Mr. Albert Ip is an international banking and real estate executive with more than 30 years of experience at Citigroup, First National Bank of Chicago, Wells Fargo Bank and Bank of America Merrill Lynch in New York City, San Francisco and Hong Kong. His expertise encompasses corporate banking, real estate finance, risk management, transaction banking and wealth management. He was appointed Senior Credit Officer/Real Estate Specialist of Citigroup in 1990, Real Estate Head and North Asia Real Estate Head of Citibank during 1987 to 1992 and Managing Director of Citigroup in 2003. Mr. Ip was Asia Investment Finance Head of Citigroup Global Wealth Management from 2006 to 2007 and a Managing Director of Investments at Merrill Lynch (Asia Pacific) from 2008 to 2011.

Mr. Ip is an Independent Non-Executive Director of New World Development Company Limited, Power Assets Holdings Limited, Lifestyle International Holdings Limited and TOM Group Limited. He is a Non-Executive Director of Eagle Asset Management (CP) Limited, as Manager of Hong Kong listed Champion Real Estate Investment Trust. He was previously Independent Non-Executive Director of Hopewell Holdings Limited, Hopewell Highway Infrastructure, New World China Land and AEON Credit Service (Asia). Mr Ip was CEO of Langham Hospitality Investments Limited until April 1, 2019.

Mr. Ip is an Honorary Professor of Business of Lingnan University, a Professor of Practice (International Banking and Real Estate) at The Hong Kong Polytechnic University, an Adjunct Professor of City University of Hong Kong, The Hong Kong University of Science and Technology and The Hang Seng University of Hong Kong, an Adjunct Distinguished Professor in Practice of University of Macau, a Council Member of The Hong Kong University of Science and Technology, a trustee of the Board of Trustees at Washington University in St. Louis, and a Vice Chairman of the Board of Governors of World Green Organization Limited. Mr. Ip holds a Bachelor of Science degree at Washington University in St. Louis (summa cum laude) and Master of Science degrees at Cornell University and Carnegie-Mellon University. He is an Honorary Fellow of Vocational Training Council.

Sin, Yat-ming

Leo Sin Yat-ming

Teaching Areas

I Ching and Leadership

Research Interests

Chinese Wisdom and Management

Zhan, Xintong


Prof. Xintong (Eunice) Zhan is an Assistant Professor of Finance and Real Estate at The Chinese University of Hong Kong (CUHK). She is also a Chartered Financial Analyst (CFA) and a Chartered Alternative Investment Analyst (CAIA). Before joining CUHK, she was an Assistant Professor of Finance at Erasmus University Rotterdam. She received her Ph.D. in finance from The Chinese University of Hong Kong in 2016 and B.A. in finance from Guanghua School of Management, Peking University in 2012. She has published multiple papers in Management Science.

Teaching Areas

Financial Management
Real Estate Finance

Research Interests

Empirical Corporate Finance
Empirical Asset Pricing
Corporate Social Responsibility
Financial Accounting
Real Estate Finance

  • Grants
    • “Sustainability or Return? The Impact of Sustainability Rating on the Flow-Performance Sensitivity of Mutual Funds”, Early Career Scheme awarded by Research Grants Council, 2019-2021 (Principal Investigator)
    • “Textual Analysis and the Cross-Section of Equity Option Returns”, General Research Fund awarded by Research Grants Council, 2019-2022 (Co-Investigator)
    • “ESG Preference and Market Efficiency”, Alternative Risk Premia Research Grant awarded by the Paris-Dauphine House of Finance and Unigestion, 2019-2020
    • “Option Trading and Corporate Debt Structure”, awarded by Canadian Derivatives Institute (CDI), 2016-2018
    • “What Drives Option Return Predictability?”, awarded by awarded by Canadian Derivatives Institute (CDI), 2016-2018
    • “Does Peer Pressure Impact Corporate Social Responsibility? A Regression Discontinuity Analysis (同業壓力如何影響企業社會責任?基於斷點回歸方法的分析)”, General Research Fund awarded by Research Grants Council, 2015-2017 (Co-Investigator)
  • Awards and Honours
    • ETF Research Academy Award of the Paris-Dauphine House of Finance and Lyxor Asset Management, 2018
    • Best Paper Award, The 26th Conference on the Theories and Practices of Securities and Financial Markets, 2018
    • Chicago Quantitative Alliance (CQA) Academic Competition, Chicago, 2017
    • Chicago Quantitative Alliance Asia (CQAsia) Academic Competition, Hong Kong, 2016
    • Zephyr Prize, Best Paper in Corporate Finance, The 28th Australian Finance & Banking Conference, 2015
    • Outstanding Paper Award, The 9th International Conference on Asia-Pacific Financial Market, 2014
    • Best Paper Award, The 22nd Conference on the Theories and Practices of Securities and Financial Markets, 2014
  • Academic/Professional Services

