Enhancing Revenue from Diversified Property Services and Transforming towards A Technology Property Enterprise
HONG KONG, May 9, 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 8 May 2018, the Company entered into a Strategic Cooperation Framework Agreement with Shanghai URF Asset Management Company Limited (''Shanghai URF''); On the same day, the Company, together with Shanghai Jie Gu Technology Company Limited ("Shanghai Jie Gu"), entered into a Cooperation Framework Agreement with Shenzhen Hietech Technologies Company Limited (''Shenzhen Hietech'') and Shenzhen NXTEC Company Limited (''Shenzhen NXTEC'').
By entering into the Strategic Cooperation Framework Agreement with Shanghai URF, the Company is able to share existing property resources with Shanghai URF through commercial cooperation in fields of existing property management services as well as the positioning, promotion and services for renewal of existing commercial properties in urban areas. The cooperation further optimizes the service content and capability of the Company in the field of existing properties, leveraging on the advantages, resources and management experiences of both parties. Meanwhile, the Company will capitalize on this cooperation opportunity to gradually step into the real estate asset management market, facilitating the further enhancement of revenue generated from diversified property services.
In addition, the cooperation of the Company, Shanghai Jie Gu, Shenzhen Hietech and Shenzhen NXTEC enables the Company to enhance the technology management, technology operation and maintenance, and technology services of its property management. Through energy conservation in the course of property management with cost reduction technology, together with application of IOT and cloud computing technology, the Company will be further transformed towards a technology property enterprise and achieve revenues maximization.
Mr. Xiao Yuqiao, Executive Director and Chief Executive Offer of Riverine China said," The cooperation agreements enhance the market competitiveness of the Company, improve revenues generated from diversified property, speed up the transformation towards a technology property enterprise and maximize the interest of shareholders."
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 27thApril 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).
About Shanghai Jie Gu Technology Company Limited ("Shanghai Jie Gu")
Shanghai Jie Gu is a subsidiary of Pujiang Property, it focuses on smart property management platform that combines internet, ITO, artificial intelligence management, and BIM technologies, in order to provide comprehensive solutions, achieve high management efficiency and reduce operation costs for non-residential properties.
About Shanghai URF Asset Management Company Limited (''Shanghai URF'')
Shanghai URF is a professional company that strives to implement the vitalization and renewal process for existing commercial properties in the central business districts. Shanghai URF focuses on the first-tier cities in China and selects existing projects with enormous potentials, so as to ensure long-term stable gains through value appreciation arising from vitalization processes in future by way of operation and management.
About Shenzhen Hietech Technologies Company Limited ("Shenzhen Hietech")
Shenzhen Hietech provides services to industrial facilities, infrastructure, public buildings and energy-users. It has developed a full range of both software and hardware products and techniques in terms of data collection and supervision, process analysis and management, with patents of inventions and practical new models as well as copyright of software. Shenzhen Hietech is the leading provider of solutions in this field.
About Shenzhen NXTEC Company Limited ("Shenzhen NXTEC")
Shenzhen NXTEC is a wholly-owned subsidiary of Shenzhen Hietech. Leveraging on its self-developed IOT products and cloud computing technology, Shenzhen NXTEC provides property enterprises with IOT establishment, maintenance and energy efficiency services for both mechanical and electrical facilities.