On December 11, Gelonghui Financial Street Property (01502.HK) announced that the company and its partners have set up a joint venture to use the resources and management advantages of both parties to carry out property management and related business within the Chinese region, further expanding the company's management area and business scale.
According to reports, the registered capital of the joint venture is RMB 9 million, of which the company holds 51% of the shares and the commercial management of Orchard (Hangzhou) holds 49% of the shares. The main business of the joint venture is property management and related services. According to the development plan, the joint venture will mainly undertake property management and related services for the project by the partners, and carry out basic property services in commercial, complex, industrial parks, cultural tourism projects, etc. as the main expansion direction, and carry out management services in appropriate fields, broaden service boundaries, and increase the business scale of the joint venture.
According to the announcement, the partner is Singapore ORCHARD INTERNATIONAL HOLDINGSPTE. LTD. (hereinafter referred to as “Orchard International”) A wholly-owned subsidiary in China, relying on Orchard International's rich project resources and commercial operation experience, seeks cooperation with a well-known excellent property company to enhance its property management capabilities and service quality. The non-residential business format is the company's main business development direction. The establishment of a joint venture between the two parties can give full play to the advantages of all parties, jointly seek market opportunities for property operation and consumer services in non-residential business fields such as commerce, complexes, industrial parks, cultural tourism, etc. in China, and achieve collaborative development and win-win cooperation.