    1. Speakers at Professional and Public Events

    • Inquire Europe Fall Seminar, 2018, Budapest, Hungary
    • 4th Geneva Summit on Sustainable Finance, 2018, Geneva, Switzerland
    • Chicago Quantitative Alliance Asia Conference, 2018, Hong Kong
    • China Institute of Finance and Capital Markets, 2017, Beijing, China
    • 2nd Asian ETF Summit, 2017, Hong Kong
    • Chicago Quantitative Alliance Annual Conference, 2017, Chicago, U.S.
    • 11th Annual Risk Management Conference, 2017, Singapore
    • 3rd Geneva Summit on Sustainable Finance, 2016, Geneva, Switzerland
    • Chicago Quantitative Alliance Asia Conference, 2016, Hong Kong
    • Macquarie Global Quantitative Research Conference, 2016, Hong Kong
    • 10th Advances in the Analysis of Hedge Fund Strategies Conference, 2015, London, U.K.
    • Chicago Quantitative Alliance Asia Conference, 2015, Hong Kong

    2. Journal Referee Service

    • Management Science
    • Review of Finance
    • Journal of Banking and Finance
    • Journal of Business Ethics
    • Journal of Corporate Finance
    • Journal of Futures Markets

    3. Conference Organisation/Review Service

    • The Northern Finance Association Annual Meetings, 2019
    • The Financial Management Association Annual Meeting, 2019
    • Surrey & IFABS Conference on Firm Value Maximisation and Corporate Social Responsibility, 2016

Yang, Yang (Zoe)

Teaching Areas

Hospitality Real Estate
Property Development and Investment

Research Interests

Urban Economics and Real Estate
Chinese Economy
Environmental Economics

  • Academic/Professional Services

    Journal Referee

    • Management Science, Jun 2018-Present
    • Journal of Housing Economics, Feb 2017-Present
    • Real Estate Economics, Jun 2015-Present

Chan, David


Prof. David Chan has over 30 years’ extensive hotel experience with Peninsula, Regent, Marriott and Hyatt with several senior international assignments. He had been the General Manager of Grand Hyatt Guangzhou since 2009 and later the Area Vice President of Hyatt International, also overseeing Park Hyatt Guangzhou, Hyatt Regency Chongqing, Hyatt Regency Dongguan, Hyatt Regency Guiyang, Park Hyatt Sanya Sunny Bay, Grand Hyatt Sanya Haitang Bay, and the pre-opening of Andaz Sanya Sunny Bay.

Teaching Area and Research Interest

Hotel and Tourism Management

Hu, Maggie Rong


Prof. Maggie Hu is currently an Assistant Professor of Real Estate and Finance at The Chinese University of Hong Kong. She received her PhD in Finance in 2013, and Bachelor of Engineering from National University of Singapore in 2008. Her main research interests include empirical corporate finance, banking and real estate finance. Her research papers have been presented at several international finance and real estate conferences, and published in leading journals such as Journal of Financial and Quantitative Analysis and Real Estate Economics.

