, office, hospitality and retail. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ strategy invests in substantially stabilized real estate globally through regional open-ended funds focused on high-quality assets and Blackstone Real Estate Income Trust, Inc. (BREIT), a non-listed REIT that invests in U.S. income-generating assets. Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).
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