CB Richard Ellis Creates Venture to Provide Property Management Services in China

By Keat Foong, Executive Editor Shenzhen, CHINA—CB Richard Ellis Group Inc. has joint ventured with the largest residential developer in China to provide property management services in China. CB Richard Ellis says its partnership with Vanke represents a new business model within the real estate industry in China, and it is intended to combine “strong local market knowledge and expertise with international best practices.” The venture will provide property management services to high-end residential properties, such as single family houses, town houses, serviced apartments and luxury apartments, that are developed by Vanke. The Shanghai-based venture will be jointly managed by representatives from both companies. “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.,” says Chris Brooke, president and CEO, CB Richard Ellis, Greater China. Over the past decade, CB Richard Ellis has built its business capabilities across Greater China and has become a leader in the real estate market in the region. The company 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.