Teaching Areas

Real Estate Finance

Research Interests

Real Estate Finance and Economics
International Finance
Empirical Corporate Finance

  • Grants
    • UNSW Business School Special Research Grant with AU$7,000, 2014-2015
    • Australian Research Council (ARC) Linkage Grant with AU$625,000, 2014-2017
    • UTS Business School Research Grant with AU$9,914, 2015-2016
    • UNSW Business School Special Research Grant with AU$5,760, 2016-2017
  • Awards & Honours
    • 3rd Place, Best Paper Award at Global Real Estate Summit (AsRES joint with GCREC), 2015
    • Best Paper Award at Indonesian Financial Management Association (IFMA) International Conference, 2016

Hou, Cynthia


Dr. Cynthia Hou joined the School of Hotel and Tourism Management, The Chinese University of Hong Kong (CUHK) in September 2015. Before her current position, she worked as a Postdoctoral Fellow at Department of Civil Engineering at HKU, a post she took up after completing her PhD studies in Department of Real Estate and Construction at HKU in September 2013.

She is now teaching three courses, including Hospitality Facilities Planning and Management, Mastering Service Excellence and Strategic Facilities Development and Management. She had developed her passion in teaching during her PhD studies in HKU as a tutor for a Common Core Course entitled Property Rights, Built Heritage and Sustainable Development. She was also employed as a part-time Lecturer for the joint Honorary Bachelor’s Degree Programme in Engineering and Management jointly offered by Edinburgh Napier University and the HKU School of Professional and Continuing Education. Her teaching workload included a combination of classroom teaching, thesis supervision, and tutorial format supervision work. With such a diverse range of teaching experience, she has become a versatile teacher, and has been well-received by fellow instructions and students alike due to the way she balances helpful instruction, fairness in evaluation and meeting educational objectives. Aside from classroom teaching, she also extends her teaching outside classroom and organises field trips for students to witness professional real estate and facilities management in practice. She encourages students to connect the management theories with real life practice. The activities have enjoyed great popularity among students.

She has been trained to conduct independent research for a number of funded research projects. During her time as a Postdoctoral Fellow, she had attained abundance of team-based consultancy projects entitled as Development of The Hong Kong Green Building Product Labelling Scheme funded by Hong Kong Green Building Council and Establishing a Hong Kong Based Carbon Labelling Framework for Construction Materials funded by Hong Kong Construction Industry Council. The experience of working closely with different researchers and stakeholders from the real estate and construction industry have enabled her to develop the rapport within a team that is necessary to successfully achieving meaningful results in research projects, as well as for understanding green practices in the real estate and construction industry in Hong Kong. Currently, she is working on one industry-based project funded by Hong Kong Institute of Surveying, entitled as The Effective Use of Web-based Tool for Property Management Companies in Hong Kong, and a Small Funding Project by HKU, entitled A Social Network and BIM Enabled Collaboration System for Residential Building Refurbishment. She has engaged in a number of research areas, including facilities management, service outsourcing, strategic management in property and facilities management, sustainability in hotel management, sustainable tourism management etc. She has committed considerable effort to publishing academic papers in renowned academic journals in real estate and built environment studies, including International Journal of Strategic Property Management, Habitat International, the International Journal of Supply Chain Management, Facilities, etc.

Teaching Areas

Hospitality Facilities Planning and Management
Specialty Tourism
Mastering Service Excellence
Facilities Development and Management
Revitalisation of Historic Buildings in Hong Kong

Research Interests

Corporate Real Estate Management
Facilities Management
Urban Redevelopment and Revitalisation

Lin, Veronica


Dr. Veronica Lin joined the School of Hotel and Tourism Management as Professional Consultant in September 2015 after nearly ten years of working in real estate consultancy and real estate investment companies. Prior to joining academia, she was analyst and investment manager in JLL and Generali Real Estate, a global real estate asset management company. Dr. Lin obtained her BSc(Surveying) degree and PhD in Real Estate from HKU. As a practitioner in real estate asset management, she has strong experience in real estate transactions and investment analysis in Asia markets and extensive network with industry players including brokers, investors, developers and real estate fund managers.

Dr. Lin teaches a broad range of undergraduate real estate investment courses and postgraduate quantitative real estate finance courses, including investment and development feasibility studies, financial modelling, portfolio theory and risk return analysis. She is a member of the Royal Institute of Chartered Surveyors (RICS). She is very active in industry seminars and conferences and involved in events organised by Hong Kong Institute of Surveyors (HKIS) and the Royal Institute of Chartered Surveyors (RICS). Veronica is devoted to nurturing local real estate talents from her enriching experiences in her work.

