Firm set up to tap commercial real estate
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E-Commercial China, the country's first major commercial property services provider, was set up yesterday in Shanghai to tap the country's rapidly growing commercial real estate market, which is now dominated by international players.
Under its initial plan, the US$20 million venture, 60 percent held by New York-listed E-House China (Holdings) Ltd, a leading property services company in China, will open up to five branches this year in cities, including Shanghai, Beijing and Guangzhou. It aims to expand to more second-tier cities such as Chengdu, Chongqing, Wuhan and Xi'an due to high demand, a company official said.
"More clients across the country - such as governments, developers and investment institutions - have been seeking professional advice for development and operation of commercial properties over the past decade amid the country's strong economic growth and rapid urbanization," said Andrew Zhu, co-founder and president of E-Commercial China.
Commercial properties include offices, retail malls, hotels and warehouses.
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