Manulife US Real Estate Management Pte. Ltd., as manager of Manulife US Real Estate Investment Trust announced that Mr. Hsieh Tsun-Yan, 69, will retire as Board Chairman, Non-Independent Non-Executive Director and Nominating and Remuneration Committee member of the Manager on 30 September 2022. Having served the board for more than seven years, Mr. Hsieh is retiring as part of an orderly board renewal and succession planning process.

The Manager has identified potential candidates and is in the process of finalising the new Chair with the appointment to be announced in due course. Pending such appointment, Mr. Stephen James Blewitt, Non-Independent Non-Executive Director will take over as the interim Chairman. Under Mr. Hsieh's stewardship, MUST has grown from a portfolio of three assets worth USD 777 million to one of 12 assets worth USD 2.2 billion as at 31 December 2022, including the completion of three acquisitions during the volatile market conditions in the midst of the COVID-19 pandemic period in December 2021.

During his tenure, MUST also entered the FTSE EPRA Nareit Global Developed Index in December 2019, opening its doors for increased institutional participation. Under his watch, as the pandemic disrupted employees' return to office, MUST also formulated and embarked on its strategies of entering into high-growth sunbelt markets/magnet cities, as well as partnering with best-in-class flex operators and shortlisting assets for rejuvenation to offer tenants office spaces that meet their need for flexibility and modernised amenities. Under Mr. Hsieh's leadership, MUST also emerged as an Environmental, Social and Governance (ESG) steward, ranking high in its GRESB, MSCI ESG and Sustainalytics scores.