Lisa M. Colacurcio
Head of Fund Management
Lisa Colacurcio is a Managing Director at Gemdale USA Corporation, where she is responsible for the strategic direction of the asset management business, establishing joint ventures and third-party investment vehicles.
Ms. Colacurcio brings over 20 years of real estate acquisition and fund management experience to the team. Prior to joining Gemdale USA, Ms. Colacurcio held positions at Paladin Realty Partners, UBS Wealth Management Real Estate, Donaldson, Lufkin, and Jenrette, as well as running her own investment vehicle. Ms. Colacurcio served in leadership capacities in Asia, the US, and Europe, executing over USD2bn in real estate transactions, and establishing and managing multiple cross-border real estate funds and joint ventures.
Ms. Colacurcio holds a Bachelor’s of Arts degree and a Master’s of Arts degree from Cornell University and an MBA from The Wharton School at the University of Pennsylvania.
Michael Daly serves as the Co-President of Gemdale USA. He is responsible for all East Coast investments and day-to-day management and operations of the New York Office. Mr. Daly brings over 35 years of experience as a real estate executive, including leadership roles for companies in the New York metropolitan area and nationally.
Previously, Mr. Daly served as Chief Operating Officer and Managing Director of Development at Jonathan Rose Companies in New York. Prior to joining Jonathan Rose Companies, Mr. Daly served over 25 years at Forest City Enterprises and related companies, where he was most recently President of Mesa Del Sol, responsible for the overall master plan and development of a 9,000-acre mixed-use, master-planned community in Albuquerque, NM. Prior to his work at Mesa Del Sol, Mr. Daly served as President and Founder of Sterling Glen Communities, an industry-leading developer, owner, and manager of luxury senior housing, with a portfolio of 11 buildings in New York, Connecticut and Pennsylvania. In earlier roles at Forest City, Mike was Senior Vice President of Commercial Development at Forest City Ratner in NY, responsible for the development of MetroTech Center in downtown Brooklyn and the New York Mercantile Exchange in Battery Park City, Manhattan. Mr. Daly began his career at Cushman & Wakefield in Downtown Manhattan.
Mr. Daly holds a Bachelor’s degree in Economics from Fairfield University.
Stephen D. Hutto
Chief Investment Officer
Stephen D. Hutto serves as the Chief Investment Officer of Gemdale USA. He is responsible for leading and guiding the company’s investment portfolio, setting long and short-term strategies/objectives, directs the investment policy and leads new business investment activities and ventures.
Prior to joining Gemdale USA, Mr. Hutto has served in multiple leadership capacities with broad geographic experience in multiple major markets across the country with JPI, AvalonBay Communities, McCaffery Interests, Means-Knaus Partners and Goldman Sachs’ Archon Group. With nearly 20 years of real estate experience, he has comprehensive experiences in property types such as multifamily, mixeduse, retail and office development. His operating skills include acquisitions, development management, portfolio management, leasing and asset dispositions.
Mr. Hutto holds a Bachelor’s degree in Business Administration and Finance from Texas Tech University, and a Master’s degree in Real Estate Development from Columbia University. In addition, he holds CCIM, ICSC, NAIOP, TREC, ULI and American Bankers Academy designations.
Michael H. Krupa
Michael H. Krupa currently serves as Senior Advisor to Gemdale USA and served as President of Gemdale USA from February 2013 to June 2021. He brings a wealth of real estate investment, business development, and operations experience to the company. Mr. Krupa plays a role in setting and monitoring company-wide strategy and initiatives and serves on Gemdale USA’s Investment Committee.
Prior to joining Gemdale USA in February 2013, Mr. Krupa served as Managing Director at The Milestone Group from 2009 to 2013, where he also served on Milestone's Investment Committee. From 2001 to 2009 he was an Executive Director in two divisions within UBS. Mr. Krupa also served on the Board of Directors of Mitsubishi Corp.-UBS Realty Inc., the externally advised asset manager to two Tokyo Stock Exchange-listed J-REITs, Japan Retail Fund as well as Industrial and Infrastructure Fund. Prior to joining UBS, Mr. Krupa served in investment banking capacities at McDonald Investments (a unit of Key Bank), Salomon Smith Barney, and one of its predecessors, Salomon Brothers, Inc., as well as at Kidder, Peabody, and Company.
Mr. Krupa has served as Adjunct Professor of International Real Estate at New York University and City University of New York. Mr. Krupa received his Bachelor's degree from Northeastern University and an MBA degree from Harvard Business School. He is a CPA, a member of the Harvard Alumni Real Estate Board of Directors, a member of the China Institute Board of Trustees, a member of the AFIRE (Association of Foreign Investors in Real Estate) Board of Directors, and is a past member of the Board of Directors of the National Multi-Housing Council.
