Thai billionaire Chatchaval Jiaravanon partners with Hong Kong-based asset manager to invest in South-east Asia’s luxury real estate market

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Chatchaval Jiaravanon (left) and Gigi Chan (right).

11th December 2023 – (Hong Kong) A prominent member of Thailand’s wealthiest family, Chatchaval Jiaravanon, has joined forces with a Hong Kong-based asset manager to venture into the lucrative luxury real estate market in South-east Asia. Chatchaval, hailing from the billionaire family that controls the renowned Charoen Pokphand Group, is spearheading a group of investors in CMAG Funds, a new investment pool overseen by Wonder Capital Group. In collaboration with Thai real estate agency IFCG, their aim is to target high-end properties in the region, with ambitious plans to raise up to US$100 million, as confirmed by Gigi Chan, the founder and CEO of Wonder Capital.

Chan expressed strong confidence in the South-east Asian market, deeming it one of the most promising prospects for global investors. The establishment of CMAG’s first investment will revolve around Cambodia’s tallest building, Mesong. CMAG is set to become a major shareholder in this 71-story mixed-use tower, which is under development by Wonder Capital’s subsidiary and is projected to reach completion by 2025.

Despite the challenges faced by the global real estate sector in recent times, including interest rate hikes resulting in vacant office spaces and reduced buyer interest, Chatchaval, who also holds ownership of Fortune Magazine, views the new fund as a long-term opportunity within a market he is intimately familiar with. He firmly believes that regardless of interest rates, the demand for high-end properties will persist. Chatchaval emphasized that luxury properties in South-east Asia serve not only the local market but also international clients, thereby solidifying his bullish outlook on the sector.

By leveraging their collective expertise and capital, Chatchaval Jiaravanon, CMAG Funds, and Wonder Capital Group are well-positioned to capitalize on the thriving luxury real estate market in South-east Asia. As the region continues to attract global investors, their strategic partnership aims to unlock substantial value and lucrative opportunities for all stakeholders involved.