HONG KONG, May 7, 2018 /PRNewswire/ -- Riverine China Holdings Limited ("Riverine China" or "the Company") (Stock Code: 1417.HK), the leading property management company among the industry in the PRC, is pleased to announce that, on 28 April 2018, a wholly-owned subsidiary of the Company, Shanghai Pujiang Property Company Limited ("Pujiang Property"), entered into a Cooperation Framework Agreement with China Minsheng Community Investment Co., Ltd (''CMIG Community''), pursuant to which, Pujiang Property will cooperate with CMIG Community to enter the non-residential property management market, creating complementary advantages in terms of information management and service as well as exploring various opportunities in the property service market.
By entering into the Cooperation Framework Agreement, the Company is able to enrich and strengthen the offerings and capabilities of services for the core non-residential property segment, leveraging on the advantages, resources and management experiences of both parties. Based on resource sharing, such cooperation enables the Group to increase its revenue from diversified property services. CMIG Community is a wholly-owned subsidiary of China Minsheng Futurelife Holding Group Co., Ltd (''CMIG Futurelife''). CMIG Community focuses on investment in the property management segment and is an important value-added service provider and resource integrator in the property management segment in the PRC.
In addition, it is reported that the Company in order to comply a well-organised location distribution and more specialized business system, the Company has undergone a few acquisitions to accelerate the business expansion and service capabilities integration. On 25 April 2018, Pujiang Property entered into a Sale and Purchase Agreement with Nantong Sheng He Property Management Limited (''Nantong Sheng He'') to acquire 2% equity interests of Nantong Pu Sheng Intelligent Property Company Limited (''Nantong Pu Sheng''). As the Company held 51% equity interests of Nantong Pu Sheng, Nantong Pu Sheng became a non wholly-owned subsidiary of the Company. Also, On 26 April 2018, Pujiang Property entered into the agreement with Shanghai Pujiang Holding Company Limited ("Pujiang Holding"), pursuant to which Pujiang Holding agreed to sell and Pujiang Property agreed to purchase the entire equity interests in Shanghai Bund Ke Pu Engineering Management Company Limited ("Bund KP Engineering") for a consideration of RMB3,109,929.82. Bund KP Engineering is a company established in the PRC with limited liabilities and its scope of business is intelligent engineering management, consulting, construction, decoration, mechanical and electronic equipment installation, maintenance and other related services.
Mr. Xiao Yuqiao, Executive Director and Chief Executive Offer of Riverine China said, "The Company enriched and strengthen the offerings and capabilities of services for the core non-residential property segment, accelerated the Company's market coverage beyond Shanghai and increased its overall business growth as well as enhanced the position of the property management industry by entering into a Cooperation Framework Agreement and active acquisitions.
For further information about the Strategic Cooperation Framework Agreement and the Acquisitions, please refer to the corresponding announcement at the following links:
About Riverine China Holdings Limited ("Riverine China") and Shanghai Pujiang Property Company Limited ("Pujiang Property")
Riverine China is a property management company in the PRC and mainly providing in high-end and non-residential property management services in PRC through its wholly-owned company, Pujiang Property, and Pujiang Property's subsidiary. Riverine China provides a wide range of property management services and value-added services to a variety of properties which covers from East China to the whole PRC. In accordance with the annual report published on 27th April 2018, as of the end of 2017, the Company business covered 8 provinces or municipalities; In 20 prefecture-level cities, the company holds 318 property management contracts, the estimated GFA is 18 million square meters. The Company is the leading property management company in China. In 2016, the Company ranked 30th in the Top Hundred Property Service Enterprises in China. The managed properties can generally be classified into six categories based on nature and usage, which are comprised of public properties (including public arenas such as cultural venues, stadiums, exhibition halls and public transportation properties such as rail stations and airports, etc.); office buildings and hotels; commercial development (including shopping malls, commercial and entertainment complexes); government properties; residential properties; and others (including schools, land parcels, industrial areas and properties under construction).