The MTR Corp s mainland property management subsidiary yesterday signed a deal with developer Pan Shiyi to manage a large portion of his Jianwai Soho project in Beijing.
MTR Beijing Property Services is rapidly expanding its property management business across the mainland particularly in Beijing Shanghai Chongqing and Shenzhen.
We hope to increase our floor space under management from the current 700 000 Square metres to over a million square metres within the year said president Gary Lau at the signing ceremony with Soho China.
The 300 000 sq metre commercial office and residential Jianwai Soho project is the largest property under MTR management on the mainland. Others in Beijing include Northstar Land a 150 000 sq metre commercial and residential complex and Oriental Kenzo mall which MTR is leasing with the first right of refusal to buy.
In Shanghai MTR manages the 150 000 sq metre Hong kong metropolis shopping and residential complex.
The property management subsidiary was established as a wholly foreign-owned entity in November last year under the Closer Economic Partnership Arrangement Cepa allows Hong Kong companies access to mainland markets before the schedule laid out in China s World Trade Organisation accession agreement.
According to sources MTR is also involved in bidding for a number of large-scale property development sections of the company were very busy
Mr Pan said he picked MTR from seven or eight candidates bidding for the management rights to his development. He said there was still a gap in quality between MTR and Sci-tech the Beijing-based property management firm responsible for the first phases of Jian-wai Soho.
I told the manager of Sci-tech that his goal is to catch up with MTR within six months Mr Pan said.
He said sales of his properties had not been significantly affected by the government s efforts to cool the overheated property market and his company was always looking for new land to develop. Like a dog hunting a rabbit we re looking for public tenders to buy he said.
At present Soho is selecting a manager for is new Shangdu project and Mr Pan said MTR had a good chance of securing that agreement as well.
