《CHINA DAILY》: Vanke Service launches sub-brand for commercial property management services
Vanke Service Co., Ltd., a leading provider of property management services in China, has launched a standalone sub-brand for its commercial property management services, as part of the company’s growing effort to make headway in this booming sector in China.
This move highlights Vanke Service’s two-pronged strategy focusing on the management services of both residential and commercial properties.
Zhu Baoquan, chief executive officer of Vanke Service, announced the launch of the standalone sub-brand at the recent 4th China Property Management and Innovative Development Forum in Shenzhen city, Guangdong province.
Vanke Service will also establish a new subsidiary dedicated to delivering commercial property management services, said Zhu. The brand launch also marks a strategic shift for Vanke Service to pursue quality growth as merger and acquisition activities in property management services are cooling down in China.
Investment in China’s commercial real estate sector grew 30% year-on-year in 2017 to reach 273 billion yuan($39.4 Billion), according to an earlier report published by real estate consultancy service provider Cushman & Wakefield.
Vanke Service entered this sector in 2015 and has achieved rapid growth. The sector contributed 1.34 billion yuan to the company’s total revenue last year.
In recent years, the company has clinched partnerships with a number of leading Chinese companies such as Internet giants Alibaba, Tencent, and JD.com, telecoms behemoth Huawei Technologies, mobile operators including China Mobile and China Unicom, and Tongji University. Vanke Service had completed 481 commercial projects in 52 cities in China by August 2018.
“Vanke Service has been a trailblazer in China’s residential property management sector in the past decades,” said Zhu. “We are always ready to learn from and collaborate with established international players in the commercial sector to enhance our service capabilities and achieve our goal of becoming a strong and long-lasting company.”
Vanke Service is a subsidiary of China Vanke Co., Ltd., one of the largest real estate companies in China, which is listed on the Shenzhen and Hong Kong stock exchanges.
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