One of the leading Chinese financial service providers China Daisy Group has entered into a partnership Savills to establish a joint-venture property service enterprise.
The basic purpose of this joint venture is to expand its business in property and asset management services, as stated by the group’s top management.
“Together with Savills, we will integrate resources and promote the development of the property and asset management industry,” said Byron Zhao Xichen, chairman of the board of directors of the group.
Under this deal, both the companies will participate in the property and asset management, promotion of value-added services, extension of the industry’s value chain and other areas, sharing resources in terms of projects, management experiences and technology platforms.
The joint venture that lately started with its operations, has already begun to provide property management services to Daisy Financial Center. At present, it is getting transformed and upgraded to a high-end office project.
“Property developers in the future will bring more add-on services rather than just the basic office building,” said Robert McKellar, executive chairman for Savills in the Asia Pacific. “To better satisfy increasing requirements from tenants, landlords should provide better facilities, customized services and develop smart office operations and property management systems,” he said.
Further, the group is planning to put in additional investments of 500 million yuan in the project by May 2019. China Daisy Asset Management Co, on the other hand, has paid cumulative capital of 12.3 billion yuan ($1.8 billion).
“Daisy Financial Center is unique in both location and physical environment. China Daisy Group has been conducting extensive research to understand key client requirements to better accommodate this target demographic,” said Anthony McQuade, managing director of Savills in North China.
With the growth of its capital management operations, the group started to buy out more domestic properties in the recent years.