ING Real Estate has named Richard Price as CEO of its Asian investment management business.

Price has been serving as the interim CEO of the Asian investment management business for around three months and has been a member of ING Real EstateÆs supervisory board and investment committee since 2004. He stepped in as interim CEO after Robert Lie left the firm to head a new Asian operation for Dutch property firm Redevco.

Based in Hong Kong, Price will become a member of the global management team for ING Real Estate Investment Management.

Price, who is fluent in Mandarin, has lived and worked in Hong Kong and Beijing between 1993 and 2000. His on-the-ground knowledge and experience is expected to serve him well in his new role as it covers all aspects of the direct real estate investment and development process in Asia in general and China in particular.

Price sees some of the best Asian real estate investment opportunities over the coming 12 to 18 months in Japan, where rising borrowing rates and a cut in bank lending for property could persuade some landlords to sell.

David Blight, chairman and CEO of ING Real Estate Investment Management, notes that Asia is a market that has been targeted for growth and having a leader who can merge both international and local knowledge with client and management expertise will augur well with the firmÆs expansion plans in this region.

ING Real Estate is an integrated real estate group focused on the development, financing and investment management of real estate in all major global markets with a total portfolio of over Ç100 billion, including around $15 billion in Asia. ING Real Estate is part of ING Group.

Price is a co-founder and member of the board of the China US Real Estate Council, where he currently serves as president.

Prior to taking on the interim CEO role in Asia, Price worked for ING Real Estate in New York as a member of the global marketing group and US management committee where he had responsibility for marketing and client service for the companyÆs international institutional clients. Before that, he was based in the companyÆs head office in the Hague as general manager of ING Real EstateÆs Asian business and a member of the companyÆs global management team. He joined ING Real Estate in 1996 as China country manager in Beijing.