Executive Vice President
Jim Steman is responsible for leading Gemdale USA’s Los Angeles Office and West Coast Development. Prior to joining Gemdale USA, Mr. Steman had a successful career working for Panasonic Real Estate Development, Universal Studios, Mills Corporation, and McCaffery Interests. Mr. Steman has twenty-five years of experience in numerous executive positions in the real estate industry focused on the successful development of over $5 billion of resort, themed entertainment, multifamily, office, historical renovation, and urban mixed-use projects. Mr. Steman was educated abroad in high school and speaks fluent Japanese. He is an LEED Accredited Professional and an ICSC Certified Development Professional. He is active in his community, having served on various boards including his zoning board.
Mr. Steman attained a Bachelor of Arts in Japanese and Economics and attended the Carlson School of Business at the University of Minnesota.
Executive Vice President
Dongbo Wang joined Gemdale Corporation in April 2002 and the Gemdale USA team in April 2016, where he serves as Executive Vice President.
At Gemdale in China, he served as General Manager for development, marketing and operations in the North China Region. Prior to joining Gemdale, Dongbo worked in the marketing department of the Xi'an Federation of Industry and Commerce and was responsible for corporate marketing. During his 14-year experiences in the real estate industry, he has been integrally involved in the areas of project conceptualization, planning, permitting, market and financial analysis, financing, retail leasing, as well as interface with design and construction.
Mr. Wang holds a Bachelor’s degree in Investment Economics from China Central University of Finance and Economics.
Executive Vice President
Lei Wang serves as Executive Vice President of Strategic Management and Operations. Prior to joining Gemdale USA, Mr. Wang served as General Manager of PowerChina Real Estate Group US Holding Limited where he led the company’s real estate investment and operations in residential, commercial, and industrial projects, including but limited to offices, multifamily apartments, and data centers. Prior to that, Mr. Wang served as Senior Vice President of Shanghai Sanmaq Project Management Consulting Services where he led the team providing overall project initiation and project management services in China for major US theme park investors and developers (e.g. Universal Studios, Six Flags, and Legoland, etc.). Prior to that, he served as Director of Project Management with Walt Disney Imagineering (Shanghai Disney Resort Development) where he led the project management team on the Shanghai Disney Resort project with major duties including team staffing, project and construction management, negotiations with vendors, and partners and providing insights and advice on setting up and executing strategies.
Mr. Wang holds a Bachelor’s degree in Structural Engineering from Huazhong University of Science and Technology, a Master’s degree in Civil Engineering from the National University of Singapore, and, a Master’s degree in Project Management from Northwestern University.
Regional Head, San Francisco Bay Area
Dong Yang leads Gemdale USA’s San Francisco Office where he is responsible for Gemdale USA’s investments and day-to-day operations for the San Francisco Bay Area.
Prior to joining Gemdale USA, Mr. Yang led the investment efforts of UG Real Estate (third-party investment management joint venture between Gemdale Corporation & UBS Global Real Estate), where he was integrally involved in the successful deployment and exit of fund capital for investments totaling over USD 1 billion. Mr. Yang brings over 20 years of real estate experiences to the team, having held positions at Gemdale’s Wins Investment, Tishman Speyer, Bentall Capital and Cushman Wakefield in such functional areas as real estate investment, development, financing, fund management and asset management in China as well as in the United States.
Mr. Yang holds a Bachelor’s degree in Economics from Guangdong University of Foreign Studies and an MBA degree with a concentration in finance and real estate from Pennsylvania State University.
Yi “Jason” Zhu
Chairman & CEO
Jason Zhu joined Gemdale Corporation in 2004 and serves as the Chairman and Chief Executive Officer of Gemdale USA. He is responsible for setting strategic direction, building and leading the senior executive team, and allocating capital in line with the company’s strategic priorities. Jason is also active in the global capital markets, particularly with Chinese investors.
Prior to joining Gemdale USA, Jason led Gemdale Corporation's Northwest China region, WINS Investment (Gemdale Corporation's third-party capital platform), and Capital Markets. He has served in leadership positions in various areas of Gemdale, including management, design, marketing, acquisitions and investments, private equity funds, and capital markets. Prior to Gemdale, he owned his own business in architecture and interior design. Jason is highly specialized in strategic management, negotiations, creative design and marketing.
Jason holds a Bachelor's degree in Architecture from Chongqing University and an MBA degree with a double major in Strategy and Finance from Indiana University.