Teaching Areas

Real Estate Investments
Property Investment and Developments
Real Estate Finance

Research Interests

Real Estate Economics
Real Estate Finance and Investment
Portfolio Construction and Risk Management

Liusman, Ervi


Dr. Ervi Liusman joined the School of Hotel and Tourism Management (SHTM) of The Chinese University of Hong Kong (CUHK) as a Lecturer in 2014. Prior to that, she was a Senior Research Assistant and a Post-doctoral Fellow at Department of Real Estate and Construction of the University of Hong Kong (HKU) from 2010 to 2014. Prior to joining academia, she was a Research Analyst at JLL Hong Kong from 2007 to 2010, in charge of Hong Kong residential and retail market analysis. Dr. Liusman obtained her BEng in Real Estate from Tarumanagara University, and MSc in Real Estate and PhD from HKU. She currently teaches Hospitality Real Estate, Real Estate Market Studies, and Shopping Mall Investment and Management. Despite teaching, she is interested in undertaking real estate related research, such as shopping mall management, office market and agglomeration economics, land supply and housing market, performance of property management companies, sustainable urban renewal, and sustainable built heritage.

Teaching Areas

Hospitality Real Estate
Shopping Mall Investment and Management
Real Estate Valuation

Research Interests

Real Estate Economics
Commercial Real Estate
Asset Pricing
Behavioural Economics
Land Supply
Urban Renewal

Gao, Zhenyu


Prof. Zhenyu Gao is an Assistant Professor in Finance at The Chinese University of Hong Kong (CUHK) Business School. Prof. Gao joined CUHK Business School in 2014. His primary research interest is in asset pricing, behavioural finance, real estate finance, and Chinese economy. He received his PhD in Economics from Princeton University and MA in Economics as well as BS in Astrophysics from Peking University.

Teaching Area


Research Interests

Asset Pricing
Behavioural Finance
Real Estate Finance
Chinese Economy

  • Publications & Working Papers
    • Ting Chen, Zhenyu Gao, Jibao He, Wenxi Jiang, and Wei Xiong (Forthcoming), “Daily Price Limits and Destructive Market Behaviour,” Journal of Econometrics.
    • Darwin Choi, Zhenyu Gao, and Wenxi Jiang, “Attention to Global Warming.”  In-principle acceptance of RFS Climate Finance registered report, completion of the paper in progress, Review of Financial Studies.
    • Zhenyu Gao, Haohan Ren, and Bohui Zhang, “Googling Investor Sentiment around the World,” Revise & Resubmit, Journal of Financial and Quantitative Analysis. 
    • Zhenyu Gao, Michael Sockin, and Wei Xiong, “Economic Consequences of Housing Speculation.”
    • Zhenyu Gao, Michael Sockin, and Wei Xiong, “Learning about the Neighbourhood.”
    • Ran Duchin, Zhenyu Gao, and Haibing Shu, “Involuntary Political Connections and Firm Outcomes.”
    • Zhenyu Gao, Wenxi Jiang, and Da Tian, “Liquidity-based Stock Network.”
    • Zhengyu Gao, Jiang Luo, Haohan Ren, and Bohui Zhang, “Are Institutional Traders Sentimental?”
    • Zhengyu Gao, Po-hsuan Hsu, and Sahn-wook Huh, “Technology Competition and Informed Trading: Evidence from Weekly Patent Announcements.”
  • Grants
    • “Daily Price Limits and Contagion in Stock Markets”, General Research Fund awarded by Research Grants Council, 2018-2020
    • “Measuring Investor Sentiment in the Housing Markets”, Early Career Scheme awarded by Research Grants Council, 2015-2017
  • Awards & Honours
    • Emerald Best Paper Award at the China Finance Review International Conference, 2017
    • Princeton University Fellowship, 2008-2013
  • Academic/Professional Services
    • Ad-hoc Referee for the American Economic Review, the Journal of Finance, the Journal of Empirical Finance, and the Journal of Banking and Finance
    • Seminar coordinator, Department of Finance at CUHK Business School, 2014-2017