CHINA - Media
OutReach - 12 December 2019 - Cushman & Wakefield (NYSE: CWK), a leading global real estate
services firm, announced the formation of a new asset services company with
Vanke Service today. The new company will jointly develop certain commercial
real estate property and facilities management operation services across
Greater China further enhancing the two companies by creating greater value and
service delivery for clients across the region.
Vanke Service is a core subsidiary of China Vanke, a leading
best-in-class Chinese real estate development company. Vanke Service is a top
Chinese real estate service provider for over 2209 residential and 635
commercial projects by the end of 2018. Cushman & Wakefield is a leading
global real estate services firm with 51,000 employees in 400 offices and 70
countries. Cushman & Wakefield has 22 offices across Greater China
providing integrated real estate services to the local market.
This new asset services company will
have more than 1000 commercial property and facility management projects in
over 80 cities across Greater China, with more than 20,000 employees. The
market-leading scale, enhanced reach across Greater China and experienced team
will allow the new company to provide first-class commercial property and
facility management services in the market.
The new company only impacts PFM/asset services in Greater China; there
are no other changes to services in Cushman & Wakefield's Greater China
partnership with Vanke Service will provide opportunities for both companies to
create and add value across Greater China," said Brett White, Executive
Chairman & CEO, Cushman & Wakefield. "I'm excited about the
opportunity. We have a
strong position in the market, and through this partnership with Vanke, it will
create an even greater outcome to deliver excellence in client service and lead
the industry through innovation and constant improvement."
Tom Zhu, China Vanke Partner, CEO of Property Management, said: "Vanke Service stepped
onto the international stage through business integration. The strategic collaboration is a significant
consolidation in asset services across Greater China, not only in terms of service
offering but also strong resources and platform. The new company will integrate
the best advantages of each stakeholder to maintain/enhance our leading
position in Greater China."
The top executive
management of the new company is composed of members from both parties and will
be headed by CEO Johnson Yip, former Head of Asset Services, Greater China at
Cushman & Wakefield, and CFO Mo Fan, former Managing Partner, Business
Space Service, Vanke Service.
Johnson Yip, CEO of the new company, said: "I am thrilled to take on the
role of CEO for the new
leading asset services
partnership. The new company will fully integrate the talent and management
teams of both parties to lead the industry and optimize our collective value
across Greater China. We are committed to providing clients with comprehensive,
efficient and tailor-made solutions through our strong network of professionals
and our unique international and local perspectives."
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate
services firm that delivers exceptional value for real estate occupiers and
owners. Cushman & Wakefield is among the largest real estate services firms
with 51,000 employees in approximately 400 offices and 70 countries. Across
Greater China, there are 22 offices servicing the local market. The company won
four of the top awards in the Euromoney Survey 2017 and 2018 in the categories
of Overall, Agency Letting/Sales, Valuation and Research in China. In 2018, the
firm had revenue of $8.2 billion across core services of property, facilities
and project management, leasing, capital markets, valuation and other services.
To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.