CB Richard Ellis Group Inc., the largest global real-estate services provider, and Vanke, the largest residential developer in China, announced this week they have established a joint venture to provide residential property-management services in China.

The partnership, intended to leverage the leading-edge capabilities of both organizations via the combination of strong local market knowledge and expertise with international best practices, also represents a new business model within the real-estate industry in China.

A signing ceremony was held in Shenzhen attended by Rob Blain, chairman and CEO, CB Richard Ellis, Asia-Pacific; Chris Brooke, president and CEO, CB Richard Ellis, Greater China; Alfonso Chu, executive director, asset services, CB Richard Ellis, Greater China; Yu Liang, president of Vanke; Xie Dong, executive vice president of Vanke; and Larry Hui, vice president of Vanke.

Under the terms of the agreement, the joint venture will be jointly managed by representatives from both companies. The venture will be headquartered in Shanghai and will provide property-management services to high-end residential properties developed by Vanke and its subsidiaries and affiliates.  These properties will include a wide range of projects including single family houses, town houses, serviced apartments and luxury apartments.  The venture is expected to be operational by October 1, 2008.

“We see the partnership not only as a major step forward in terms of the growth of our asset-services business line in China, but also as an important milestone in relation to our development strategy within Greater China.  The joint venture will be well placed to leverage international best practices from within the global network of CB Richard Ellis, which can then be adapted to the market in China based upon the local knowledge and expertise of both parties.  We look forward to successful collaboration with Vanke in relation to this venture, as well as the development of a long-term strategic partnership with Vanke going forward,” said Brooke.

“Vanke is fully committed to developing mainstream residential projects in various cities and to delivering an excellent customer experience via the provision of high-quality residential products and superior services. The endeavor announced today forms part of our strategy to collaborate with other companies.  We believe that by using the very powerful property-services platform and extensive track record of CB Richard Ellis, Vanke will be able to enhance its service-quality levels as well as service innovation in relation to high-end property-management services. In addition, it will be beneficial for Vanke to offer a full range of products and services and deepen Vanke’s understanding of advanced international practices so as to reinforce Vanke’s market competitiveness going forward,” said Yu Liang. 

Over the past decade, CB Richard Ellis has focused on building business capabilities across Greater China and has become a leader in the real-estate market in the region. CB Richard Ellis currently has 14 offices throughout Greater China, with offices in mainland China, as well as Hong Kong and Taiwan. The company plans to further expand the geographical coverage and range of services offered to clients throughout Greater China.

The asset-services business line at CB Richard Ellis, one of the leading business lines of the company in Greater China, provides property-management services in accordance with the global standards of the company.  The services provided are designed to reflect and satisfy the diverse needs of clients based on unparalleled quality and the latest technologies.  With a strong presence in Greater China, the asset-services business line currently manages a large portfolio of commercial, retail, industrial and residential properties, providing services spanning property and tenancy management, facilities management, asset management and CBRE System Solutions.

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