DAVID ZHANG

General Manager, Investment Committee Member

STONE XIAO

Chief Investment Officer, Investment Committee Member

Stone Xiao is the Chief Investment Officer (CIO) of the Investment Manager and a Responsible Manager under the Licensee’s Australian Financial Services Licence (AFSL). He also serves on the Investment Committee and acts as the firm’s Compliance Officer, overseeing the compliance framework and risk governance under the AFSL.

With over 18 years of experience in real estate, funds management, and finance, Stone supports the firm’s investment strategy, capital structuring, and transaction execution, with a focus on prudent risk management and investor outcomes.

Stone has led or advised on over $2 billion in real estate and structured finance transactions across residential, commercial, and mixed-use sectors. His expertise spans fund structuring, trust accounting, investor reporting, risk management, and end-to-end deal execution.

Combining institutional discipline with entrepreneurial insight, Stone identifies and manages high-conviction investment opportunities with precision and foresight.

He is a Fellow CPA (CPA Australia), Chartered Accountant (CA ANZ), and holds a Bachelor of Commerce (Accounting) from Macquarie University. He is also a licensed Real Estate Agent and Strata Managing Agent in New South Wales.

GEOFF ROBINSON

Head of Investment - Consultant

Geoff is an experienced leader in property investment specialising in borrower relationships, deal review and execution. With over 25 years of experience in property valuation, development management and commercial property finance he offers a multi-dimensional perspective and a vast national network across key property sectors.

His career began in property valuation across the core sectors before specialising in residential development valuations. This foundation allowed him to develop a strong ability to assess value versus risk. His expertise deepened through roles working in development management, followed by senior national roles in property finance where he was responsible for property risk, deal structuring and client coverage at Australia’s two largest banks. In these roles, Geoff supported a diverse range of domestic and international clients across business banking and corporate property finance.

Geoff is a certified valuer without limitation and an Associate and former NSW Divisional Councillor of the Australian Property Institute. He holds a Bachelor of Commerce (Property Economics) from the University of Western Sydney.

PETER WARNE

Head of Credit - Consultant

Peter is the credit Manager, responsible for overseeing finance application due diligence and decision-making processes for finance applications. With over 40 years of experience in Property Finance, including a prominent tenure at Australia’s largest bank, Peter brings deep expertise to leading the Line 1 Risk function.

Throughout his career, Peter has worked across a diverse range of asset classes, including traditional sectors such as commercial, industrial, large-scale bulky goods, retail, and residential (investment and development). He also has specialised knowledge in asset types including accommodation, motels, pubs, and self-storage facilities.

Peter holds multiple finance qualifications from Charles Sturt University and the Securities Institute of Australia.

STEPHEN FRASER

Credit Risk Committee Member

Stephen Fraser brings over 30 years of experience in credit risk, property finance, and commercial banking. As a key risk executive and member of the Credit Risk Committee at TBLESS, he leads the firm’s credit strategy, governance, and oversight of lending activities.

Stephen currently serves a leading challenger Bank in a Relationship Director position and previously led the property risk and construction credit function. Under the core property risk position, he held the primary responsibility for the management of risk, capital, valuations and construction and investment policy.

He previously held senior credit leadership roles at National Australia Bank, managing complex real estate finance and holding one of the largest individual credit approval authorities within the Property Corporate and Business Banking divisions.

He holds a Bachelor of Commerce (Property Economics), a Graduate Diploma in Applied Finance and Investment and a Graduate Diploma in Business Operations Management. Having previously undertaken specialised, development, commercial and office valuations Stephen, brings deep expertise in credit assessment, risk management, and real estate investment.

IAN HARRISON

Credit Risk Committee Member

Ian Harrison is a member of the Credit Risk Committee, bringing over two decades of senior experience in commercial and property banking. He has led high-performing teams within major financial institutions, specialising in property finance, credit structuring and corporate relationship management.

With deep expertise in property development, investment lending and credit risk, Ian has overseen portfolios valued at in excess of $800 million. Ian most recent held senior executive roles at St.George Bank, where he led a Property Finance NSW division and contributed to national growth across the sector. He has also provided commercial lending oversight at 360 Capital, serving on its Investment Credit Committee.

Ian holds a Bachelor of Economics from Macquarie University and brings a strong track record of strategic execution, governance and financial oversight to every role. He is a trusted professional, respected by clients, colleagues and industry peers.

JACK QIAN

Credit Risk Committee Member

Jack Qian serves as a member of the Credit Risk Committee, where he provides independent advice and oversight in the assessment of project-specific investment opportunities.

With over 35 years of experience in the building and property industry, Jack is a seasoned professional with deep expertise in project delivery, residential and commercial property markets, project financing, risk analysis, and operational requirements.

He has worked with both local and international companies, contributing to land use analysis, planning and design optimisation, project feasibility assessment, and all aspects of design and construction.

Doubtfire Liu

Advisory Board Member | Development & Project Management

Doubtfire Liu brings over two decades of development and project management expertise across Australia and China to the TBLESS advisory board. With deep experience in mixed-use, residential, logistics and industrial assets, he enhances the investment team’s capability in project governance, feasibility assessment and development risk management.

He has advised leading global institutional investors including LaSalle Investment Management, Allianz and Warburg Pincus, delivering major logistics portfolios and complex mixed-use projects exceeding 3 million square metres. His background includes senior roles at Jones Lang LaSalle (JLL) and M+W Zander Group, where he oversaw large-scale industrial, semiconductor and institutional developments.

Doubtfire provides specialised insight in development strategy, technical due diligence and delivery oversight, supporting TBLESS’s disciplined project selection and execution.

He holds a Bachelor of Arts in Technology English & Materials Engineering from Nanjing University of Science Technology (NUST), an International Project Management Professional (IPMP) certification and Building & Construction qualifications from TAFE NSW

YEE WANG

Investment Analytics Advisor | Business Intelligence Specialist

Yee Wang is an experienced Investment Analytics Advisor with over a decade of expertise in financial strategy, performance improvement, and data-driven transformation. She bridges the worlds of finance and technology to deliver analytical insights that support smarter investment decisions and sustainable growth.

With a background across the Big Four and leading advisory firms, Yee has led initiatives in financial modelling, investment analysis, and digital transformation—enabling executive teams to turn complex financial data into strategic clarity and measurable results.

A qualified CPA and holder of a Master’s degree in Finance from Macquarie University, Yee combines analytical rigour with commercial foresight to deliver clarity, confidence, and long-term value through financial intelligence.