With five Premium Outlet centers in Japan, along with a growing list of regional opportunities, the Chelsea division is well versed in the Asian market. Most recently, the division announced its joint venture alliance with Seoul, South Korea-based retail developer Shinsegae, to build upscale centers in that country. In March, Chelsea opened the $44-million, 178,000-sf Toki Premium Outlets, near the City of Nagoya.

"Most of the Asian economy is doing well, and there is a demand for high-quality retail there," Chao tells GSR. "The consumer in this market is becoming more brand and quality conscious, and the development of high-quality real estate hasn't kept up."

The regional office will be headed by Renee Ting, managing director, who has extensive experience in Hong Kong, Beijing and Shanghai. Prior to joining Simon, Ting worked with Shui On Properties Limited as well as the development arm of Pacific Century CyberWorks.