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HONG KONG, Dec 13, 2021 - (ACN Newswire) - Shimao Services Holdings Limited ("Shimao Services" or the "Company"; HKEX Stock Code: 873.HK) announced that the Company has conditionally agreed to acquire the property management services business and related value-added services being carried out by Shanghai Shimao in the PRC (the "Acquisition"). Upon the completion of the Acquisition, Shimao Services will enter into market segments such as commercial property management as well as facilities and equipment management.
As a leading comprehensive property management and community living service provider in the PRC, the Acquisition will be complementary to the Company's existing operation and business layout, consolidate its existing advantageous position, generate synergies, accelerate the Company's development, and create greater value.
The projects secured through the Acquisition are located in tier-1 and key tier-2 cities, which have numerous urban landmark projects with excellent branding effects. This will significantly facilitate the business expansion in the markets of the Company. Meanwhile, the customers of the subject commercial projects under management are high-end users, which has created the potential for further business exploration for the Company.
The Target Business is the property management services business and related value-added services being carried out by Shanghai Shimao in the PRC through Shimao Property Management Co., Ltd., a wholly-owned subsidiary of Shanghai Shimao and 29 other subsidiaries. It comprises the provision of property management services for commercial/residential and other properties (including but limited to commercial complexes, governmental and public facilities), value-added services to non-property owners and community value-added services in the PRC. As of 30 June 2021, the Target Business has 70 projects in 14 provinces and 24 cities and had GFA under management of approximately 4.65 million sq.m., and contracted GFA of approximately 10.79 million sq.m.
About Shimao Services Holdings Limited (Stock code: 873)
Established in 2005, Shimao Services is China's leading provider of integrated property management and community life services. It is also one of the important wings of Shimao Group's "big aircraft" strategy. Shimao Services takes the "Smart Maker of Good Life" as its brand concept and implements the "iBlue Strategy", focusing on the four core high-energy city clusters in the Yangtze River Delta Region, Central and Western China, Southern China and Bohai Economic Rim. As of June 2021, the company had more than 530 properties under management, 239 million square meters of contract area, covering residential, schools, government and public facilities, health care centers and hospitals, VIP lounges in waiting rooms, etc, and provided comprehensive property management, community life services and non-owner value-added services for nearly 3.2 million owners and users.
For more information, please visit Shimao Services' website: https://www.shimaofuwu.com/
For further information, please contact:
Strategic Financial Relations Limited
Sharon Lau / Cherry Chen
Tel: (852) 2864 4852 / (852) 2114 4903
Email: sprg_shimao@sprg.com.hk
Fax: (852) 2527 1196
Topic: Press release summary
Source: Shimao Services Holdings Limited
Sectors: Real Estate & REIT
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From the Asia Corporate News Network
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