CHINA – 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 business.
“This 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.”