SHENZHEN: Chinese property manager Vanke Service, a subsidiary of real estate company China Vanke Co Ltd, is eyeing the property management business in Malaysia.
Vanke Service (Hong Kong) Co Ltd managing director Log Lin, however, said it is too early to mention details of its plan for Malaysia.
“Let us work on the Hong Kong market first to gain experience for the Malaysian business,“ he told Malaysian media during a familiarisation trip here.
Vanke Service has set up its property management business in Hong Kong and will roll out its property management system there next year.
Lin said Vanke Service’s property management revenue contribution is “not big” but noted that it helps to boost the company’s image in terms of branding and reputation.
Coupled with the group’s main business in property development, he believes Vanke is able to manage and sell properties, accumulating quality prospects in the real estate industry.
Vanke Service focuses on six businesses, including residential property services, commercial office property services, developer services, asset-based services, building-based services and life-based services.
As at Dec 31, 2018, Vanke Service managed assets worth 7.3 trillion renminbi (RM4.29 trillion) with a management area of 530 million sq m. It has 2,486 management contracts, managing 1,975 residential properties and 511 commercial offices.
Last year, Vanke Service raked in 9.8 billion renminbi in revenue, up 33% from a year ago.