China’s real estate sector has seen exponential growth in the past few decades, serving as a pillar of strength for the world’s second-largest economy. However, as population growth slows and the urbanization trend matures, the sector is shifting from an era of high growth rates in sales and gross floor area covered to the ‘inventory era,’ with an increasingly higher proportion of secondhand property transactions and significantly more secondhand property turnover in tier 1 and 2 cities. Against this backdrop, property management services is becoming an important link in the real estate value chain.
Among the leading real estate services providers in China is Greentown Service Group Co., which provides property management, community living, consulting and related services. As of June 30, 2018, Greentown Service managed a gross floor area of 150.8 million square meters from 1,095 management projects, covering more than 130 cities in 24 provinces. Its parent company is Greentown China Holdings, one of China’s largest real estate developers.