SHENZEN, CHINA-Expanding its reach into China’s residential market, CB Richard Ellis has signed a deal with Vanke, the country’s largest residential developer, to provide property management services to its growing portfolio.

According to Chris Brooke, president and chief executive officer of Greater China at CBRE, this partnership represents a new business model in the country’s real estate industry. “This is the first time a domestic developer has established a JV with a service provider on a countrywide basis to provide these kind of management services,” he explains. “Traditionally, it’s been done either on a very project-specific basis.”

CBRE has been offering property management services in China since the early 1990s, and today works with developers and owners of high-end residential projects. To date, it’s mostly been in on an “ad hoc” basis, says Brooke, adding that the firm has been looking to increase its property management critical mass across China. CBRE currently manages 15 residential projects in China and the JV will initially manage 12 projects being developed by Vanke.

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