Endowed Through a Major Gift by Globally Recognized Chinese Real Estate Industry Executives and Civic Leaders, the New Institute Will Provide a Locus for Cutting-edge, Professional Real Estate Education and Research in China
Shanghai, PRC —The NYU School of Professional Studies (NYUSPS) and NYU Shanghai have established a new academic institute that will focus on real estate in China and in emerging markets. The ceremony that formalized the establishment of the Institute and its supporting foundation, a soon to be established foundation on cities and real estate education, took place at NYU Shanghai on July 23, 2019, where the Institute will be located.
The NYU Institute for Cities and Real Estate in Emerging Markets will be supervised jointly by the NYUSPS Schack Institute of Real Estate, a global leader in real estate education located in NYC, and NYU Shanghai. "The Schack Institute has been at the forefront of real estate teaching and research since its founding more than 50 years ago. Through academic programs and industry engagement, this partnership will magnify our global impact," asserted Sam Chandan, associate dean and Silverstein Chair of the NYUSPS Schack Institute of Real Estate.
The Institute and its supporting foundation have been endowed through a very generous gift by real estate industry executives and civic leaders Dr. Feng Lun, chairman of Yufeng (F&E) Capital; Shan Dawei, president of UB Group, and Xiao Yong, vice president and executive general manager of China Real Estate Business, through the soon to be established foundation initiated by them. The endowment is representative of the myriad contributions Dr. Feng, an NYU trustee, and his colleagues have made to the development of the real estate industry and to advancing the expertise of leaders in the field from China. Ms. Haitao Wang, the recently-appointed secretary-general of the new foundation, attended the ceremony as a representative of the foundation.
Dr. Feng Lun acknowledged that for China, and for regions experiencing rapid urbanization, there is a high demand for professionals with comprehensive knowledge and excellent management skills in the real estate industry. Throughout its 188-year history, NYU has grown and has continued to evolve and excel in higher education because of its being a part of great cities such as New York. "We are assured that NYU’s wealth of knowledge and resources in the realm of cities and real estate will provide a strong foundation for this new initiative. This partnership will serve as a catalyst for innovation and will offer a transformational education for those enrolled in its programs," he stated.
The Institute will provide a locus for cutting-edge professional education and research in real estate in China. More formalized plans for the Institute will take shape in the near future. Initial activities will entail the development and delivery of short-term executive training programs, as well as the convening of a leading regional industry conference on real estate in China. A new degree program—the Executive Master of Science in Real Estate—will be proposed in the coming year. As academic activities evolve at the Institute, it also will support advanced research on China and emerging markets.
"It is the perfect time to launch this initiative," noted Susan Greenbaum, interim dean of the NYU School of Professional Studies. "China’s real estate markets are flourishing; and we are excited for the opportunity to be part of this tremendous endeavor, in areas ranging from development and construction, to sustainability, to property technology, to China’s emerging REIT sector."
"The business and government leaders who are driving urban development in emerging markets have pursued a double strategy," said NYU Shanghai’s Vice Chancellor Jeffrey Lehman. "They have adapted sophisticated tools from mature economies to local regulatory, economic, and demographic conditions, and they have created entirely new approaches that are optimized for those local conditions. The new Institute will make those best practices available to talented students who wish to participate in this dynamic field, and it will provide a research platform to support the continued development of the local real estate industry. We are enormously grateful to the visionary leaders of China’s real estate community who have brought the Institute to life."
The new enterprise will provide the NYU School of Professional Studies with the opportunity to deepen its already close relationship with NYU Shanghai. As NYUSPS celebrates its 85th anniversary during the 2019-2020 academic year, this venture will serve to expand the School’s international reputation, and will grow its ability to impact and contribute to applied research and professional education in emerging markets.
The ceremony that formalized the establishment of The NYU Institute for Cities and Real Estate in Emerging Markets and its supporting foundation, a soon to be established foundation on cities and real estate education, took place at NYU Shanghai on July 23, 2019, where the Institute will be located.
Members of the group who participated in the ceremony included (from left to right): Sun Shuangyun (Rime), Director of Development, NYU Shanghai; Ding Shuzhe, Associate Vice Chancellor, NYU Shanghai; Dr. Feng Lun (donor), chairman of Yufeng (F&E) Capital; Dr. Susan Greenbaum, Interim Dean, NYU School of Professional Studies; Dr. Sam Chandan, Associate Dean and Silverstein Chair of the NYUSPS Schack Institute of Real Estate; Shan Dawei (donor), president of UB Group; Xiao Yong (donor), vice president and executive general manager of China Real Estate Business; and Wang Haitao, Secretary General, of the new foundation.
About the NYU School of Professional Studies
For 85 years, the NYU School of Professional Studies has been a deeply respected institution of higher education that is grounded in applied learning. From its early years, training returning World War II veterans to fulfill the nation’s urgent need for skilled technical workers, it has evolved into a professional education powerhouse that offers 19 graduate degrees, 13 bachelor’s degrees, four associate’s degrees, and a plethora of non-degree courses and credentials.
NYUSPS is a thought leader and serves as an incubator for new ideas in industries that are constantly changing including real estate; hospitality, tourism, and travel; global affairs; sports management; publishing; marketing; public relations; project management; human capital management; systems management; translation; and professional writing. It is focused on building skills that open doors to opportunities in emerging fields and global markets. NYUSPS faculty members are leading experts in their areas of discipline, with a hands-on approach that encourages students to push beyond their limits and to break new ground.
Home to some of the largest and most prestigious industry conferences in the world, including the Schack Institute of Real Estate’s Capital Markets Conference and REIT Symposium, and the Jonathan M. Tisch Center’s International Hospitality Industry Investment Conference, the School’s invaluable connections to industry leaders is a truly distinguishing factor in the education that it provides. Through guest lecturers, site visits, participation in numerous conferences and events, and Global Field intensives, students benefit from unparalleled access to the top minds in their areas of specialization. In addition, they have the opportunity to learn from and network with more than 25,000 NYUSPS alumni who live and work around the world.
About NYU Shanghai
NYU Shanghai is China’s first Sino-US research university and the third degree-granting campus of the NYU Global Network. Founded in 2012 by New York University and East China Normal University, NYU Shanghai seeks to cultivate globally-minded graduates through innovative teaching, world-class research, and a commitment to public service. All undergraduate students pursue a course of study that will equip them with the broad knowledge base and tools to become creative thinkers and active learners throughout their lives.
Our student body currently consists of 1,300 undergraduate and graduate students, half of whom are from China. Students from the United States and some 70 other countries represent the other half. Our faculty of renowned scholars, innovators, and educators are recruited from the world’s best research universities.
About the NYU School of Professional Studies Schack Institute of Real Estate
The NYU School of Professional Studies (NYUSPS) Schack Institute of Real Estate was founded in 1967 at the initiative of prominent members of the New York City real estate community, who encouraged NYU to establish an academic center that would provide a world-class education for industry professionals. More than 50 years later, the Schack Institute is at the forefront of real estate education and is recognized globally as one of the world’s leading centers of real estate research and pedagogy. Across the Institute’s graduate degree programs—notably the MS in Real Estate, the MS in Construction Management, and the MS in Real Estate Development—as well as a rapidly expanding undergraduate degree program, enrollment has grown to more than 1,000 full- and part-time students from across the United States and nearly 50 other countries. In addition to its flagship degree programs, thousands of working professionals enroll in the Schack Institute’s executive education, diploma, and career advancement programs each year.
An anchor of real estate academia’s engagement with industry, the Institute is home to the REIT Center, the Center for the Sustainable Built Environment, and the newly established Urban Lab. In addition, the Institute hosts national industry events, including annual conferences on real estate capital markets and the REIT sector. Under the direction of the Schack Institute’s faculty, ongoing applied research at the Institute spans an exceptional range of issues in real estate development and investment, urban economics, and market structure and regulation.